Best of Shark Tank

Grease Monkey Wipes Update

SEASON 1 EPISODE 12

PITCH

heavy duty multipurpose cleaning wipes

ENTREPRENEUR

Tim Stansbury and Erin Whalen

ASKED FOR

$40,000 for 40%

GOT

$40,000 for 40%

SHARK

Barbara Corcoran and Robert Herjavec

STATUS

IN BUSINESS

Grease Monkey Wipes were a product showcased on Shark Tank in 2010. The product took the concept of face or hand wipes and adjusted it for heavy-duty cleaning. Other wipes on the market were designed for light-duty, wiping your hands after a meal or wiping off your face after a workout.

Grease Monkey Wipes use a unique blend of solvents, including citrus oil, which does an excellent job of breaking down grease while still being gentle on the skin. While there are other products on the market that remove oil and grease, they are not as gentle. The unique citrus-based wipes are also helpful when you do not have access to water, as you do not rinse your hands after using them. The wipes are disposable and affordable.

Grease Monkey Wipes faced some obstacles on Shark Tank. The developers, Erin Wallen and Tim Stansbury had a tough sell for a few reasons. While the product was already selling well in stores where they were displayed, the profit margin was low. Shark Tank investors worried that it would be difficult to scale the business with such a low rate of return.

Another factor that held investors back was the fact that Stansbury and Wallen had not gone through the process to patent their product. While they believed that having a low-profile product would protect their intellectual property, the investors were not as confident. Tight finances was the reason given for holding off on the patent process.

Despite the misgivings of the group, Sansbury was able to successfully lobby for investment. This investment allowed the business to thrive. Shark Tank investors were repaid and bought out of the company. Eventually, Sansury bought his partner, Wallen, out as well. As the sole owner of Grease Monkey Wipes, Sansbury sold the company in 2015.

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1 thought on “Grease Monkey Wipes Update”

  1. Excellent presentation…outstanding logo…exceptional educational background and charismatic product entrepreneurs plus Barbara and Robert = Recipe for Success!!!!

    Reply

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