Shark Tank Update: Line Cutterz
By Erica Abbott
Company: Line Cutterz
Founder: Vance Zahorski
Season: Appeared on season 8 in the week nine episode
Line Cutterz is a ring that makes it easy and safe to cut fishing line. The ring, which costs $12, is equipped with a double-sided blade and adjustable Velcro strap, and can cut mono-filament and braided fishing line.
Other products include lunker tamers, hook puller rings, glow-in-the-dark bandit worms and cutting arm band. Zahorski was inspired to create the Line Cutterz ring out of a need for “a safer and more convenient way to perform such a simple task,” according to their website. It offers a quick and convenient cut and is an “ultimate fishing essential.”
When Zahorski originally appeared on “Shark Tank,” he came in asking for $120,000 for 20 percent equity. Mark Cuban and Robert Herjavec saw red flags and most worried that he could easily get knocked off. Despite thinking the product was “genius,” Lori Greiner also went out, as did Kevin O’Leary—leaving only Daymond John, who had offered $120,000 for 40 percent equity. Ultimately, after countering, Zahorski accepted a deal with John for $120,000 for 33 percent equity.
Zahorski spoke with Business 2 Community about Line Cutterz’s experience on the show and what their next steps are. Take a look at the Q&A below:
Q&A with Line Cutterz’s Founder Vance Zahorski
What was your strategy for navigating “Shark Tank”?
My strategy was to let the sharks know what I sacrificed to get the product off the ground (sold house, walked away from a six-figure job, sold gun collection and sold smoker) so they knew this company wasn’t just a hobby and that I was dead serious about Line Cutterz making big money. Next, I wanted them to understand this product is a “unicorn”. This one simple (now patented) idea can be used in two multi-billion dollar industries, Line Cutterz for fishing and DBA Thread Cutterz for sewing, cross-stitching, knitting and quilting.
Next, I wanted the sharks to see first hand how amazingly safe and powerful the Line Cutterz ring is by demonstrating its cutting ability (cutting 100lb test braided line) and then rubbing the ring against my skin to show it won’t cut skin. If I could accomplish this then I knew I would have the Sharks’ interest. My last strategy was to be polite, respectful and professional, yet also be firm and stand up for myself during negotiation. This way, I knew I would not have any regrets.
How has Line Cutterz changed since the episode was first recorded? Since it aired?
Our sales in the three weeks following our “Shark Tank” episode surpassed our entire 2016 sales. The Line Cutterz ring is now sold in 50 California Walmart test stores, plus we picked up hundreds of new independent dealers across the country. Line Cutterz has released several new products and is currently working on two partnerships with celebrity anglers who are both currently featured on TV.
Is there anything you would have changed about your time spent in the tank, including your pitch Go to the full article.