Toilet Timer Valuation – A Company That Turned $300 into $294,000

There’s a creeping human problem – people always procrastinate when it comes to going to the bathroom. Adam and Katie Stephens like to call them “procrastinators.” To solve this problem, they invented the Toilet Timer under the name Katamco. It’s a hilarious product with real benefits. After a deal with Mark Cuban, the Toilet Timer is now worth $2 million.

Founder

Adam and Katie Stephey are a married couple from Normal, Ill. Adam holds a degree in German Language and Literature from Truman State University, and Katie completed her liberal arts studies at Harding University.

While in Germany, Adam began his career at Young Life as a regional director. He moved to the United States and became a reading tutor at Heartland Community College. In 2014, he joined Gun Storage Solutions as the Production and Distribution Manager, while Katie became the Vice President of Marketing.

Founder of Toilet Timer

Adam, who loves 3D drawing, and his wife founded Katamco in 2015. Together, they develop products to solve everyday problems. One problem they encountered was that Adam spent too much time in the bathroom.

One day, he designed a 3D model of a toilet timer and printed it out. The aspiring businessman was hesitant to launch it at first, but later invested $300 to start working on it.

The Stepheys launched the product in 2017 after raising $20,000 on Kickstarter. In 2019, the company had $294,000 in sales. While the five-minute hourglass has gained popularity as a fun gift, experts say it also has benefits for gut health.

Shark Tank Appearance

In 2020, Adam and Katie Stephens were looking to raise money to buy inventory to handle the seasonal increase in Christmas orders. The couple signed up for Season 12 of Shark Tank hoping to win $200,000, a 10% share.

After launching the product, Shark’s investors were convinced it was just a gag gift. Kevin O’Leary made a huge return from another gag product, Potato Parcel, but he wasn’t happy with the valuation.

Toilet Timer sales were phenomenal, but most of the Sharks didn’t see it as a viable long-term business. Fortunately, Mark Cuban offered $200,000 for 25% of the shares, and the founders quickly accepted the deal.

After Shark Tank

After the Shark Tank episode, Toilet Timer received 5,000 orders! In an interview with BizJournals.com, Adam expected the deal to be completed with Cuban in early 2021. It appears that the deal was never finalized, and Cuban has not mentioned Toilet Timer in any interviews.

The product continues to be a popular gift for dads during Father’s Day and Christmas. Katamco has also released new designs of the timer as well as bathroom books and greeting cards. They even have a Donald Trump toilet timer. You can buy all of these products at Amazon, Walmart, and their company website, Katamco.com.

The classic version of the product has 19,206 customer reviews on Amazon and a 4.6-star rating. The company hasn’t released any recent sales figures, but is valued at around $2 million. Adam is still inventing new products and isn’t working on his toilet timer full time. Currently, he’s working on a new business called 1UPcard, a line of cleaning products for retro video games and consoles.

Categories: Shark Tank
Source: svlsf.edu.vn