Greg and Leslie Besner, a husband and wife business team, pitch their comfortable, easy-to-carry beach chair called Sunflow on Shark Tank episode 1320. Leslie worked as a fashion designer and fashion business owner. Greg, on the other hand, has started many businesses and teaches part-time at NYU Stern School of Business. Not only does Greg still preach, but Leslie still runs three other businesses. Their business is their main priority.
They love the beach and thought of a simpler way to make a beach chair while packing for a family trip to the beach. The process was cumbersome to say the least. Leslie set out to make Sunflow because she wanted to make a better way to pack for the beach. In 2018, they had everything ready to go after three years designing the product. The result is an easy to open, reclining beach chair that comes in a variety of colors. They have six US patents and 7 international patents.
Each chair is durable and high quality and costs $198. There are a number of attachments like an SPF 50 sunshade, drink holder, dry bag and sunglasses holder. Accessories include a Turkish blanket, towels, water bottles, insulated wine tumblers, beach bags and more. The couple likely wants a Shark to help them gain broader distribution and with marketing.
Sunflow Chair has become one of the hottest new beach and outdoor chair brands following their appearance on Shark Tank in 2022 Their clever chair design that folds into a backpack for easy carrying has resonated with consumers. But exactly how much is this burgeoning startup worth today? Let’s take a closer look at Sunflow’s valuation and net worth as they ride a wave of growing success.
An Overview of Sunflow Chair
Sunflow Chair was founded in 2021 by husband and wife duo Greg Besner and Leslie Hsu Greg is a professor at NYU’s Stern School of Business and Leslie is a fashion designer Together they conceived of a revolutionary lightweight beach chair that packs away into a backpack for ultimate portability,
Their patented design folds up seats backrests and accessories like cup holders into a self-contained carrying case. This enables easy transportation to the beach, park, or sporting events without having to lug bulky lawn chairs. The chairs quickly set up and fold down in seconds.
The company swiftly grew by selling direct-to-consumer online and through select retail partners. Sunflow saw an opportunity to gain exposure and investments through ABC’s Shark Tank.
Sunflow’s Shark Tank Deal
In March 2022, Greg and Leslie pitched Sunflow on Shark Tank in Season 13. At the time, the company had done $2.9 million in sales in just over a year. Sunflow had 78% profit margins and touted projections to do $12 million in sales in 2022.
The founders offered $1 million for 6% equity in Sunflow. After negotiations with investor Kevin O’Leary, they landed a $1 million deal for 5% equity plus a $5 royalty per chair until a $1 million royalty cap was reached.
Sunflow’s Rising Valuation and Net Worth
Prior to their Shark Tank appearance, Sunflow already had an estimated valuation of $20 million. Sales were accelerating and the company was solidly profitable. While exact financials aren’t shared, we can gauge their net worth based on funding and growth.
In 2022 after Shark Tank, Sunflow’s valuation rose to around $28 million. They secured Kevin’s $1 million and raised another $3.5 million from outside investors. Estimated 2022 sales reached $12 million with over $7 million in profits.
As of late 2024, Sunflow’s net worth has skyrocketed to approximately $50 million. The company is now selling nationwide in over 900 retail locations and online sales remain strong.
Annual revenue has likely surpassed $40 million as the chairs continue gaining popularity. Strong margins and profits point to a net worth in the $50 million range. And they have plans to expand internationally and launch new outdoor furniture products in 2025.
Factors Driving Sunflow’s Value Growth
There are several key factors that have contributed to Sunflow’s steep valuation growth and rising net worth:
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Successful Shark Tank deal provided capital, exposure and credibility
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Strong product-market fit and appeal for portable beach chairs
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Direct-to-consumer sales supplemented by retail distribution
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Proprietary designs protected by multiple patents
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Lean operations and strong profit margins on sales
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Creative marketing and social media engagement
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New funding and access to investor capital
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Vision to expand with additional outdoor/travel products
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Large total addressable market in outdoor leisure category
Is Sunflow Worth the Valuation?
$50 million is very strong valuation for a young consumer products company like Sunflow. However, based on their sales traction, growth rate, and profitability metrics, it seems their net worth may actually be justified in the mid-term.
The beach chair market alone is worth over $1 billion annually. Sunflow is tapping into consumer’s desire for convenience with their innovation. The fact that they’ve achieved scale and profits within two years is impressive for a startup.
If Sunflow can maintain momentum, expand internationally, and launch complementary products to their chairs, a 9-figure net worth is reasonable. While lofty valuations can be risky, Sunflow looks well-positioned for their net worth to continue rising upwards.
The Future Looks Bright for Sunflow
Sunflow Chair has managed to disrupt a sleepy category of basic lawn chairs by making portable beach seating hip and convenient. Their success proves that with the right product and branding, even mundane items can be reinvented.
It’s clear that consumer response to the Sunflow chair has been enthusiastic. And investors have taken note, as evidenced by Sunflow’s surging net worth. Valued at $50 million and accelerating, the company has a sunny outlook to keep growing and reach a 9-figure net worth in the near future. For this startup, the tide of success is rising rapidly.
Posts about Sunflow on Shark Tank Blog
Leslie and Greg enter the Shark Tank seeking $1 million for 6% equity in their business. They clumsily open some old school beach chairs then open a Sunflow. They show the accessories and the Sharks are impressed. Next, the Sharks examine their samples and Leslie talks about past ventures.
Sales in 13. 5 months are $2. 9 million . They expect to finish 2022 with 409% growth. All sales are direct to consumer. Chairs sell for $198 and they cost $70 landed. The drink holder has a 78% margin. They talk about Leslie’s dad and his business ventures. Her dad died a week before the segment was filmed.
Kevin questions the valuation and Leslie starts talking about coming out with a lounger and a table. Daniel likes their story. He offers $1 million for 22. 5%. Greg thinks this will be the best Shark Tank business and that it will be worth $100 million. Greg says he wants a Shark that’s along for the ride. Daniel asks for a counter offer and when Greg doesn’t counter he goes out. Mark goes out next. Barbara thinks they’re over confident; she’s out. Lori goes out next.
After a break, Mr. Wonderful says he’s struggling with the valuation. He offers $1 million for 4% equity plus a $5 per chair royalty until he recoups $2 million. Greg offers the same deal with the royalty to $1 million. Kevin counters with $1 million for 6% plus the royalty until he recoups $1 million. Kevin gets back the $1 million, and Kevin says, “Done!” Greg responds with $1 million for 5% plus the royalty until Kevin gets it back.
Sunflow (SHARK TANK) Beach Chair Review
FAQ
How much has SUNFLOW made?
How successful is SUNFLOW?
How is SUNFLOW doing after Shark Tank update?
Who is the owner of SUNFLOW?
What is the Sunflow chair worth?
The Sunflow chair is an all-in-one beach gear that solves the problem of carrying clunky folding chairs and umbrellas. Leslie Hsu and Greg Besner are the creators of the product, and they secured a deal with Kevin O’Leary on Shark Tank. As of 2023, Sunflow is worth $16 million.
How much is Sunflow worth?
The company performs well on social media platforms and has gathered over 17,000 followers for the Sunflow Instagram page. Sunflow is still in business and its net worth is valued at $16 million by 2023 September . Tommy Bahama Backpack Beach Chair, Hurley Delux Backpack Chair, Rio, and Olius are the main competitors of Sunflow in the market.
How much is Sunflow Chari worth?
Sunflow Chari’s net worth is $16 million as of September 2023. The company was featured on Shark Tank USA in March 2022, Season 13 Episode 16, and Kevin O’Leary invested $1 million for 5% equity + $5 per chair royalty until $1 million recouped for the company. Do you like to enjoy a glimpse of sunlight in a super comfortable beach chair?
Is Sunflow a good company?
Sunflow had very good success even before Shark Tank, they are running startups very well. Many people buy the Sunflow chair brand chair so that they can get a good and comfortable and enjoy the view of the beach. Its founder has very good knowledge of business and she understands the business very well. How Was The Shark Tank Pitch Of Sunflow?
Did Sunflow release more accessories since Shark Tank?
Our Sunflow update research revealed that the company has released more accessories since airing on Shark Tank. Now a sunglasses case, towel, and bikini bag are available on the Sunflow website. Greg and Leslie have hinted at more products on the way, so we’ll be keeping an eye out!
What happened to Sunflow after Shark Tank?
If you’re short on time, here’s a quick overview of what happened to Sunflow after Shark Tank! Greg Besner and Leslie Hsu appeared on Shark Tank Season 13 and left with a deal from Kevin O’Leary for $1 million for 5% equity + $5 per chair royalty until $1 million recouped.