Someone with a problem is the best one to find an efficient solution for it. And this is how Grease Monkey wipes were founded.
Bikers Tim Stansbury and Erin Whalen realized that nothing could remove the grease and gunk from their hands after their long rides. So, they wanted to come up with an eco-friendly, safe, and potent product they could use on the go.
This article will tell you everything you need to know about Grease Monkey net worth, its idea, and its current situation. So, let’s dive in.
Grease Monkey Net Worth
Grease Monkey currently has a net value of $1 million. Founders Tim Stansbury and Erin Whalen joined Shark Tank hoping to get $40,000 in funding for 40% of their business.
As a couple, they both thought carefully about what to ask for, knowing that their company was still new. Luckily, they weren’t wrong about their assumption.
About Grease Monkey
Tim Stansbury and Erin Whalen share a lot in common, including their love for riding bikes. And as a couple, they realized that nothing would remove the grease and dirt from their hands whenever they needed to do any emergency maintenance work while riding their bikes.
Because weight significantly impacts bike rides’ quality and speed, they needed a portable and practical product that would help them clean their hands on the road.
They wanted something that didn’t need water or soap and could still deliver exceptional cleanliness without being too harsh on their hands. Moreover, it had to be eco-friendly and safe.
This is how they came up with the idea of Grease Monkey. These are practical wipes with a gentle yet potent cleanser that dissolves grease particles without being too harsh on the skin. The result is squeaky clean hands within minutes.
Working on the Concept
The couple had to go through many trial and error experiences until they found that citrus oil would be the best solution for their problem. It’s gentle, natural, and efficient at breaking grease particles. Moreover, it leaves the hands smelling amazing.
Yet, as they tried their wipes, they realized they could be used to clean a lot of other stuff. For example, they can be used to clean stovetops, ovens, and other house appliances as they don’t contain corrosive chemicals.
In addition, they’re made using safe ingredients, so anybody in the family can use them.
Shark Tank’s Reaction
The couple’s pitch was passionate and showed that they totally believed in their idea. However, they didn’t ask for much compared to other entrepreneurs.
They demonstrated how the wipes work on permanent markers and the grease from old car parts, and the Sharks were impressed. So, instead of receiving funding from one Shark, two actually decided to invest in their company.
As a result, the couple expanded their business and sold their wipes in more than 200 locations, achieving more than 700% increase in sales. In 2014, they decided to sell the company to Beaumont products, so it could reach its full potential.
With a brilliant idea that tackles a problem they’ve long suffered from, two bikers came to Shark Tank with a potent eco-friendly product that can help remove the toughest grease stains.
The founders of Grease Monkey were able to get the funding they asked for and managed to grow their company, before selling it for a profit.