In Shark Tank Season 8 Episode 5, Cyndi Lee, the founder of Safe Grabs, had a chance to argue with the sharks and try to get them to invest in her flexible kitchen silicone disks. She says she came up with the idea because she couldn’t stop burning her fingers as a child when she picked up hot dishes right out of the microwave. Scroll down to see the complete update on safe grabs net worth after Shark Tank.
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Who Is The Founder Of Safe Grabs
Cyndi Lee founded the company, Safe Grabs. She burned her fingers as a child by removing hot dishes from the microwave. Cyndi, a slothful youngster, could have grabbed a towel or oven mitts, but she simply went with the flow. As an adult, she continued to remove freshly microwaved dishes with her bare hands until she invented the “Micro Easy Grab,” a silicone disk for grabbing hot plates that also functions as a pot cover and splatter guard. Its adaptability also made it an excellent choice for opening those stubborn new jars.
Cyndi advertised her new product in local retail establishments and was featured on a Houston-based newscast. Her presence on The Steve Harvey Show increased her business’s visibility. A panelist on the program advised Cyndi to change the name to something more memorable. She consented, and Safe Grabs were created.
Safe Grabs Net Worth
During the presentation, the company was valued at $625,000; after Lori Greiner’s investment, it was valued at $300,000.Since then, the company has performed successfully in terms of sales, with an estimated annual revenue of $4 million in 2021. This explains the increase in the Safe Grabs net worth.
Safe Grabs Before Shark Tank
Cyndi sold $310,000 worth of Safe Grabs in her first three years of business but nearly went bankrupt due to issues with her original manufacturer. Safe Grabs did not generate a profit in its first year of business. Cyndi was penniless, lived with her parents, worked full-time, and made business calls from her car during her lunch breaks.
Her microwave skills and business concepts were devoid of laziness. Cyndi believed in Safe Grabs and was unfazed by her early difficulties.
Safe Garbs Pitch on shark stank
Since the first episode of the first season, she has been a fan of Shark Tank and made two unsuccessful attempts to promote Safe Grabs by appearing on the show. Cyndi prepared to dive into the tank for the third time to see whether anyone would take a bite out of Safe Grabs thanks to her dogged perseverance and hard work.
Cyndi went on Shark Tank and asked for $75,000 in exchange for a 10% stake in Safe Grabs. Before she made her pitch, she told the sharks about an exclusive deal that would raise the stake to 12%. Cyndi demonstrated to the panel how simple it was to use the Safe Grabs while projecting an air of professionalism and assurance.
Sharks get the safe grabs
Cyndi’s presentation was impressive, but he believed Safe Grabs to be more of a single-product company than a sustainable enterprise with development potential. He was the first Shark to abandon the team. Barbara agreed with Mark and said that she uses a cloth to take hot dishes out of the microwave. She then followed Mark out of the room.
Kevin believed that Safe Grabs’ qualities were not as apparent on the box as they were in Cyndi’s presentation. He appreciated Cyndi’s presentation, but he believed that the product would not have sold itself without her impassioned explanation and demonstration. He was also not there, but he said that Cyndi was great on TV and that Safe Grabs might want to change its focus from retail to Lori’s QVC connections.
Robert informed Cyndi that he believed she was the ideal spokeswoman for this unusual and beneficial product. However, it was not a product or business in which he was personally interested, so he was also eliminated from consideration.
Safe Grabs Update After Shark Tank
Safe Grabs were, as it turned out, the perfect product for Lori’s QVC connections. Shortly after her initial appearance on Shark Tank, Cyndi appeared on QVC and sold over $300,000 worth of Safe Grabs in less than 10 minutes. Cyndia returned to Shark Tank a year later to update the panel on Safe Grabs and her partnership with Lori. Cyndi and Lori have produced over $2.4 million in sales in the year since their appearance on “Shark Tank.”
With the assistance of Lori and QVC, Cyndi was now debt-free and had moved out of her parent’s home. She was well on her way to a prosperous future. Safe Grabs became available at Bed Bath & Beyond and all Home Depots in the United States. Cyndi acknowledged that if she had appeared on Shark Tank in either of her previous two efforts, it would not have gone as well as it did. She needed the experience and a few further television appearances to earn the self-assurance necessary to confront the Sharks. Cyndi said that she is really scared and terrified of public speaking, even though she seems lively and polished on national TV.
Cyndi’s years of burnt fingertips and shaky start in the business world did not prevent her from reaching great success, and with Lori’s assistance, she is just getting started.