Parenthood is not easy and potty training can be a nightmare. Parents Stacy and Colt Hall had this problem with their daughter, which inspired them to create a child-proof potty chair called Potty Safe. They took the idea to Shark Tank and made a deal with Lori Greiner. As of 2022, Potty Safe is worth $2 million.
About the Founders
Stacy and Colt Hall are a couple from Missouri, United States. Colt doesn’t share much about his personal background, but his partner has an accounting degree from MSSU.
After graduating, Stacy started a career and a family with Colt, who worked as a welder. When the company she worked for was acquired she worked longer hours and had less time with her daughter.
Stressed out by the situation, she climbed down the corporate ladder to work as a manager at a local office near her home. Her salary was reduced, but it gave her more time with her young family.
Establishing the Company
As Stacy’s professional life got easier, her responsibilities as a mother got more difficult. She and her husband struggled to train their baby girl, who always made a mess in the bathroom.
They searched for some sort of child-proof toilet but found none. So, Colt developed a prototype of a latching system that would prevent kids from moving around too much while pooping.
When the product was ready in 2018, the couple had a hard time getting their business off the ground. They were occupied with full-time jobs and as a result, only made $17,000 in 2019.
Shark Tank Appearance
In 2020, the couple appeared on season 11 of Shark Tank, asking for $50,000 in return for 15% equity. The Sharks expressed their concerns about the low sales and were worried that there wasn’t enough demand for the product. All the male Sharks slowly backed out.
Initially, Lori Greiner said she was out but as the founders walked away, Lori quickly called them back. It appears once Lori saw the couple holding hands she changed her mind. Greiner offered $50,000 for 20% on the basis she could collaborate with Squatty Potty to help boost sales. The Halls happily accepted Lori’s offer and probably would have done the deal at 30%.
After Shark Tank
Unfortunately, Potty Safe’s deal with Lori never closed as reported by Sharktankblog.com. Despite not getting a deal, the publicity from Shark Tank helped Potty Safe increase its revenue by 500% after the episode aired.
The product is available on Amazon, Walmart, OnBuy and Bed, Bath, and Beyond. However, it has tough competition with alternatives such as Little Tikes, Baby Lock and Kiddit Guard. There is also an issue with companies selling cheap knockoff versions of potty training products.
Even with this, Potty Safe has a 4.5-star rating on Amazon from 154 users. Today, Potty Safe is doing well on its own and has done $5 million in lifetime sales. They now average over $1 million in annual revenue and are worth an estimated $2 million.