Office spaces and home spaces have entered a new culture of being hip and trendy. Therefore, people are constantly looking for new furniture to replace outdated ones. However, a huge issue occurs when moving the outdated furniture out of the space, and bringing in the newly purchased furniture requires a workforce.
Numerous home decor businesses may offer services to move their product into your house and set it up for ease of use. Nonetheless, these businesses are not responsible for your old furniture and don’t offer any services. That’s a common issue that Omar Solimon noticed when his mother’s furniture business had several purchase orders. Still, the customers kept requesting to drag the old furniture out and place the new one.
Omar had to convince his mother to allow him to experiment with the unique idea that certainly had a niche. His mother eventually gave in, and College Foxes Packing Boxes came into existence. Omar invited his friend Nick Friedman to share the responsibilities of the business with him.
The duo built the company from scratch and offered to move the furniture in and out of work and home spaces for the clients. This junk removal service the business provided made them a profit of $8,000 throughout one summer. College Foxes Packing Boxes owners then entered the Shark Tank looking for an investment of $250K in exchange for 25% equity in the company.
The duo pitched their business to the sharks and shared their sales. The business certainly had a market, but the sales weren’t quite impressive for the sharks to go all in. However, some of the sharks did make offers to the friends-cum-owners of the startup.
Kevin O’Leary was interested in giving the duo the sum of money they asked for but raised the stake to 51% of the equity in the company. The pair discussed the offer, preparing the counter offer they presented of 10% equity for a million dollars. O’Leary got irritated, called the pair ridiculous, and announced that his offer was no longer on the table.
Daymond announced that he didn’t want to invest in the business solely because the business also hired women to move furniture. The situation is deemed risky, considering they can’t say no to a customer if they’re asking and paying for the services. The business model didn’t appeal to Daymond at all.
Kevin Harrington and Barbara have the same reason for avoiding the investment opportunity. They both saw the owners making offers based on a future and most likely farfetched projection. The idea didn’t appeal to them as numerous businesses can start offering the same services leaving the business with not as high profits as the owners estimated.
Robert was the last one to make an offer. He was ready to offer the duo the amount they asked for in exchange for 50% equity. Additionally, Robert also demanded a 10% share in the other successful venture Omar and Nick had gone through, which would have been collateral. The duo refused to accept the offer.
Despite having a great business idea, Omar and Nick couldn’t convince the sharks to invest in College Foxes Packing Boxes. The duo left the show empty-handed.
Our Review of College Foxes Packing Boxes
Omar and Nick had their original business College Hunks Hauling Junk, going strong. After appearing on Shark Tank, the duo knew they wouldn’t be able to keep College Foxes Packing Boxes afloat. Therefore, the duo eventually let the second business fizzle out while they dedicated all their time and attention to the original business.
Omar and Nick gained much traction for their original business after Shark Tank. Numerous clients asked for the company’s services online, which made the business profitable. The current annual revenue of College Hunks Hauling Junks is over $100 million.
Pros of College Foxes Packing Boxes
The second business of Omar and Nick, College Foxes Packing Boxes, failed to impress the sharks and soon went out of business as it took more time and effort than the duo’s original business. Despite that, the business was highly regarded amongst the customer base.
- Customers loved the great service of the company
- Customers found the team of movers quite professional and appreciated their services
- The team at College Foxes Packing Boxes was friendly with their customers making them feel at ease while the things were being hauled out
- The team of movers was efficient in their work which proved they had great skills and also saved time for the clients
- Customers were pleased to have all their packages intact when moving the junk out in case they wanted to sell the items elsewhere
Cons of College Foxes Packing Boxes
Despite going out of business due to lack of time from the owners and the lack of capital, some other factors may have contributed to the decline of College Foxes Packing Boxes as a business:
- Customers were often unhappy with the movers from the company being late. It was a recurring problem with nothing in return to compensate for the loss of one’s time. It made many customers question the professionalism of the company
- Though the company’s overall services were great, they were highly exuberant. Customers didn’t see the worth paying for the work they could more or less get done themselves.
Who Is College Foxes Packing Boxes For?
College Foxes Packing Boxes is currently out of business. The company has previously served numerous clients who primarily needed junk removal services. If you were making a purchase but had to get rid of the previously owned furniture, College Foxes Packing Boxes was the company that could have helped you out.
Are There Any Alternatives?
Now that College Foxes Packing Boxes is out of business, 1-800-GOT-JUNK can help you achieve the same goal. A reputable junk removal company, 1-800-GOT-JUNK, offers contact-free services to its clients. The professionals would pick up the unwanted pieces from their location and recycle or dispose of them in an eco-friendly manner.
The expert movers bring their trucks and ensure not to damage your other properties while moving out the unwanted pieces. You can get more information about their services on their official website.
Our Final Thoughts
Omar and Nick were dedicated entrepreneurs. However, College Foxes Packing Boxes was not the business idea to reach the market growth level. The duo decided to leave the idea behind and invest their time and effort in their original business, which made them millions of dollars in revenue.