Nick Friedman and Omar Soliman came to Shark Tank on August 9, 2009, asking for $250,000 for 25% of the business model, aspired by their existing successful business, College Hunks Hauling Junks and Moving.
The business model was a replica of the original but involved college-aged female workers for some reason. Hence, College Foxes Packing Boxes.
Robert Herjavec nearly struck a deal with the co-founders, but the company’s valuation and the collateral complications sabotaged the agreement.
So, what happened to College Foxes Packing Boxes after Shark Tank? They should make millions a year or break out of business.
Let us find out together.
What are College Foxes Packing Boxes?
It was a spin-off replica of College Hunks Hauling Junks and Moving. College Foxes Packing Boxes was an intended blueprint for a moving company that employed college-aged women (foxes) instead of college hunks.
The working ideology of this moving business was the same as their already well-established and flourishing company, College Hunk and Moving.
College Foxes Packing Boxes turned out to be nothing more than a fabrication concept of an existing business, cleverly designed to kill two birds with one stone.
We cannot see the materialization of the concept but have to credit the co-founders for achieving the goal they intended with College Foxes, which was promoting their main moving business.
It clearly didn’t matter if they secured a deal in the shark tank with that spin-off business concept. All they wanted was to promote their primary business, which they did successfully.
It would have been icing on the cake if they had secured any deal with College Foxes Packing Boxes in the Shark Tank. The co-founders would have materialized the concept, and we would have seen how it turned out.
|Company Name:||College Foxes Packing Boxes|
|Founder:||Nick Friedman and Omar Soliman|
|Product:||A business providing packing and rubbish removal services|
|Investment Seeking:||$250,000 For 25% equity in College Foxes Packing Boxes|
|Seasson>Episode:||Season 1 > Episode 1|
|Final Deal:||No Deal|
|Business Status:||Not Materialized|
|Website:||Website (College Hunks Hauling Junk and Moving)|
Who is the Founder of College Foxes Packing Boxes?
Omar Soliman and Nick Friedman are the co-founders of College Foxes Packing Boxes. The co-founders founded this moving business as an outgrowth of their primary company, College Hunks Hauling Junks and Moving.
Omar and Nick are the co-founders and 100% owners of Hunks Hauling Junks and moving. They serve as the president and CEO at College Hunk, the quickest growing Junk Removal and Moving company in the US.
Most assume that these two came up with the idea of College Foxes Packing Boxes to accumulate extra funding from the Sharks in the Shark Tank. Others speculate that this idea was just a decoy to promote their primary moving business.
College Foxes Packing Boxes Before Shark Tank
There is no evidence that College Foxes Packing Boxes existed before Shark Tank. We all know that Omar and Nick had successfully operated College Hunk when they came to the shark tank.
So the question is, why would they come to a reality show, Shark Tank, with a spin-off concept if their business was already a success? Was it for the extra funding and inclusion of a well-established shark? If so, why wouldn’t they give up some equity of College Hunk?
We can only speculate that College Foxes was a quirky scheme to promote their College Hunks. College Hunks was born out of a college entrepreneur contest, where these two won the first prize worth thousands of dollars.
It started with Omar wanting to earn extra bucks during his college Summer Break. When he was helping his mom deliver furniture to her customers, he learned that those customers wanted him to haul their old furniture for some extra bucks.
It was when it struck his mind that he could monetize this opportunity, and with Nick, he created some fliers and left them around their neighborhood. They were in business later that evening.
They had earned about $8,000 without experience, training, or investment. These young guys had enthusiasm and Omar’s mom’s old van to haul junks.
The final kick arrived when they won the annual Rothschild Entrepreneurship Competition at the University of Miami, where Omar graduated. A comprehensive 6-day business planning won them $10,000, which made them realize they were on to something.
This is how College Hunk and Moving officially took off. They already had secured several Franchisees and become millionaires by the time they stepped into Shark Tank in 2009.
College Foxes Packing Boxes on Shark Tank: Pitch, Funding Asked, Funding Received
Omar Soliman and Nick Friedman appeared on the 1st episode of Shark Tank in 2009. However, they did not come here with College Hunk and Moving. They were here with an ask of $250,000 for 25% equity of College Foxes Packing Boxes.
The young men began pitching, asking, “Who would you prefer packing your boxes?” Their options included an unlicensed, inexperienced mover or a specially trained “college fox.”
Omar Soliman and Nick tried to back their business plan for College Foxes Packing Boxes with the experience from their College Hunk Hauling Junks and Moving and luring the sharks into investing.
It didn’t go as planned. The sharks were interested in College Hunk and Moving rather than its spin-off College Foxes. Why would you want to invest in a business idea that isn’t even materializing, and you can ask for stakes in a well-performing one?
Daymond John and Robert Herjavec weren’t happy about the co-founders not offering stakes in their established moving business and trying to sell a gimmick. They decided to step down for a while.
Kevin O’Leary wanted to invest in the College Hunk and Moving instead of College Foxes, which was just an idea with no guarantee that it would perform as well as the other one.
When Omar and Nick presented the idea of hiring a CFO to handle the new venture, it all went south. The sharks understood that these young men wanted to dedicate themselves to the existing business, not the new one.
However, upon Kevin’s asking, the co-founders claimed to have made a 20% profit margin earning $500,000 the previous year. It was impressive enough for Kevin to make an offer of $250,000 for 51% of both companies. It seemed hilarious to Omar.
Robert Herjavec asked them to discuss the offer privately, to which they agreed and went outside. After a while, they returned with a counteroffer of 1 million dollars for 10% equity of their company. This offer didn’t go well with the sharks.
Meanwhile, Kevin Harrington appreciated the co-founders for their idea to expand College Hunk with College Foxes. Still, it wasn’t enough for him to put forward an offer. After some dispute, Kevin abandoned the deal.
He stated that the co-founders had estimated their company’s future value, not the current value. It resulted in his exit along with Barbara Corcoran since she agreed with Harrington’s analysis.
Robert Herjavec was quite impressed by how the co-founders defended their company and business model. So, he offered $250,000 for a combined business, 50% share on College Foxes Packing Boxes. It also included 10% of College Hunk and Moving as collateral.
Despite other sharks thinking Robert was generous, Omar Soliman and Nick Friedman thought otherwise. They turned down the offer and left Shark Tank with no deal.
Was it the right thing to do? We shall find out later.
What Happened to College Foxes Packing Boxes After Shark Tank?
As mentioned earlier, College Foxes Packing Boxes After Shark Tank disappeared. The co-founders did not materialize the concept. It was evident from the beginning they were focused on building College Hunk, not College Foxes.
Even if they had acquired funding and a shark, they had a plan for different CFO in the College Foxes Packing Boxes. To me, it seems like a setup to promote their primary company with the help of College Foxes.
The co-founders successfully achieved what they wanted. They have grown College Hunk more than they expected. They have 150 franchise locations operating all over the US and Canada over.
College Hunk and Moving went from having a single Franchise with sales of 1.1 million dollars in 2006 to 100 Franchises with sales of $20 million in 2011. They started with a single truck, and now they have more than 3000 trucks among 150 franchises across Canada and the US.
You can clearly see that they have made it. College Hunk generates annual revenues of around $200 million annually. The moving business had 30 Franchises in 2009, which has grown by five folds in 2022.
College Foxes Packing Boxes help them grow College Hunk and Moving at such a rate. Nobody can confirm that it would have been the same if it wasn’t for College Foxes in Shark Tank.
We can say that College Foxes Packing Boxes are in the mud at the moment, but it has massively boosted the elevation of College Hunk Hauling Junk.
How do College Foxes Packing Boxes Make Money?
As an extension business of College Hunk and Moving, the revenue model of College Foxes Packing Boxes was to be the same. It includes junk franchise fees, removal charges, and relocation costs.
As of 2022, the minimum startup cost for a franchise is $108,700. College Hunks claim that a franchise can generate 1.31 million in revenue sales.
Franchisees also have to pay for additional licensing, permits, leases, security deposits, training, equipment, and insurance in addition to the initial investment.
Apart from franchisees, College Foxes Packing Boxes could have made money by helping customers move their houses, flats, and apartments. Packing and moving boxes on hourly charges plus the vehicle expense would be their primary source of income.
They would also opt for hauling junk since Moving automatically associates the garbage and wastage in the process. As all of these are a part of College Hunks and Moving companies, sources of revenue, College Foxes would have done the same to make money.
College Foxes Packing Box Update 2022: Net Worth, Sales, Revenue, Valuation
Nick Friedman and Omar Soliman started their journey in the junk business with a beat-up van and no initial investments. Three years later, they had raised their company’s worth to three million dollars.
As of 2022, College Foxes Packing Boxes is not in operation, but College Hunks has been performing at its top gear from the start.
It operates and delivers its services across the US and Canada from around 200 locations. The company claims to have earned revenues up to 2 million dollars from a single franchise.
Today, College Hunks and Moving employs over 2000 Hunks and generates annual revenues of over 200 million dollars. We cannot pinpoint the exact net worth of College Hunks but can assume multiple folds of what they valued (10 million dollars) in Shark Tank in 2009.
Are College Foxes Packing Boxes in business?
Unfortunately, not. The co-founders couldn’t acquire the funding to materialize the spin-off concept. However, the original company, College Hunks, is performing well even today, with annual revenue of more than 200 Million dollars.
How Much Do College Hunks Franchise Owners make?
Revenue sales have significantly increased in the past 7-9 years. College Hunks Franchise owners make up to 1.31 million dollars today. In 2013, an owner made around $442K.
How many college hunks franchises are there?
As one of the leading Junk Hauling and Moving companies, College Hunks operates all over the US and Canada from around 200 franchise locations.