Tie Not

tie notWayne Sikorcin and Scott Smith hope to tie up an investment from a Shark in episode 527 for their product called Tie Not. It’s a product that ties up water balloons quickly and without a mess. The patented product is called a tying stick and it ties up a water balloon in just seconds. They claim Tie Not makes tying water balloons just as fun as filling them. The company also sells water balloon fillers, launchers, balloons, and bubble machines.

Sikorcin started the business in 2011 and in 2012 TieNot was licensed to the Imperial Toy Company. They’re available online through Amazon, just in time for the summer water balloon season. Tie Not likely wants some exposure, money for orders, and some help getting into big box retailers.

Tie Not Shark Tank Recap

Wayne and Scott enter the Tank seeking $125,000 for 10% of their business. They give their pitch and demonstrate filling water balloons onstage. Scotts flips a balloon to Mark and he catches it. Kevin goes onstage to try it out and he flips his balloon at Barbara on the way back to his chair.

Their first year, 2010, they did $112,000 in sales. Each unit sells for $4.98 and costs $1.50 to make. They tell the Sharks about their licensing agreement with the Imperial Toy Company. The business gets 7%-11% in royalties and made $385,000 last year (2012). The licensing contract renews yearly. The Sharks question the valuation after hearing about the licensing deal.

Mark says he’s not a toy guy; he’s out. Robert likes toys, but not the valuation; he’s out. Robert says it would do well on QVC but Lori says it’s too inexpensive; she’s out. The business doesn’t make enough money for Kevin; he’s out. Barbara offers $125,000 for 25% of the business. $50,000 will be cash and $75,000 will be a line of credit. Scott counters with $50,000 cash and a $100,000 credit line for 18% but Barbara stands firm. He counters again at 20% but Barbara won’t budge. The guys won’t go to 25% and they leave with no deal.

Tie Not Shark Tank Update

The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. After the original air date, the men continued with the Imperial Toy licensing deal. They also both kept their “day jobs” (Wayne owns a tool and mold shop and Scott runs Sales Pro, Inc).

In November, 2019, Imperial Toy filed for Chapter 11 Bankruptcy. Imperial claimed to have had a “shadow buyer,” but the buyer never materialized. In February, 2020, a motion to convert to a Chapter 7 bankruptcy was filed. As of August, 2021, there is no new information on the case. The Tie Not website and social media are dark, but the products are still for sale on Amazon. I will update this page accordingly as new information becomes available.

Posts About Tie Not on Shark Tank Blog

Tie-Not – Water Balloon Tying and Filling Toys

Tie Not Information

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