Joe Altieri once worked in the window repair industry. The client complained a lot about how dirty it gets, how scratches can’t be removed, how easily it breaks, how difficult it is to replace, and how expensive it is.
Joe took the issue seriously and devised a solution that would not break, be scratch-free, free of dust, be affordable, and be completely flexible. He created FlexScreen in response to the problem.
As of now, Joe’s goal is to increase the size of his physical network in the market to grow his market. FlexScreens are tailored to fit each customer’s windows.
What Is FlexScreen?
FlexScreens are the world’s first flexible windows. FlexScreens are the future of window screens.
This product is virtually indestructible, virtually undetectable, and very easy to install, remove, clean, and store. This is the future of window screens.
FlexScreen, a window screen replacement company, says it has created the “world’s first and only flexible window screen,” which is easy to install, remove, and clean. The FlexScreen is described as “the world’s first and only flexible window screen.”
FlexScreen comprises carbon-enriched spring steel and is entirely flexible, with the ability to be compressed and expanded in both directions.
The entire structure is covered in PVC. FlexScreen does not break or crack, no matter what is placed inside. FlexScreen is the world’s first flexible screen with this characteristic.
It will preserve its original appearance even after many years of use since it is scratch-resistant, which means there are no signs of damage.
|Product||Replacement window screens that are flexible|
|Investment Asking For||$800,000 For 6% stake in FlexScreen|
|Final Deal||$400,000 For 50% Of Retail Business stake in FlexScreen + $400,000 Line Of Credit|
|Episode||Season 11 Episode 10|
|Business Status||In Business|
Who Is The Founder Of FlexScreen?
Joe Altari is the founder of FlexScreen.
FlexScreen Before Shark Tank
Joe Altieri expects that one of the Sharks will invest in FlexScreen, his replacement window screen product in episode 1108 of Shark Tank.
Joe has worked in the replacement window industry for many years and has seen a lot of complaints about window screens.
It is difficult to remove and repair screens as they tear and become dirty over time. He pondered the issue, and, as is the case with all successful entrepreneurs, he devised a solution.
This led to the creation of FlexScreen. PVC-coated steel springs make this a durable replacement window screen that will last for years.
You can then “squeeze” the replacement screen into the holes designed to accommodate replacement screens.
It is possible to see more of the screen because the frame is slid into the slot. Cleanup becomes much less of a hassle because it is so simple to remove.
Every screen is custom-made to fit a specific size. You must know the height, width, and depth of the screen, as well as the depth of the screen slot, for them to produce your custom-sized screen.
A typical window screen will cost you approximately $70. The goods sold by Joe are currently available exclusively on his website, but he expects to expand his dealer network soon. He is most likely looking for a Shark to assist him in expanding his network.
How Was The Shark Tank Pitch Of FlexScreen?
Joe appeared on Shark Tank, expecting an investment of $800,000 for a 6% stake in FlexScreen. He describes his company and offers out samples before getting down to business.
He has sold more than $5 million worth of windows directly to window producers in five years.
The Sharks admire this, but they believe he saves money by not selling directly to customers.
Moreover, they feel that the product’s price is too low, with only a 15 percent profit margin.
Licenses and sales in stores with conventional sizes are believed to increase revenue for the Sharks.
A bidding war begins between three sharks. Kevin is willing to pay $800,000 for a 20 percent stake in exchange for a license agreement with a big window manufacturer.
Lori has offered $400,000 in cash and a $400,000 line of credit in exchange for 10 percent equity.
Barbara is offering to sell her 50% of the retail business in exchange for $400,000 in cash and a $400,000 line of credit.
Lori matches Barbara’s offer, and Joe seems to be deciding whether to accept it.
He accepts Lori’s offer because he believes she has stronger ties in the hardware industry.
What Happened To FlexScreen After Shark Tank?
During the Shark Tank show, Joe revealed that his sales had been $5 million before entering the show but increased to $15 million within a year of entering.
The episode’s updated segment explained that the CEO’s company’s revenues before appearing on Shark Tank were approximately $5.1 million, however after their appearance on Shark Tank, their revenues more than tripled to $15 million, proving to be a huge success.
Lori terminated her contract with Saint Gobain, expressing her complete support for the Flex screen, which, in the future, will replace all other window products. Joe sold the products directly to consumers.
Lori and he decided to enter the retail industry. It’s the first time he has opened a manufacturing sector in Canada.
The agreement between him and Lori was not finalized until August 2020. Still, they did not seem to be deterred since the company earned $20 million in revenue the following year and is expected to be worth $100 million by 2024, according to their estimates.
FlexScreen Shark Tank Update
In only two months following its original television premiere, the episode is re-aired for the first time. Lori’s deal does not appear to have been finalized as of yet. The deal has not been completed as of August 2020.
The agreement with Lori was finally finalized after the August 2020 rerun. He has manufacturing plants in Pennsylvania, Georgia, Michigan, and South Dakota, according to reports, and plans to expand them.
Joe and Lori expand their reach by entering retail stores and selling directly to consumers. Maybe we will learn more about this in the broadcast episode 1212 update segment.
He reveals in the update segment that sales more than tripled in the year following appearances on Shark Tank (2020), increasing from $5.1 million to more than $15 million. Furthermore, he established a fifth manufacturing facility in Canada.
Lori was instrumental in brokering a deal with Saint Gobain, a massive conglomerate that manufactures windows and window screens, among other things.
This means FlexScreen will be purchased in all the world’s major retailers. Lori believes the currently in place industry will be completely swept away.
The products are currently available at Home Depot as of February 2022. FlexScreen was expected to generate $20 million in revenue in 2021. This company may be worth $100 million within a few years.
Is FlexScreen Still In Business?
During his participation in the Tank, Joe was looking to receive an investment of $800,000 in exchange for a six percent stake in the company.
FlexScreen has been sold to window manufacturers directly for more than $5 million, but the product has not yet been licensed or sold through retail outlets.
Yes, FlexScreen is still in business as of February 2022, with annual revenue above $20 million.