World Record Striper Company Shark Tank Recap
In Shark Tank Season 6, Greg Myerson presented his company, World Record Striper Company, to the panel of investors. A passionate fisherman and inventor, Greg had set the world record for the largest striped bass ever caught using his own line of patented lures that mimic the sound of lobsters walking along the ocean floor. His lures were designed to catch the attention of striped bass, a species known for preying on lobsters.
Greg Myerson’s Pitch
As Greg entered the Shark Tank, he was armed with more than just a business idea – he had a world record and some serious fishing expertise behind him. He demonstrated his lures, explaining how they were capable of mimicking the sounds of lobsters, a key food source for striped bass. His patented products weren’t just ordinary fishing lures – they were designed to attract trophy fish by replicating the sound of their prey moving on the ocean floor.
Greg’s fishing fame added further credibility to his pitch. Known as the “Warren Buffet of the fishing world,” he had caught dozens of 50-pound striped bass with his own lures and had become somewhat of a fishing celebrity. He had even fished with notable figures like Wade Boggs, Tom Collichio, and Jim Jensen.
However, Greg was not just pitching for a brand-name reputation. He was looking for a Shark’s investment to help scale his business. In his pitch, Greg sought $75,000 for 20% equity, highlighting that he had already made $55,000 in sales over the course of three years, primarily from fishing shows.
The Sharks’ Responses
The investors were intrigued but had their doubts. Kevin O’Leary was particularly excited about the patent, seeing its potential for licensing, while Daymond John felt the product could be better suited for infomercial marketing. Meanwhile, Mark Cuban saw potential in the business and offered $80,000 for 33% equity – a deal reminiscent of one he had made with another fishing company, Shell Bobbers.
After some back-and-forth with the Sharks, Greg accepted Mark Cuban’s offer, securing the investment that he hoped would help him grow his business. The deal was made – $80,000 for 33%.
Net Worth World Record Striper Company Shark Tank Update
At the time of the Shark Tank pitch, World Record Striper Company was valued at $375,000, which was the pre-deal valuation based on the business’s assets, sales potential, and Greg Myerson’s world-record achievement. However, after securing the investment from Mark Cuban—$80,000 for 33% equity—the company’s net worth was estimated to be around $375,000 at that time.
Unfortunately, due to supply chain issues and modest sales, the company’s operations ceased after a few years, leading to an unknown post-closure net worth. While Greg Myerson continues to hold the world record for the largest striped bass, the business itself appears to have dissolved, and any financial worth tied to the company is not publicized. Currently, Greg works as an electrical inspector at Keville Enterprises, leaving the fate of the company’s financial legacy in question.
Key Takeaways
- Founder: Greg Myerson, holder of the world record for the largest striped bass at 81.8 pounds, created a line of patented fishing lures that mimic the sound of lobsters.
- Investment: Greg secured an investment of $80,000 for 33% equity from Mark Cuban on Shark Tank.
- Business Struggles: Despite the deal, the company faced severe supply chain issues and struggled to grow beyond its niche market, ultimately leading to its closure.
- Current Status: Greg Myerson holds the world record for the largest striped bass and is now working as an electrical inspector at Keville Enterprises.
- Net Worth: The company was valued at $375,000 before the deal, but due to the business’s closure, the current net worth is unknown.
Highlights
- Founder: Greg Myerson, holder of the world record for the largest striped bass at 81.8 pounds, using his patented lures that mimic lobster sounds.
- Investment Deal: Secured an investment of $80,000 for 33% equity with Mark Cuban.
- Business Downfall: Despite the investment, the company faced supply chain issues during the Covid-19 pandemic, leading to its eventual closure.
- Current Status: Greg Myerson still holds the world record for the largest striped bass but is currently working as an electrical inspector at Keville Enterprises.
Overview
| Category | Details |
|---|---|
| Company Name | World Record Striper Company |
| Founder | Greg Myerson |
| Industry | Fishing Gear |
| Product | Patented lures and sinkers for striped bass fishing, mimicking lobster sounds |
| Funding Sought | $75,000 |
| Investment Ask | $75,000 for 20% equity |
| Valuation | $375,000 (pre-deal) |
| Key Achievement | World record for largest striped bass at 81.8 pounds |
| Sales to Date | $55,000 in 3 years, primarily from fishing shows |
| Funding Raised | $80,000 for 33% equity from Mark Cuban |
| Current Status | Business closed; Greg now works as an electrical inspector |
| Primary Market | Niche anglers and fishing enthusiasts |
| Challenges | Supply chain issues, limited market expansion, modest sales |
World Record Striper Company Shark Tank Update
While Greg Myerson successfully secured an investment, the road ahead was far from smooth. Despite the deal with Mark Cuban, World Record Striper Company encountered significant challenges that ultimately led to its closure.
Challenges Faced by the Company
- Supply Chain Issues: Like many businesses during the Covid-19 pandemic, Greg faced severe supply chain disruptions. The global health crisis wreaked havoc on production lines and distribution channels, making it difficult for the company to keep up with demand and fulfill orders.
- Limited Sales Growth: While Greg had achieved a world record, sales of the lures were modest at best. The company had made $55,000 in sales over three years, which is relatively low considering the niche market for high-end fishing gear. Most of the sales came from fishing shows, and the company struggled to break into larger retail markets.
- Market Expansion Challenges: The World Record Striper Company’s primary market consisted of passionate anglers who were likely familiar with Greg’s world record but were hesitant to pay the high price for the specialized lures. As such, expanding the customer base beyond fishing shows proved difficult, and the business faced obstacles in scaling operations.
- Fame Doesn’t Equal Fortune: While Greg was a fishing celebrity, this fame didn’t necessarily translate into significant business growth. The visibility from his world record certainly helped with brand recognition, but it didn’t guarantee widespread success. The company’s inability to reach a broader audience contributed to its downfall.
Despite these setbacks, Greg’s legacy in the fishing world remains intact, and he continues to hold the world record for the largest striped bass ever caught.
Transition to New Roles
As of May 2022, Greg Myerson is no longer involved with World Record Striper Company. Instead, he works as an electrical inspector at Keville Enterprises, a construction management and inspection firm based in Marshfield, MA. While he may no longer be running a fishing gear business, Greg’s world record remains a testament to his skill and ingenuity in the world of fishing.
Company Information
- Founder: Greg Myerson
- Business Name: World Record Striper Company
- Industry: Fishing Gear
- Primary Product: Patented lures and sinkers designed to attract striped bass by mimicking lobster sounds.
- Key Achievement: Greg Myerson set the world record for the largest striped bass, weighing in at 81.8 pounds.
- Sales to Date: $55,000 in three years, primarily from fishing shows.
- Funding Raised: Secured $80,000 for 33% equity in exchange for business investment.
- Current Status: Greg now works as an electrical inspector, and the company is no longer operational.
Conclusion
World Record Striper Company had all the ingredients for success – a world-record-holding founder, innovative products, and the backing of a Shark Tank investor. Unfortunately, the combination of supply chain disruptions, modest sales, and difficulty in market expansion ultimately led to the company’s downfall.
While Greg Myerson’s world record still stands, his journey with the World Record Striper Company serves as a reminder of how even the most promising businesses can face unforeseen challenges. Despite the company’s closure, Myerson’s legacy in the fishing world endures, and his story continues to inspire both aspiring entrepreneurs and passionate anglers.
