Inventor Travis Perry created Chord Buddy to help novices learn how to play guitar. He developed the product after seeing his son struggle with learning how to play the instrument. He wanted to create a low cost musical education product that could be used by people who could not afford private lessons. Since developing the product, Travis has sold $500,000 worth of ChordBuddies. He has opened stores at eight music businesses in Lower Alabama. He has also gathered 110 purchase orders to fulfill. The product is made with American materials, and it has generated revenue and profits.
Before appearing on Shark Tank, Travis had a sales record of $150,000. He had 110 purchase orders to fulfill and still had to find financing to build a facility in Alabama. After the appearance, he has sold a total of $2 million. His business has become profitable and he needs more money. He has four offers on the table.
Kevin O’Leary offers to invest $125,000 for 20% of the company. He thinks ChordBuddy will sell well in major music retailers, and he’s willing to endorse the product for a year. He’s also willing to produce an infomercial for ChordBuddy. He’s impressed by Travis’ presentation. He’s also impressed with his family man status. He’s a proud member of the Dothan community, and he wants to give back. He’s especially taken with Travis’ determination to keep ChordBuddy production in the United States.
Robert Herjavec offers to invest $175,000 for 20% of the company. He’s willing to put up $50,000 in escrow to fund the creation of an infomercial for the product. He also wants to spend $50k to advertise the product on his television show. He’s also interested in helping Travis expand the ChordBuddy business. He’s interested in making a deal, and he’s a good businessman. He’s willing to match Kevin’s offer.
Barbara Corcoran also makes an appearance on the show. She’s very interested in ChordBuddy, and she believes that it is a great product. She also thinks that Travis is a great person, and she’s willing to invest in the company. She’s willing to invest a total of $50,000 to help create an infomercial for the product. She’s able to get a good return on her investment, and she’s impressed with Travis.
Mark Buffett is another investor who’s interested in the product. He likes that Travis’ product is unique, and he’s willing to invest in the company. He’s not so sure about Travis being the only one selling the product, but he’s convinced that it’s a very good product. He’s also a fan of the idea of a mystical device that teaches people how to play the guitar. He’s interested in investing, and he’s impressed with Travis’ sales skills. He’s not so sure about the amount of marketing that’s needed, but he’s a huge fan of the concept.
There’s a lot of competition in the market, and Chord Buddy has a strong position in the market, but there are still many competitors out there. Eventually, he hopes that he will be able to attract the attention of big music merchants like Guitar Center.