College Hunks Hauling Junk appeared on Shark Tank’s first-ever episode in 2009. The business was founded by Omar Soliman and Nick Friedman. They only pitched their spinoff idea, College Foxes Packing Boxes, and didn’t get a deal. As of 2023, College Hunks Hauling Junk is worth an estimated $250 million.
About the Founders
Omar Soliman is a native of Washington, DC and grew up working for his mother’s furniture business doing sales and delivery. After finishing high school, Soliman pursued a business administration degree at the University of Miami.
Nick Friedman studied Economics and Spanish at Pomona College. Since childhood, the two entrepreneurs have been best friends. Although they took different paths in college, they kept in touch.
Founding the Company
As the right-hand man at his mom’s furniture shop, clients often asked Omar to take old furniture away. Omar made it his side hustle, and Nick often helped out.
In 2004, Soliman won $10,000 in a business contest and used the money to establish College Hunks Hauling Junk with his buddy. The startup only hauled junk items at first, but expanded to a full moving service.
Two years after launching, they transported 4,000 tons worth of junk. It was a huge success, so the founders decided to start franchising in 2008. They also launched College Foxes Packing Boxes, a packing and organizing firm.
Shark Tank Pitch
By 2009, Nick and Omar’s original business was already booming, but their new venture was yet to take off. They pitched their business, seeking 250,000 for 25% of College Foxes Packing Boxes. The Sharks quickly spelled blood and started asking about College Hunks.
The spinoff idea annoyed the Sharks as they wanted a chunk of College Hunks. After some consideration, the entrepreneurs offered 10% of the parent company for $1 million. Kevin O’Leary was outraged at the valuation and labeled them greedy.
All the Sharks dropped out except for Robert Herjavec. Robert made a reasonable offer of $250,000 for 50% of Foxes and 10% of Hunks. After giving it a lot of thought, the founders rejected the deal.
Omar and Nick might have been a bit naive with the spinoff idea. It’s also possible they only set up College Foxes to get on the show and avoid giving up equity in College Hunks. In 2013, the New York Times reported that contestants had to give ABC 5% equity or 2% in royalties to get on the show. This was the case until Mark Cuban got the clause removed.
After Shark Tank
Despite not closing a deal, Omar and Nick have taken College Hunks to new heights and ditched College Foxes. In January 2022, the company announced it did over $200 million in annual revenue and now has over 160 franchise partners in North America.
Currently, it costs between $158,700 and $283,500 to become a franchisee as per FranchiseChatter.com. The franchise business has experienced huge growth over the last ten years.
In 2013, the average franchise revenue was $442,000, and that grew to $1.6 million by 2021. Also, three franchise partners are featured on the Inc. 5000 list for 2021, as the fastest-growing private companies in America. As a result, the firm is worth an estimated $250 million.
Outside of College Hunks, Omar and Nick set up a similar business called Trash Butler in 2011. It’s a valet trash service for multi-family communities. This venture is another huge winner for them in the trash collection industry!
