October 22, 2014
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

Gasoline Prices: Why Are They Going Down Now?
Gasoline Prices: Why Are They Going Down Now?

Gasoline prices in the U.S. are the lowest they've been in four years. Why?

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Jeb Bush has said he'd accept tax increases as long as they are paired with federal spending cuts. This stance runs counter to conservatives who oppose tax hikes. Is Bush right?

  • Yes - raising taxes should be considered
  • No - there's enough money, need to manage it better

See Results

Ballot Box
Subscribe