The aspect of the men’s grooming business and industry is unlike anything else and with the potential it holds, founder Michael Elliot knew that his company, Hammer and Nails had a lot of potential to grow in the market.
Hammer and Nails is a men’s grooming salon that’s spread across the entirety of North America. Michael came on the show asking for $200,000 to be able to expand his business further and acquire better chances to bring male grooming salons to the forefront.
If you were fascinated by Hammer and Nails when they appeared on Shark Tank and have been meaning to get more insights on their current state of operation, we have it all right here.
Shark Tank Hammer & Nails Update
- Entrepreneurs – Michael Elliot
- Business – Men’s Grooming Salon
- Ask – $200,000 for 20% equity
- Result – No deal
- Sharks – None
Michael brought his company on Shark Tank in the sixth season and by that time; the company was only seven months old, which did spark a sense of curiosity in the minds of the Sharks.
By that time, the salons had already made $150,000 in revenue and he was aiming to make another $100,000 by the end of the year. Listening to the numbers, the Sharks were quite curious to know more about the business model and the prices they were charging the customers.
To that, Michael clarified that their salons are designed to provide a variety of services, including general grooming and shaving. The prices for the general services typically vary between $30 to $100 and could be more depending on the service one is opting for.
Seeing the figures and the breakdown of the numbers, all the sharks were pretty impressed with the business but they didn’t know if it would be a profitable venture in the long run. To that, Michael clarified to the Sharks that his end goal with Hammers and Nails was to transform it into a franchise model.
Soon after, it was time for the Sharks to step in and share their views. Listening to Michael’s want to transform the business into a franchise model, Mark didn’t believe it would work out and soon after stepped down.
Next, Lori Greiner expressed her concerns saying that she didn’t believe that she would be able to make a profit out of the investment due to which she stepped down from making a deal.
Following in Lori and Michael’s footsteps, all the other sharks also decided to step down and they didn’t make a counteroffer. Disappointed, Michael had to leave the show without a deal.
Coming to how the business is doing now, Hammers and Nails are currently in operation and they have opened multiple outlets across North America. They have also added a few new locations in South California, further adding to their business.
In short, despite not getting a deal on Shark Tank, Hammers and Nails is booming and their business is growing quite well across North America and with more plans in the future.
