Cut Buddy’s Joshua Esnard was featured on Shark Tank in 2017. Since then, the entrepreneur has sold millions of dollars worth of products and is worth over $5 million in 2023.
Every now and then, there are electric businessmen featured on Shark Tank; most of them are all talk and no play, but there are some smart ones, who know how to sell themselves to sharks, the public, and to retail businesses.
One of those entrepreneurs is Joshua Esnard. The inspiring smart guy came up with an idea to assist those who like to cut their hair and beard at home. The product (and company) is called Cut Buddy.
In this article, we will be taking a closer look at how Joshua Esnard came up with Cut Buddy, how the company and product performed before and after Shark Tank, and how much Joshua is making. And finally, we will be taking a closer look at the sales and reveal Joshua Esnard’s updated net worth in 2023.
The Inspiring Story of Joshua Esnard going Viral with Cut Buddy
Hailing from Florida, Joshua Esnard came up with the Cut Buddy when he saw the problem that everyone cutting hair at home was facing. He noticed that they can’t get the angle right when shaping their hairline with a trimmer. So, he invented a product, Cut Buddy, to assist in shaping the hair line, and reduce the margin of error.
Image Source: Cut Buddy
“The Cut Buddy is the first multi-curved hair grooming guide tool that allows you to edge up and shape up your beard lines and your hair lines perfectly and quickly. With three curves and three straight edges, you can look great, regardless of your head shape or your hair size,” pitched Joshua Esnard to the sharks at Shark Tank.
Cut Buddy Went Viral, Not Because of Shark Tank
Yes, you read the right. This is one of those rare products that went viral BEFORE Shark Tank. Usually, products and businesses go viral because of the Shark Tank exposure and viewership, but the entrepreneur managed to get his product in the market in his own way.
When Joshua came up with Cut Buddy, he saw that there are many YouTubers in his niche that have famous YT channels. So, he saw an opportunity and approached them to promote his unique product. He wasn’t expecting to get viral. However, he went so viral that Forbes wrote an article on Cut Buddy.
“There was a guy in Australia called Wezstyles. These guys did videos for me. Things just changed. It went from 20 sales a day to 300, 400 sales per day, and that grew until March,” said Joshua Esnard in an interview with Forbes.
“Then on March 5th, we were going to see Cirque de Soleil for my girlfriend’s mother’s birthday, and my phone started glitching. I’m talking, ding, ding, ding, ding. Then my Facebook started glitching. I looked at what’s glitching, and it’s my merchant system saying you have an order. And it keeps going for hundreds of pages. I found out that 360 Wave Process went viral and hit 5 million views in minutes. Then he hit 8 million views in hours,” he added.
Fast forward to Shark Tank in 2017, Joshua explained that Cut Buddy had sold over $700,000 worth of product, 60,000 units, in 2016.
Joshua Esnard Shark Tank Deal – Who Invested?
In his Shark Tank pitch, Joshua asked for an investment of $300,000 to give up a 10% stake in Cut Buddy. As usual, the sharks want to negotiate and bring the equity up.
The first one to be impressed by the sales and the idea behind the product was Kevin O’Leary.
“I’ll give you the $300,000. What is want is $1.50 from every unit until I’ve made back a milsky (1 million). Basically just over three times my money, and then it goes away [the $1.50 royalty], and just so I can keep my interest in you, I want 5% of the company,” offered Mr. Worderfull to Joshua Esnard.
Joshua wanted to work with Daymond John. He asked Daymond if he and Kevin could work together, and Daymond said, “Work with Kevin? Why would I do that?”
So, Daymond John didn’t want to work with Kevin and offered him a separate deal, and Joshua accepted it instantly. “I’ll offer you $300,000 for 20%,” Daymond offered.
Joshua did try to negotiate with the shark and bring him down to 12.5%, but Daymond refused, leaving no chance for Joshua but to accept the deal, which he did.
How is Cut Buddy doing in 2023?
After he went viral, appeared on Shark Tank, and partnered up with Daymond John, Cut Buddy has seen some success. However, before all that, Cut Buddy got “knocked off 2000 times.” And, it is not easy to win the competition.
“When knocked off that many times, the only way to win the game is to be the first to retail. Daymond has helped make that happen. We finalized the deal with Andy’s Clippers, one of the oldest distributors of hair grooming tools in America,” said Joshua Esnard in a recent Shark Tank (CNBC) promotional video.
In 2023, Cut Buddy is selling in over 15,000 stores in the United States. Additionally, the product has become one of the top sellers on Amazon, with nearly 8000 positive reviews. And by the way, they’ve cut their price on Amazon, reducing it to under $10. That’s 50% down from their original price of $15 a unit.
In 2019, Cut Buddy sold over $800,000 worth of products and business has been booming since then.
The pandemic has also been in favor of Cut Buddy. As more and more people started cutting their hair at home, they needed a product to assist and get their hair lines right, and this is where Cut Buddy came in.
Since 2020, Cut Buddy has been making over a million per year in sales. In 2023, Cut Buddy’s sales are projected to be over $2 million at the end of the year.
What is Cut Buddy’s Joshua Esnard Net Worth in 2023?
Taking into account the promising numbers his company has produced since 2016, Joshua Esnard’s net worth is projected to be worth over $5 million at the end of 2023.
However, his company Cut Buddy will be worth even more. As per the recent sales record, the company Cut Buddy is worth over $10 million, 20% of which is owned by Daymond John, while the remaining 80% is owned by the founder Joshua Esnard.
Final Words
Joshua Esnard, the creator of Cut Buddy, has achieved great success with his product. It became really popular even before he showed it on a TV show called Shark Tank in 2017. In 2016, he sold 60,000 Cut Buddy units and made over $700,000 in sales. Since then, the product has been sold in more than 15,000 stores across the United States.
Joshua’s hard work and effort in making and selling his product have made him a lot of money. In fact, his net worth is now over $5 million in 2023. His story is an inspiration for other people who want to start their own businesses and be successful.
Frequently Asked Questions (FAQs)
How much money has Cut Buddy made?
Cut Buddy made $700,000 in 2016, and sales per annum grew ever since. In 2022, they reportedly made well over a million dollars in sales. At the end of 2023, Cut Buddy would have made over $10 million. [This is just an estimate; original numbers are known only by the owner]
Who is Joshua Esnard?
Joshua Esnard is an entrepreneur from Florida who founded Cut Buddy. His product, Cut Buddy, became viral on social media and is talked about everywhere. The Cut Buddy was featured on Shark Tank, CNBC, Forbes, and many news platforms. Joshua Esnard’s story is inspiring as he took a garage business to such heights.
Who owns The Cut Buddy?
Cut Buddy is owned by Joshua Esnar and Daymond John. At the Shark Tank deal, Daymond John bought 20% of Cut Buddy for $300,000. So, Daymond John owns 20% while Joshua Esnard, the founder, owns the remaining 80% of Cut Buddy.
When was The Cut Buddy invented?
The Cut Buddy, according to Joshua Esnard, was invested back in the 2000s when he was tired of making too many errors while cutting his own hair. The product officially came to retail in 2016, when he started selling his product and made it viral somehow. The company and the patent were officially registered in 2017, with the help of Daymond John.
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