March 3, 2015
CordaRoys: Bean-bag chairs and beds

Photo:

Byron Young of CordaRoys

Northeast Florida Business Profile

CordaRoys: Bean-bag chairs and beds

Lilly Rockwell | 6/14/2013

Byron Young was looking for an inexpensive way to boost sales for his Gainesville-based CordaRoys, which makes bean-bag chairs that convert into foam-filled beds. He found the solution with “Shark Tank,” the ABC show that allows entrepreneurs to pitch to venture capitalists. “Just by being on there, even if you don’t get a deal, you get a million bucks worth of advertising,” says Young. He did make a deal when he was on the show, with investor Lori Greiner putting in $200,000 in exchange for a 58% stake in the company. Young says he doesn’t mind giving up a majority stake in the company he founded in 1998 because of Greiner’s expertise in sales — her nickname is “Queen of QVC.” Since the show aired in March, Young says his sales have doubled. He took in $1.5 million in revenue last year and expects to earn $3 million this year.

Digital Access

DIRECT DIGITAL ACCESS
Add digital to your current subscription, purchase a single ditgital issue, or start a new subscription to Florida Trend.

TABLE OF CONTENTS
An overview of the features and articles in this month's issue of Florida Trend.

ACCESS THIS ISSUE »

Florida Business News

Florida Trend Video Pick

Sounding Room at LocustProject
Sounding Room at LocustProject

Take a tour of Sounding Room, a collaborative installation of audio sculptures spearheaded by artists Felecia Chizuko Carlisle and Valerie George.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Is this the year Florida's legislature will accept billions of dollars in Medicaid expansion?

  • Yes, legislators can't avoid it. It's our money.
  • No, the House won't approve anything related to Obamacare.

See Results

Ballot Box
Subscribe