Drainwig Net Worth 2021

Among the most successful individuals in the world, Drainwig is a household name. In fact, he is a popular celebrity and one of the richest men in the world. He is a role model for millions of people around the globe. And, he has also contributed immensely to the society. This article will provide some information on Drainwig’s history and net worth.

The history of Drainwig begins with the two co-founders, Gifford and Jennifer Briggs. They are from Salem, Utah, and have five daughters. All of them have long hair. They decided to solve this problem by inventing a product that would catch hair that stuck in the shower drain.

In the beginning, Drainwig was sold at Bed Bath & Beyond and CVS. They also sold it through an infomercial. They wanted to make money, and needed a partner to negotiate deals and establish infrastructure to do so. They asked for $300,000 for 5% of the business. They got $300,000. Then, they received an offer from Kevin O’Leary for 5% of the business. This was for $300,000. But the deal wasn’t good. It was too expensive, and they wanted a better deal.

The second round of negotiations took place in October 2017 during Shark Tank. Jennifer and Gifford requested to invest $300,000 in DrainWig for 5% of the business. They wanted a higher percentage than the initial offer, and they were willing to pay a high price for a higher percentage of the company.

The Sharks agreed to buy a five-percent share of the company. This deal included a three-year agreement. The deal was not very lucrative, but the partners were impressed with the product. They believed it was a good opportunity to get some money for an early exit. But it was not a good deal for Sara Blakely. She did not want to dilute her ownership shares.

After the third year, they received 800,000 in royalties. They received a total of $14 million in retail sales. They have been able to sell the product in almost every big box store and on Amazon. They have also been taking the product to trade shows. They also have an office address, phone number, and social media accounts. They have sold over 14 million DrainWigs.

As of 2022, the two founders have a net worth of 1 million dollars. They also have several degrees from some of the world’s best universities. They have won several awards, including the National Hardware Show Innovation Gold Award. They have been recognized by the presidents of different countries. And, they have given presentations to large conferences.

After the appearance on Shark Tank, DrainWig has become even more famous. It has gained several major awards, including the TODAY Show Bright Ideas of 2013. In addition, DrainWig is available in almost all big box retailers and on Amazon.

In addition, DrainWig has sold millions of products. Its distribution has amazed the Sharks fans. They have wished Alex Houseman luck, but he didn’t go for it.