Eco Flower business, presented by founder Meagan Bowman has been aired on Shark Tank.
Meagan’s company provides fragrant, environmentally-friendly flowers in bouquets and floral decorations from green and recycled materials.
This creative entrepreneur proposed $400,000 in exchange for a 10% stake to the sharks. Do you think they can make the deal in Shark Tank to scale up their floral business?
Company Overview in Shark Tank
| Company Name | Eco Flowers |
| Website | https://solawoodflowers.com/ |
| Episode | Season 8 Episode 7 |
| Product Offering | Floral Bouquets Made From Sustainable And Recyclable Materials |
| Founded | 2013 |
| Founder | Meagan Bowman |
| Required Investment | $400,000 For 10% |
| Closing Deal | $400,000 For 20% |
| Offered Sharks | Daymond John |
| Current Business Status | Out of Business |
What is Eco Flower?
As the name implies, Eco Flower is a business that uses sustainably recycled materials to make fake, more environmentally friendly flowers than real flowers.
These artificial blossoms were designed to appear and endure like real flowers and avoid the eco-consequences of collecting and air-conditioned transportation.
A wide variety of setups and designs are available, including bridal bouquets, and buyers may select from their aroma selection.
How Does Eco Flower Work?
One of Eco Flower’s specialties was making floral arrangements out of wood and other ecologically-responsible and reusable resources.
With the assistance of Megan, she came up with an eco-friendly solution to address the problem of long-lasting bouquets.
You may wonder what materials are used in the decoration, such as sofa wood, burlap, tapioca root, bamboo, old book pages, beer bottles, etc.
These items may be used to create timeless presents, breathtaking flowers, and beautiful decorations for your house or company.
Who Founded Eco Flower? Founder Backgrounds
Meagan Bowman, a Utah native, launched Eco Flower in 2013. She came up with the idea for Eco Flower when she was on holiday. In her constant frustration at putting aside fresh flowers because they wilted, she came upon this wooden flower while on vacation in another city.
As soon as she returned home, she was haunted by the notion of recycled flowers, and she eventually decided to start her own business selling natural flower substitutes.
She knew from the beginning of her company that she wanted to present on Shark Tank someday, and following her four attempts, she was finally chosen to show her business ideas to the Sharks.
Eco Flower Business Before Shark Tank
Megan Bowman is a native of Ogden, Utah, where she now resides. She shares her home with her spouse Wes and their two lovely children. She’d made money via bake sales, spooky dwellings, and other creative means from the time she was a child.
Even as a youngster, she’s had to deal with the difficulties of finding a job that she enjoys. The fact that she was relying on social security was embarrassing due to her first job experience that she couldn’t look after her basic needs.
During a phone conversation with her dad, she had the epiphany that would lead to the creation of Eco Flower. When she was an adolescent, she came up with the notion. As a longtime fan of the show, she was inspired to take the leap after seeing the success of other businesses on Shark Tank. However, the Shark Tank application process was frustrating because of the rejections she received each time. Finally, a voice in her head nudged her to give it one more go, and she got the call informing her that she had been selected to stand on the stage.
Besides raising children, she counts starting and running Eco Flower as amongst her proudest achievements. She hopes to do that for as long as possible so she may see it thrive and prosper. Therefore, she proposed the funding from Shark Tank in projected capital of $400,000 in return for a 10% state of her company shares.
Eco Flower During Shark Tank Pitch
Meagan requested $400,000 for a 10% ownership in her company. She explains her narrative and expresses her belief that people are exhausted from receiving fresher bouquets and prefer something more long-lasting instead. After that, each Shark receives a bunch of flowers. These people are pretty delighted with the items. Robert inquires about Barbara and Lori’s reaction once they receive a wooden flower arrangement. Lori concurs with Barbara’s assertion that she wants to be treated like a valuable blossom.
During the discussion about finances, every shark is astonished. In the last 18 months, she has generated revenues of $2.8 million. The average price of a bouquet is $59.00. She seeks the assistance of a Shark to increase her manufactured process. She must restrain her marketing crew. A typical day generates revenues ranging between $6000 and $13,000.
A regional private equity firm offered Meagan $30,000 in return for a 25 percent stake in the company after she was rejected in her second-time Shark Tank audition. As a result, Megan’s stake in the firm has been whittled down from its original 75 percent to a meager 25 percent. She has been wholly diluted to the point that she no longer owns anything at all in the firm.
More specifically, she transferred 75 percent of the company for around $35,000. Eighteen months ago, things were a lot tougher than they are now. But, shark Robert says one of the primary motivations for starting a company is to keep a piece of the retained earnings because you wish to watch it grow and prosper while also enjoying the results of your effort. Mr. Wonderful inquired how she could avoid becoming eliminated when she received the investment from a Shark. She responded that every investor would contribute a fraction of their shares.
For Barb, flowers are the most expensive thing she buys, making her feel terrible about herself. Despite witnessing those items around Manhattan, she does not get the concept, so she is out. Like Barb, Lori is also not taking the deal, stating that she must be passionate about what she projected her capital on. A few minutes later, Mark says that Meagan did an excellent job, yet this is not under his expertise, making him take a risk. Kevin and Damen claim that diminished ownership is the deal breaker for her portfolio. However, at this point, Daymond John wants to purchase out her present shareholders with a 25% stake in the company. As an alternative, she offers 20%, and he tolerates it as fair.
Eco Flower Closing Deal in Shark Tank
The deal is agreed upon between Meagan and Daymond in the invested amount of $400,000 with a 20% stake in Eco Flower, valuing the business at $2,000,000; however, it seems the deal cannot go far. Problems with Meagan’s previous investing companions caused the transaction to fall through.
Eco Flower After Shark Tank
Only digital shopping seems to be available from Eco Flower, which does not have any physical sites. However, multiple reviewers have complimented the concept and the rising grade of the flowers.
Daily and weekly flower delivery services provide a wide range of seasonal arrangements. For example, a $54.99 bouquet called the Winter Berry has mistletoe and white flowers all over the place, a beautiful illustration of what you can get for your money.
In spite of the fact that we are not clear how much of an impact Shark Tank had on the company’s income, we cannot deny that it had a positive effect on brand recognition. For flower orders, it is even possible to buy flowers by calling the contacted phone number, and you will receive your flower within two days of delivery. As if that wasn’t enough, the company even has a blog on its site and the company’s recent debut of a flower line subscription service.
Current Update: Is Eco Flower Still In Business?
We were all pulling for Eco Flower because of its inspirational rise from obscurity to affluence.
It’s saddening that the company has no more operations. It was acquired by JW Capital, a famous investment group with 50 percent of Eco Flowers when Meagan and her partner were driven out.
To promote the development of start-up enterprises, JW Capital has formed an angel investing organization called JW Capital. They are Travis Johnson and Ryan Westwood, in charge of this organization. Travis has served on plenty of businesses as boards, including Zipclient, Harvest Lane Honey, Lionheart Innovations, Simplus and Eco Flower.
When the JW Capital partnership took control of the firm, they promptly appointed John Allard as a CEO, and the company spiraled swiftly into rapid deterioration.
Hundreds of customers dissatisfaction flooded numerous sites, ranging between Facebook and Better Business Bureau. In addition, many customers have not received compensation for purchases made with Eco Flower at all.
The company’s staff disclosed the company’s termination on IG at the beginning of 2018.
A long-running business has ultimately come to an end. They finally moved to new ventures after wrecking the formerly-thriving firm with more than $7.2 million income.
