We all have faced problems while shifting our luggage from one dorm or campus to another. But, what if I tell you that you won’t need to do anything again since Storage Scholars is here and they’ve upped the storage shifting landscape?
Pitch Highlights
- Sam Chason and Matt Gronberg appeared on Shark Tank season 14.
- The net worth of the company at that time was $5M and they wanted $250K for 5% of the company’s shares.
- They eventually secured a deal with Mark Cuban, who offered them the requested amount of 12% of the company’s shares.
- To learn more about how this company operates, click here.
What Problem Did Storage Scholars Address?
We all know how hectic our campus lives can be. Studying is itself a full-time job, and students may not find enough time to delve into other activities. Topping the list of such activities is the luggage shifting that happens almost every year.
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How Did It Resolve the Problem?
The problem mentioned above is now resolved by the Storage Scholars’ guys; Sam and Matt as they offered a unique, yet simple solution.
Instead of shifting your luggage, you can now get help from them simply by booking their services to shift your luggage. The first step is that these guys would provide you with some boxes. Then, all you need is to put your belongings in those boxes and leave the rest to them.
Their guys would come and do the heavy lifting of transferring your luggage from one place to another. Simple, right?
Their Performance Before Appearing on Shark Tank
Like any other struggling startup, Storage Scholars did fairly well as they had already bagged around $3M in lifetime sales. However, they were not a national brand as they have become now. Moreover, they had a little presence around different campuses.
It was mainly due to their lack of manpower as doing the heavy lifting of transferring the luggage is burdensome work.
Their Performance After Appearing on Shark Tank
It is as clear as daylight that Shark Tank is the catalyst for most startups that successfully secure a deal from this platform. A major example that validates my statement is this startup.
As mentioned above, pre-shark tank sales of the Storage Scholars were around $3M. While there is no doubt that this number is incredible for a service-based business with a little presence around the country, their post-shark tank numbers are going to blow your mind.
Since securing a deal with Mark Cuban, Storage Scholars have done around $15M in sales. Furthermore, they have also hired and trained over 1,300 students from different campuses around the country.
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Some Achievements of the Storage Scholars
Before telling you about their achievements, let me start with some major problems that Storage Scholars faced. Right after they secured a deal on Shark Tank with Mark Cuban, they instantly got thousands of new orders.
As students were approaching them, they were clueless about how they would cater to the increased demands. For this purpose, they signed contracts with numerous third-party services which included the truck drivers, people that would on-load and offload the luggage.
However, they soon realized that this trick wouldn’t work as they saw a sharp dip in the quality of their service. Only after that, they started to hire and train students and offer internships to maintain the quality.
As of today, Storage Scholars have also collaborated with the “Student Run Business Association” which is also known as SRBA. This organization contains more than 5K students around the country and has a presence at about 22 campuses as well.
That all being said, do you know the best part of their success story? They have also started to offer their services to Stanford students – one of the best universities in the world.
The Financial Assumptions
Assuming how they have managed to generate a massive sales number of $15M in just two years after their appearance on the shark tank, I believe they’re going to do great in the upcoming years.
With the little financial data that I had and extensive research, I collected some important financial information and based on that, I have done an extensive financial review of the Storage Scholars below:
2025
- Revenue: $9.80M
- Growth Rate: —
- Gross Profit: $5.39M
- Operating Profit: $1.76M (18%)
- Net Profit: $1.47M (15%)
2026
- Revenue: $12.25M
- Growth Rate: 25%
- Gross Profit: $6.74M
- Operating Profit: $2.21M (18%)
- Net Profit: $1.84M (15%)
2027
- Revenue: $14.70M
- Growth Rate: 20%
- Gross Profit: $8.08M
- Operating Profit: $2.94M (20%)
- Net Profit: $2.35M (16%)
2028
- Revenue: $17.35M
- Growth Rate: 18%
- Gross Profit: $9.54M
- Operating Profit: $3.64M (21%)
- Net Profit: $2.95M (17%)
2029
- Revenue: $19.95M
- Growth Rate: 15%
- Gross Profit: $10.97M
- Operating Profit: $4.39M (22%)
- Net Profit: $3.39M (17%)
2030
- Revenue: $22.35M
- Growth Rate: 12%
- Gross Profit: $12.29M
- Operating Profit: $4.91M (22%)
- Net Profit: $4.02M (18%)
