Something that is functional is much better when it is beautiful. With this in mind, Destiny Padgett founded Lit Handlers. Her company sells stylish custom koozies with stands. After pitching the product on Shark Tank, the entrepreneur landed a deal with Daymond John. As of 2024, Lit Handlers is valued at $2 million.
Destiny Padgett’s Story
Born and raised in Boona, Texas, Destiny dropped out of cosmetology school to earn a degree in Information Systems from Syracuse University. She also attended BYU’s Pathway Worldwide online program for two years.
After graduating from Syracuse University, Destiny managed a bar and worked as a supply chain management consultant. Her life was stable until her partner committed suicide when she was ten weeks pregnant.
To support herself, the vivacious Texan opened a baby boutique in 2010. Three years later, her parents gave her a Silhouette machine for Christmas, which inspired her to open an Etsy shop to sell her unique designs.
The Birth of the Literary Processor
One day, while ordering supplies for her small business, Destiny realized she was $3 short of free shipping. So she added a few can coolers to her cart. After playing around with them, she discovered that the monogrammed can coolers were popular.
Destiny created a website called Blank Can Coolers, which sold beverage coolers in various sizes. Later, she tried adding different patterns to her products. The name didn’t sound very professional, so she later renamed her startup Lit Can Coolers.
The founder applied for a patent in 2016, but it was rejected. She then added handles and pockets on the sides of the drink sleeve and changed the name again. In 2017, Lit Handlers officially launched, and when she pitched it on Shark Tank, sales so far this year were $630,000.
Light up the handler tone
Padgett, who appeared on the show’s 12th season and asked for $200,000 in exchange for a 10 percent stake in her company, is primarily looking for investors to grow the business and help her secure licensing deals.
The Sharks loved the simple yet useful product she designed. However, the Sharks were more impressed with the startup’s performance and sales projections. Kevin O’Leary thought the product was simple, but when he heard about the sales, he was excited.
After realizing Destiny could do just fine on its own, Lori Greiner, Mark Cuban, and Robert Herjavec called it quits. Only Daymond and Kevin were interested, but the entrepreneur accepted Daymond’s offer of $200,000 for a 20% stake.
Success after Shark Tank
With the publicity generated by Shark Tank, Lit Handlers reached its goal of $780,000 in revenue by the end of 2020. The deal with Daymond John was completed a few months after the show aired.
This helped Destiny design new water bottles, coffee cups, ice cream containers, and pint glass holders. All of these products can be purchased on Amazon and DrinkHandlers.com. They changed the website name from LitHandlers.com to DrinkHandlers.com because the company is rebranding.
The startup is very active on social media, with more than 40 five-star reviews on Facebook from customers. Business is booming, with revenue of $1.2 million in 2021, a 54% increase in revenue. Sales figures for 2023 have not yet been released. Currently, Lit Handlers is valued at $2 million.
Categories: Shark Tank
Source: svlsf.edu.vn