Omar Soliman and Nick Friedman appeared on the Shark Tank for episode 101 with their fledgling business, College Foxes Packing Boxes, a spin-off of their previously successful “College Hunks Hauling Junk.” Soliman’s mother’s furniture business served as the foundation for the company.
The college student saw that his mother’s customers frequently offered to pay for removing their old furniture when new things were delivered.
He convinced her to allow him to perform the service, and during the summer, his junk removal service earned $8,000 in revenue.
Soliman and Friedman took advantage of a new opportunity after returning to school. Soliman’s institution held an entrepreneurial competition for students.
Soliman and Friedman drafted a formal business plan for the contest and submitted it. The two discovered they had won the $10,000 first prize upon their return from Spring Break. It was so that College Hunks Hauling Junk was formed.
Table of Contents
- What are College Foxes Packing Boxes?
- Who Is The Founder Of College Foxes Packing Boxes?
- College Foxes Packing Boxes Before Shark Tank
- How Was The Shark Tank Pitch Of College Foxes Packing Boxes?
- Did College Foxes Packing Boxes Get a Deal On Shark Tank?
- What Happened To College Foxes Packing Boxes After Shark Tank?
- College Foxes Packing Boxes Shark Tank Update
What are College Foxes Packing Boxes?
The College Foxes Packing Boxes business is a spin-off of the College Hunks Hauling Junk business and a completely separate operation from the sharks.
College Foxes Packing Boxes is essentially a packing and moving service with an all-female crew of gorgeous college girls (probably for aesthetic reasons).
The company was geared toward college-aged women and was intended to operate as a moving company. College HUNKS Hauling Junk & Moving business’ success inspired the concept.
|Company Name||College Foxes Packing Boxes|
|Founder||Nick Friedman And Omar Soliman|
|Product||A franchise providing packing and rubbish removal services|
|Investment Seeking||$250,000 For 25% equity in College Foxes Packing Boxes|
|Final Deal||No Deal|
|Business Status||In Business|
Who Is The Founder Of College Foxes Packing Boxes?
Nick Friedman and Omar Soliman founded College Foxes Packing Boxes as part of their company College HUNKS Hauling Junk and Moving.
The two continue to serve as CEO and President of the company, which has become the fastest-growing rubbish removal business in the country.
College students Omar and Nick came to College Foxes because they needed a little extra cash.
They rented an old cargo van, made some flyers, and started hauling junk and moving with some referrals in 2003.
Their business earned thousands of dollars that summer despite a difficult economic climate.
They began to consider what a professional-run business may look like when their summer side hustle was successful.
In addition to developing the business, they developed the College HUNKS brand. The business reached a valuation of $3 million within three years.
The success of their business prompted Omar and Nick to see franchising as a great way to expand rapidly.
When Omar and Nick came up with the idea for College Foxes Packing Boxes, College HUNKS had already evolved into a profitable franchise business.
They auditioned for Shark Tank in 2008, hoping to leverage their earlier success to expand their College Foxes concept and attract a Shark.
College Foxes Packing Boxes Before Shark Tank
Nick Friedman and Omar Soliman founded College Foxes Packing Boxes as an alternative to the boring individual who comes into one’s home to pack boxes.
Nick and Omar acquired the concept for this firm from another successful venture they had called College Hunks Hauling Junk, a junk disposal business.
Nick and Omar founded their first firm following Omar’s $10,000 winnings in a contest. As a result of Nick and Omar’s entrepreneurial skills, College Hunks Hauling Junk grew to become a franchise business in just short of two years.
Their accomplishment earned them prominent placements in a variety of magazines, which enhanced their exposure and sales.
They applied to go on Shark Tank in the hope of expanding their innovative business idea and were invited to participate in Season One.
How Was The Shark Tank Pitch Of College Foxes Packing Boxes?
Soliman and Friedman approach the Shark Tank in search of a $250,000 investment in exchange for 25% of the company.
They only provide a stake in the College Foxes Packing Boxes, not the already-thriving College Hunks franchise.
The young men provide the Sharks with a business model: specially trained youth who provide superior service in the market for organizational services, a proven client pull.
Robert is seeking clarity. He inquires as to whether they are offering a stake in the College Hunks firm.
The partners are proposing a stake in the new venture, not the present business. Kevin O’Leary joins the fray.
“We are not going to give you a dollar unless we acquire a sizable portion of your existing business,” he announces.
The young men are displeased by the Sharks’ insistence on including the College Hunks in any contract. They’ve developed a successful firm and are opposed to ceding equity in it.
Kevin O’Leary is the first to taste. The investors provide the entrepreneurs with $250,000 for 51% ownership of the existing company and Foxes Packing Boxes spinoff. Friedman and Soliman are already scoffing.
Herjavec consults with the young men and makes a proposal based on the combined business. The couple exchanges brief words and then return to the Shark Tank to offer 10% of the firm for $1 million.
The Sharks scoff at the proposal. Kevin O’Leary describes the offer as “ludicrous, absurd” and advises them to “end the nonsense and face reality.” He is “frustrated and dissatisfied” with his companions. O’Leary has resigned.
Daymond John has withdrawn from the business model that relies on young ladies being on call for jobs, stating that he is concerned about “Men in trench coats calling up and saying, well, I need to move again.”
Kevin Harrington believes they are valuing the business based on what it will be worth in five years. He has departed. Barbara Corcoran is also suspended on the same grounds.
Robert Herjavec is the lone survivor of the Sharks. He is taken aback by the young men’s assurance. He offers them a deal: $250,000 for 50% of Foxes Packing Boxes and 10% of College Hunks, which he refers to as collateral.
Soliman and Friedman decline the invitation. They are unwilling to part with a piece of their Hunks company. They exit the Shark Tank empty-handed.
Did College Foxes Packing Boxes Get a Deal On Shark Tank?
Nick and Omar declined Robert Herjavec’s $250,000 offer for 50% of College Foxes Plus 10% of College Hunks, exiting the Shark Tank without a contract.
College Foxes Packing Boxes did not take off as expected, but College Hunks Hauling Junk and Moving is still operating.
The company has been among the fastest expanding franchises in Canada and the United States for the past few years.
What Happened To College Foxes Packing Boxes After Shark Tank?
College Foxes Packing Boxes never gained traction following Shark Tank. They first suspended “the business” but most likely chose to devote their entire attention to College Hunks Hauling Junk.
However, Omar and Nick’s initial business has been extremely successful, as their franchise has more than tripled in size to 68 sites since the show’s premiere.
Nick and Omar have authored a book titled “Effortless Entrepreneur” and continue to be featured on other popular news sites such as Fox Business News.
Omar and Nick’s pitch demonstrated numerous errors that future entrepreneurs should avoid before entering the Tank.
The Sharks are unlikely to invest in an entrepreneur that already runs a successful business but approaches them with a new idea due to a conflict of interests regarding where their attention will be focused.
Nick and Omar also attempted to value their firm based on where it will be in the future, rather than what it was worth at the time, something the Sharks never agreed on.
The Sharks were far more greedy for equity in the first season, most likely due to the high stakes and needed control over anything they invested in. There was no established track record of how effective investment from the program could be.
The Sharks, however, rarely request such a large amount of equity in later seasons for a variety of reasons, including smarter entrepreneurs, established businesses joining the show, Mark and Lori joining the cast, and seeing the business’ potential because of their contributions and the Shark Tank effect.
College Foxes Packing Boxes Shark Tank Update
Soliman observed as he exited the stage, “That is why it is called the Shark Tank, not the Bunny Tank.” They leaped all over it because they smelled blood in the water and saw a thriving business.”
The young guys continued to expand their business, which is still a profitable franchise today. The organizational branch of the business is not mentioned on the internet and looks to lack an online presence, indicating that the Sharks correctly assessed the risk.
Nonetheless, the College Hunks continue to transport rubbish profitably and retain 100% control of their business.
Their scheme worked out cleverly as they fabricated a business that resembled their actual one. Shark Tank produced 5% of sales from the first three seasons of investment from firms accepting investments.
When a business obtained a deal, it was costly! Given that College Hunks will have over 160 franchisees and over $200 million in annual revenue by 2021, they would be giving up a lot of money!