Randy and Darryl Lenz enter the Shark Tank in episode 204, bringing their Ride-on Carry-on luggage accessory to the Sharks for consideration. The couple was inspired to create the Ride-on Carry-on when their son was two. As a flight attendant for 27 years, Darryl had watched an endless stream of families struggling with bulky strollers as they navigated the airport and boarding security processes. The Ride-on Carry-on is a simple child's chair that fastens to existing wheeled luggage, eliminating the need for an additional stroller. When the passenger enters the plane, the Ride-on Carry-on can be folded up neatly, and stowed in the overhead compartment as part of the luggage.
With solid sales under their belts, and ongoing orders, the couple has run out of inventory. They need a Shark investment to take their product to retail stores. Will the Sharks turn tail on this deal, or will they hop on for the ride?
Ride-on Carry-on Shark Tank Recap
The Lenzes enter the Shark Tank in episode 204, seeking a $50,000 investment in return for a 25% stake in their company. The couple enters the Shark Tank with Randy toting a full complement of luggage, including diaper bags, a rolling suitcase, and hefty stroller, loaded with a doll for the demonstration. Darryl Lenz explains the struggle families face on every trip, then demonstrates the Ride-on Carry-on.
Once they're convinced of the safety and viability of the product, the Sharks want to talk numbers. Daymond John wants to know about sales. Darryl explains that they've sold 20,000 overall, and sold 2,000 units in the past year, at $39.99 apiece. The Ride-on Carry-on costs $7 to make.
Jeff Foxworthy, new to the Shark Tank, wants to know what the $50,000 would be used for. The Lenzes explain that they need to expand their marketing to retail sales and revamp the website. The couple has an order for 2,000 units, but no inventory on hand.
Foxworthy appreciates the couple's “enthusiasm” but is “just not into this business.” He's out. Robert Herjavec believes they should license the product rather than go into retail. He's out.
Barbara Corcoran puts an offer on the table. She offers them what they're asking for, $50,000 for 25%. She wants to put the product into retail, catalog, and online sales, boldly branded with their logo.
Kevin O'Leary has a counter-offer. He wants the couple to take the product to two of the largest luggage manufacturers and get them interested. He'll do the negotiating and create the contracts. His deal is $50,000 up-front for 20% of the company.
Daymond John tells the couple that O'Leary is offering them a “sucker's deal.” He's out.
The couple accepts Corcoran's deal, causing O'Leary to complain they're “breaking my heart.”
Ride-on Carry-on Shark Tank Update
Barbara Corcoran's deal went through, and paid off in solid dividends. The company had an update segment in episode 306 in season three. On the update, they show off a container on an 18-wheeler filled with product. Today, Darryl and Randy's Ride-on Carry-on product is sold through major retailers, both in the US and abroad. Corcoran has earned back her investment and then some, making this one of her most successful Shark deals. Families all over the world are using the Ride-on Carry-on to make their traveling easier.
Posts about Ride-On Carry-On on Shark Tank Blog
Ride-On Carry-On Company Information