Locker Bones - Shark Tank Update

Greg Cronin and Stephen Coachys appeared on Shark Tank seeking $175,000 for 10% equity in LockerBones, their innovative locker organization system that began when Greg created interlocking wooden shelves to help his middle school daughter keep her locker neat and organized, addressing the common problem of "Disorganitus" that affects students nationwide. The product consisted of modular wooden shelves that easily fit together inside any size locker without requiring hardware, tools, or permanent installation, simply sliding into place to create organized compartments for books, supplies, and personal items.

Despite having a patent and initial success at local schools in the Jackson, Mississippi area, the company had sold only 500 units over two years at retail prices of $30-40, which the sharks found concerning given the long timeframe and modest sales figures. The entrepreneurs had already invested $28,000 in tooling for a previous failed model and came to the tank hoping to secure capital to fulfill a potential 10,000-unit consignment order from Amazon, though they needed funding for manufacturing and were concerned about their patent strength for a plastic version.

Their business strategy included selling directly to schools as fundraising opportunities, allowing PTAs and school organizations to sell LockerBones to raise money while addressing student organization needs, but they hadn't approached major retailers like Staples or Office Depot because those chains preferred plastic products over their wooden versions.

Despite skepticism from Mark Cuban, Kevin O'Leary, and Barbara Corcoran about their business strategy and sales performance, Greg and Stephen successfully negotiated a deal with Robert Herjavec and Lori Greiner, who partnered to offer $175,000 for 50% equity split equally between them. Although the deal never officially closed after the show, the Shark Tank appearance provided invaluable exposure that immediately attracted attention from major retailers, with Staples contacting them within days of the episode airing to begin product development discussions.

Sales took off significantly following the show, and LockerBones products became available in both wood and plastic versions through Amazon and other retailers, with plans for broader retail distribution as the company gained momentum from the Shark Tank effect. The entrepreneurial fathers experienced the classic post-show boost that many Shark Tank participants enjoy, proving that sometimes the exposure and validation from appearing on the show can be more valuable than securing an actual investment deal.

However, by July 2021, the company appears to have gone out of business, with their website going dark, products becoming "currently unavailable" on Amazon, and social media accounts remaining inactive since 2018, suggesting that despite initial post-Shark Tank success, they were unable to sustain long-term growth in the competitive school supply market.