The guitar may be the world’s most popular instrument, but learning to play it can be challenging. Chord Buddy was made to make guitar lessons easier by helping beginners learn the four main chords to play almost any song. Founder Travis Perry took the product to Shark Tank and got a deal with Robert Herjavec. In recent times, Chord Buddy is worth $6 million.
Travis Perry’s Background
Originally from Dothan, Alabama, Travis Perry taught music after attending Troy University. He later worked in real estate but left the industry when the economic crisis hit.
Perry has taught guitar for over a decade and trained thousands of students through his program – many of whom quit out of frustration and sore fingers.
The Idea Behind Chord Buddy
Travis is also a loving dad, when he was teaching his daughter to play the guitar, he wanted her to have a fun learning experience. This gave him the idea to make a device that made learning more effortless.
He created a simple device that can be attached to the neck of a guitar. When hooked up, you can press four coloured buttons that automatically play chords G, D, C, and E minor. These are enough to play thousands of songs.
As students master each chord, they simply remove that button. Chord Buddy was launched in 2010 and it came with an instructional DVD and book. In 18 months, the business made over $150,000 in revenue.
Chord Buddy’s Pitch
By 2012, Chord Buddy was making small waves in the music industry but the company was close to declaring bankruptcy. He appeared on season three of Shark Tank, seeking $125,000 for a 10% equity stake.
The founder’s passion for music and his invention were evident in his pitch. After introducing his product, Robert Herjavec joined Travis on stage to play some songs using the ingenious device. Travis came across as a likeable person and had some great one liners to keep the Sharks laughing.
Kevin O’Leary and Daymond John were the first to make an offer. However, they were overshadowed when Barbara Corcoran and Robert joined in on the fun. Travis ultimately chose Robert and his offer of $125,000 for 20%.
Success After Shark Tank
As part of the deal, Robert Herjavec paid $125,000 upfront with the remaining $50,000 to be used for an infomercial. Immediately after airing, Perry says “the phone would not stop ringing,” and Amazon sales spiked dramatically. He was featured on the “Beyond the Tank” spinoff in 2015.
When the cameras stopped rolling, Chord Buddy signed a three-year deal with QVC and Lori to increase their exposure. Country singer John Rich and Jimmy Fallon have endorsed the product, which is now available on Amazon, Walmart, and ChordBuddy.com.
Apart from television, they had success using online marketing to grow their customer base. By 2013, the Chord Buddy had done $3 million in sales. The guitar attachment has a 4.2-star rating from 484 Amazon reviews.
This inspired Travis to continue focusing his efforts on the growing business. Early follow-up segments note continued growth: by mid-2021, Chord Buddy was generating roughly $1 million in annual revenue and shipping thousands of units each year. Given the steady sales, the business is valued at $6 million.
