“Would You Sell The Whole Company” for $1.5 million With Buckle Me Up | Shark Tank AU

Andrew Leary from Buckle Me Up has brought a device that attaches to seat belts, syncs with a smartphone and alerts the driver should a seat buckle be undone. Andrew has invested $2 million to date but Steve's spider senses are telling him Andrew's not the man for the job...
From Season 3 Episode 12
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About Shark Tank: The Sharks - tough, self-made, multi-millionaire and billionaire tycoons - continue their search to invest in the best businesses and products that America has to offer. The Sharks will once again give people from all walks of life the chance to chase the American dream and potentially secure business deals that could make them millionaires.
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“Would You Sell The Whole Company” for $1.5 million With Buckle Me Up | Shark Tank AU
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[@phisiks]

dudes actually freaking smart. sharks are pissed because they couldn't get licensing deals with it. lol

[@hxd9321]

Can you explain a little more why they cared so much about the license

[@AnonNameless]

@@hxd9321 Because he can just license the product to other companies and the company that the sharks would invest in would be competing against the companies he licensed to. It's clear he doesn't wanna do any work that's why he's got 2 separate companies and if the company sharks invest in goes bankrupt, he's completely fine since he can just license the product to other companies which sharks or his other investors won't be apart of.

[@ImakittyLAWL]

@@hxd9321 Basically the man has his company split into 2 companies. Company A is the ownership of the product itself. Company A decides who can make and sell the product. Company B is what he's selling on the show. Company B is the company who MAKES and SELLS the product to buyers in the world. The Sharks are upset because he isn't selling them 10% of ownership for of the product itself, he's selling them 10% of a company that just has the rights to sell it. And the way the company is set up is, Company A makes the product and Company B sells it and pays 5% of all sales to Company A. So if Company B doesn't have a great year and they aren't making profit or making small profits. Company A is always making a profit because anything they sell he gets 5% of. Its honestly a brilliant way to structure his business. Its just shady because he wasn't honest about it and in the event he sells the product, Company B doesn't get any money from that. They would have to sell the rights to make and sell the product which he probably wouldn't do without selling the product itself.

[@SaeOfficial_Music]

@@ImakittyLAWL wow! Brilliant explanation. I was lost.

[@eshanaprameyachaturvedi7427]

I am betting that each one of them have atleast 50 companies with the exact same structure

[@goshu9718]

Thats why they caught him so fast

[@RossLemon]

Two wrongs don't make a right.

[@hxd9321]

@@RossLemon huh? Tf you talking about?

[@Ryuuijin]

Of course they do. That is what smart business people do. Sharks dont eat sharks, they go after smaller fish.

[@ted6580]

Yeah but none of them are trying to sell their 50 companies for $3.9 million for just the subsidiary with no IP.

[@obinnaokeke5731]

I was bummed when this guy didn’t get a deal…. Then I looked him up…. Bucklemeup is worth over 60million now…. That’s incredible…. Good luck Andrew!!!

[@linkpsto123]

false, worth less than $1m. look it up again

[@mrdeafter]

@@linkpsto123 actually it worth around 15-20 million USD

[@dulcedeleche000]

@@linkpsto123 its actually 100 million look at the govt of Australia trade and commerce ministry

[@aherrns1894]

@@dulcedeleche000 I like your name

[@thunderarch5951]

@@linkpsto123 yeah sure, the company is less than 1M in value yet the guy has a net worth of 400M....look it up again, smartass 1M is the net worth excess, it's not how much the company is worth

[@itchyandveryscartchy30]

They don’t like when the person who pitches is a Shark themselves. They don’t want the smoke.

[@MishimaZaibatsuCorp]

Haha yeah, true

[@lDaVeed]

I lost brain cells watching the Australian version, the American version is so much better the sharks are so much sharper.

[@PeaceMastah]

Nah

[@randomfella8084]

Austrian? 😂..

[@lDaVeed]

@@randomfella8084 See! I can’t even spell 😅

[@godsunited2944]

Yeah I lost a total of 5 million cells 😔

[@ritzlife211]

You should watch indian shark tank it's full of everything you expect from a bollywood movies. Sharks are great though..

[@naturalartist3155]

This guy is the smartest person I have ever seen in sharktank show.His Idea of making the sharks work for him was epic. I bet if he doesn’t lose his will power,he could be the next shark in the show.

[@saidchammas]

Being smart and being a crook are two different things

[@JosephWheeler14]

@@saidchammas he's smart, all good investors are protected from risk in this way. It's literally the reason incorporation was invented. I promise you all the sharks have 20 business with the same structure each.

[@taimoorbuledi698]

His company net worth is currently 67million$ and these sharl will regret about it😂😂

[@JonyBetancourt]

Umm what? I think you watched the wrong episode. Low EQ move to try to pass this business structure past the sharks.

[@akhilalexg]

Really?@@taimoorbuledi698

[@bobbyboucher7426]

They focused on the license and not the fact that BUCKLE ME UP is making its own money. He owns the patent, so he gets to say what they do with it.

[@Tyshkevich]

He made the right choice. He said he already had a 1.9 million dollar deal. And steve offered 1.5 for the whole company. Effectively making most of his money back instantly. Plus the guy had 2 mil invested into it. He should have said 1.5 sure but he keeps a royalty.

[@MultiJejje]

That 1.9 million isn't even close to profit. Wonder what he will make on that. Then there is maintenance, app development etc.

[@themomentalist]

The deal would have been $1.9m in sales, not profit, so no… he wouldn’t have made most of his money back instantly.

[@Dhksksjjsjjs]

Profit is just a part of this 1.9 , not whole

[@user-nh3gu1ge3d]

@@MultiJejje He may have 30% cost though, meaning 1.33 million in profit. Basically what the shark was offering for his entire everything. And the app is already developed, as you just saw. Maintenance? On what? Given the circumstances, it was a trash deal for the owner. He made ONE sale for almost 2 million dollars. You don't think he could sell one more? He could EASILY sell 5, 10, 100 million dollars worth, esp if he came over to the US and sold to a few school districts. The offer was a TINY bit more of guaranteed money, but he's already done 99% of the work so only a fool would have taken that deal (unless his margins are terrible then it's another story). Sounds like he just needs to use some of that 1.9 mil to hire a decent sales guy in the US and sell 10 mill more. Dude's DEFINITELY got it better than that deal.

[@JosephWheeler14]

@@user-nh3gu1ge3d there may be some out there but I've never seen or heard of a school bus in the US with seat belts.

[@Lifeofzeida]

“We are here to do deals, not consider them” - the first person to back out….

[@MVDV-thetruth]

Buckle warnings for all seats available in new car today

[@NinjaSlothKingz]

As he mentioned already

[@vootsem]

there’s still a gap in the market for consumers who want this feature but can’t afford new vehicles

[@ovoxo5793]

Doesn't alert for the back seat

[@RichBshine1972]

Thats great but not everyone has a new car

[@MaximPodbereznyy]

My Honda cr-v 2012 had all 3 back seat buckles wired on the dashboard. I immediately knew who of my kids were unbuckled. It is 2012, not 2021

[@fahadhaider5720]

So he sold his house and put in $2 million to the business, but then wanted to sell it for $2 million as well! All that just to break even...doesn't make sense!

[@TZaxx]

He did 1.9 mil in sales he mentioned

[@michaeljakeusman]

my question is, where all the 2m go? the app and the buckle surely wouldnt cost that much. unless he already has a factory to build it with.

[@republikadugave420]

Offer was just for show

[@JohnSmith-fz1ih]

@@michaeljakeusman Getting worldwide patents ain’t cheap. That costs a fortune in lawyer fees. I reckon that was the biggest cost.

[@miguelfigueira1719]

he would still get 5% "royalties" and whatever salary/dividends he paid himself up until that time

[@trejaay3489]

Dude was like .. “ I’ll sell you my business but you have to hire me to work for you …okay ??🤣

[@6.2corey51]

That’s not a bad deal the company is already positive money and the sharks knew they could win but they tried to rip him off his license and company and I’m glad he was smart enough to not fall for that

[@nvcool1]

That's actually a clause used pretty often in deals like this.

[@whyisblue923taken]

I feel like manufacturers integrating backseat sensors would kill most of the demand. If it's connected to the phone, it can be a device built into the buckles that communicate with the car computer and now his market is older cars only until a stereo manufacturer decides to make it part of the stereo.

[@Danny-vk3xb]

The technology to do so is owned by who? Him

[@whyisblue923taken]

@@Danny-vk3xb No. The belt sensors have been a thing for a very long time. His thing was making a device that could attach to some belt buckles so the driver could know which buckles were removed. He has a specific device for adding sensors, but he did not develop or own the technology for buckle sensors. If he had a patent on that, he wouldn't be there.

[@kgarodiya]

@@whyisblue923taken exactly, his product has the ability to be retrofitted, and it has a short life span only until manufacturers start putting this by default in all cars once they see there's a large enough demand. That's also why he was open to selling a company he had invested 2 million in, for 2 million!! He wanted to recoup that investment and maybe get a job out of it

[@xw33b36]

that's why the guy even offered to buy it whole. to take the patent and license it to manufacturers.

[@blakewood1012]

It’d still work for older cars though

[@MarcG7424]

The only redeeming factor of this device is it can be used on older cars since manufacturers are guaranteed to put this in newer cars

[@isaacressler8177]

They may put it in nicer cars, but until it's legally required I doubt we'll see them standard in most vehicles.

[@amjds1341]

Any car making company can implement this in their seat belts, you need another device for this purpose

[@aalalagikun5492]

But all the present cars still need it and they will be there for a decade or so. But you are right, if the car making companies implement this, it is a dying business.

[@destinoeuropacomvictor909]

What are you talking about. This is already available in many cars. Ford cars is an example.

[@TheMonika123]

Well that is why things are patented!! Intellectual Protection!!

[@aalalagikun5492]

@@TheMonika123 Actually, I think the IP is only for removable or external attachments. In others words, if a company decides to implement this on their own, they wouldn't be breaking the IP.

[@justinc.3385]

Yep, a version of it is in most cars. My 2006 toyota corolla tells me if someone doesn’t have their seat belt on in the passenger seat. This doesn’t need to be on a phone, it can be right on the dash. This will be irrelevant very soon.

[@Mike-fz4cj]

The problem with his idea is it's destined to be obsolete. Car manufacturers have already begun implementing rear seatbelt sensors. When the vehicle detects weight on the seat, it sets off the seatbelt chime. It usually shows you on the gauge cluster screen exactly which rear seatbelt is unbuckled as well. It still has a market amongst the used cars currently on the market, but that is a constantly shrinking market. Used cars without rear seat sensors will become less and less common, and eventually the few remaining will be cheap beater cars, driven by people who likely can't afford to spend money on a fancy seatbelt gadget.

[@parker8691]

It will still be a relevant product for atleast the next 15 years

[@colelawton4901]

100% true, however that's only true for consumers purchasing new cars that have the new feature. An extremely large percentage of drivers drive used vehicles, and it will take a long time for the new ones with that feature to catch up in age to be affordable to thay demographic. Additionally, in countries like America people often have multiple vehicles, an example being a family who owns a brand new luxury vehicle for comfort daily driving, and an older minivan for taking the kids and their friends to practice and road trips.

[@Cyan101]

I think it will last a good time because that is still a fairly premium feature and cars do last a long time

[@valzie9558]

Bruv you say this but the company is worth over 60 million now. So it doesn't matter, all goods have a end (product life cycle principle)

[@sannstrom4537]

But it still has a chance on the market since it has it's style and has been publicized by the show.

[@mikefieselman]

Purchasing that company without any rights to the intellectual property (patent), is the dumbest thing ever because the guy who ownes the patent can upscale his licensing agreement or start a new company on paper that does the same thing

[@valzie9558]

Barbara saying we are here to do deals not consider them is the most ironic thing ever

[@huubvisser2487]

“Fuck, he is too smart to scam” , I’m out.

[@Eckoman18]

I would have taken 1.5 million and a royalty on each unit sold

[@HeadStartWeb]

He should add the ability for a warning when the buckle is still on 20 minutes after the car stopped moving. Could be they forgot a baby or child in a hot car

[@HEARTS-OF-SPACE]

I'd say 5-10 minutes would be better.

[@ZosiaSamosiaOo]

Actually right after you lock your car would be best :)

[@HEARTS-OF-SPACE]

@@ZosiaSamosiaOo Yeah, I think that makes the most sense.

[@joseproag5657]

Who leaves a baby in a car seriously I bet they won’t leave 5k in a car 🤔

[@adamrandles4055]

If you forget you have kids in the back of the car you wouldn’t buy this product anyway

[@timothychong1448]

I reckon this product would be great for existing cars, around the globe higher percentage of ppl couldn't afford a new car and this should be targeted on EM market

[@llavotsynot]

They can make 3 full episodes of them shorting someone for their business. All while making them feel like idiots. But it only takes a few minutes for them to steal a business model from a shark tank contestant and go viral.

[@tyronecharizard363]

That’s not the sharks that’s the shanks

[@kiwicool988]

I must say even tho I've lived in Australia for 12 years I prefer the u.s version and sharks but these lot also are good to watch

[@scottsilverman165]

This had more plot twists than I can shake a stick at

[@panasonic7023]

If he is willing to sellout his own company for the original investment, you know something is fishy

[@MakingEndsMeet_JudysStopNShop]

I was thinking he probably owes somebody else a huge chunk of money still out of that original $2 million he says he invested in it. 🧐

[@joewas2225]

Yet he didn't.

[@panasonic7023]

@@joewas2225 he didn't for 1.5 million cos he still would lose 0.5 million. He'd probably looked for other investors elsewhere

[@stipane]

@@panasonic7023 He did 1.9 mil in sales.. wich means he would be 1.5 mil in the profit

[@gorkemumutinan]

@@stipane you don't know how much he would make on that 1.9 in total...

[@xw33b36]

he should of countered with $1.5 million + 5% royalty in perpetuity on all applicationaly use of the patent. that's the only reason the guy offered to buy his company, for the patent.

[@goober112]

Bro is like "for school buses" US kids be like: we are supposed to buckle up in every vehicle except buses

[@avilla4013]

"Does buckle me up include shut me up" 🤣🤣🤣 that woman is wild. Just my type lol

[@josepacheco9479]

“Scary 🤨” 😂😂😂

[@Lucius_murrius]

This dude was the one who call the teacher for homework

[@hondaciviccrew7603]

Don’t forget if he owns the patent they own it as well but if they can’t control him they can’t abuse the power 💁🏼‍♂️🤣🤣🤣 smart men

[@vnaveen4291]

I'm glad Steve didnt make the offer. Cuz the EVs comming in mainly like Tesla with integrated IoT devices such as this seat belt who would need an additional add on in the coming few years. This product would only make sense for a couple of years.

[@gregrohsful]

This product will dissappear when car manufacturers put the same detectors in the back seat.

[@nashpal1]

He is 53, he is not inexperienced. He knows how to do business. The sharks don’t see the opportunity

[@josejuarez6095]

Kevin and mark are the best funny dudes

[@CurrentlyVictor]

The guy sold his house $2M and has deal flows of $1.9M in the pipeline? Why would he consider $1.5M? Im shocked he countered at $2M.

[@pjcanseco2590]

Desperate to get out and knows this company doesn't have much more of a future since people won't need this app. forever.

[@emilyheather328]

School buses don't have seat belts

[@rizalukman7982]

At least there is an offer for Andrew.

[@jimh4167]

That's an accessory unit Simple to go to auto manufacturers and sell the idea built into each vehicle A load sensor on the seat telling the buckle should be fastened

[@bradleylefika9209]

YES, not many people can run with your idea. Sell it for 1.5 Billi then get employed as a creative or operations! You have your money to invest in whatever and still get paid from your idea

[@fxyde]

its not a billi tho

[@antiquarian1773]

Dude put $2million into his business and was offered for $1.5 million. Glad he didn’t take that offer.

[@charliechen2449]

Michael sold his house in Los Santos and went on Shark Tank. Survining is winning, Franklin.

[@sunnydayz8747]

Barbara is somewhere out there saying "Great product but for this reason I'm out"

[@shybzrk]

Me: Can I watch Shark Tank? Mom: We have Shark Tank at home. Shark Tank at home:

[@Fairplay2015]

This Show feels like in slow-motion comparing with the US Shark show

[@aalalagikun5492]

He already invested 2 mil in the business. I am not sure if he should be up for the same amount in return after so many years of effort.

[@aklemon06]

Bucklemeup seems like a lot of extra steps to a similar situation

[@ahmedhassan129]

Most vehicles specially 7+ seaters are now implementing seatbelt sensors for the rear passengers, so I don’t see the future in this.

[@DemarcusQ]

This show and Shark Tank just loves their puns, even if it meaning getting a little vulgar with it 2:08 😂

[@EddiXP]

The dollar tree shark tank

[@KA-eu9sy]

This invention saves lives!!

[@ParthPatel-lc7eq]

Lmao this is a standard feature on most modern cars now.

[@Dave_the_Detailer]

Cars have this from the factory now.

[@hedduyou]

Imagine this on a school bus. Forget the fact they that don’t have seatbelts, just imagine 30 kids all setting off an alarm any time they unbuckle… lol

[@Loudn55]

This guy so smart

[@ZosiaSamosiaOo]

Is this and old episode? My family has exactly the same thing in our new Volkswagen but built into the car so it shows directly for the driver instead of a smartphone.

[@ElvizNation]

I have that in my 2012 Volkswagen Golf, that was my thought too

[@jaydominguez7389]

This the real life Michael from GTA here : 💀

[@BXCIII]

When they say “we have shark tank at home”

[@teecee4459]

What happens if you want to use your phone for other purposes, like navigation? Will you still be able to use the buckle alert app at the same time?

[@HappyHourGirlKola]

Good question

[@Jimshade46]

Assuming that the app could run in the background of your phone, it could work (I have some that do that).

[@teecee4459]

@@Jimshade46 I wouldn't assume anything if I was investing money, other than the product is probably bs. I've seen a lot of apps that suck horribly, and the ones on Shark Tank are probably the least developed, fly by night type of apps. People like to pretend they're slick because they have an "app".

[@iosonoi.7132]

Yup that’s really easy to do with apps, especially now (2021/2022). Tons of apps do that

[@hxd9321]

No

[@ripstikgod]

Lol Australian shark tank do be wilding. Next he’ll pitch mlm.

[@alang4392]

So it’s okay for Mr. Wonderful to make a deal that throws all the risk back onto the company owner but when a company owner tries to do it to the sharks it’s wrong

[@SuryoyoEntertainment]

He is to smart.

[@Jasper-Holland]

Pointless product. Just tell your kids to buckle up and if they dont do that you will warn them with a slap across the face. Learn the hard way not to disobey you

[@riccardoesclapon549]

Steve is so abrasive - "I'm happy for you to entertain amateur hour" referring to the other sharks 🙄

[@Saeid415]

He has 2 companies and he wants to sell one of his company to them 😂

[@erlyszavala]

Tesla has their own version of this. Comes free with the car connects to the phone alone.

[@rajnishadhikari9280]

its a win win situation for the owner🤣🤣

[@cvokoye]

Sneaky sneaky, Mr. Wonderful would chew him to shreds for splitting the IP and the licensing.

[@MattSyversonthePaperbackRocker]

Who wants another app? And that bluetooth probably means you can't use bluetooth with your stereo at the same time.

[@melissamcclain34]

Guy should have taken Steve's deal as the company is valued at 1 million dollars today

[@KingKiavash]

He said he had put 2 mil in the company, why take a 500k loss?

[@DigitalNomadInvestor]

@@KingKiavash What he put in doesn't mean that's the business valuation. Unless he bought $2 million in gold, then yeah, it's worth $2 million.

[@Jasper-Holland]

@@KingKiavash Because sometimes you have to take your losses

[@TheInfamousbliss]

They should add it, to detect heat, for people who leave children in the car

[@elben3212]

Barbara: because is Australia, I am out!

[@sveannnnnnn7578]

cars have this already XD

[@srdjannokrejente618]

No way! NO WAY that 98% of cars in the world have seat belt alert!

[@yungwil6327]

Bizarro Shark Tank

[@friendlyatheist9589]

I just wanna know where he is at today.

[@megaxboxx]

hahaha except its in most cars today

[@jairofernandez4361]

Yea but it’s not….

[@joewas2225]

Bullshit. Only for the driver.

[@ExcavationNation]

@@joewas2225 wrong my truck has every seat.

[@ExcavationNation]

Lol I didn't even think about that lololol

[@ExcavationNation]

And its a 2016

[@kevindunlap5525]

Depending on where you read it, he's worth at least 3 million right now.

[@austinweekley7520]

So how does it work if you don't have the app open and and let's say using maps for directions 🤔 this isn't mentioned he specifically says the app has to be open for you to get the alerts

[@raulvictores8985]

NOT THE SAME WITHOUT MR WONDERFUL

[@ericdietz8178]

I could see Uber requiring drivers to install this app

[@mehdi130]

This is literally available in every car for free hahaha

[@MrOnlineGaming]

Bro they already have that in cars lol

[@officialspock]

I don't understand, my 7yo hyundai tucson has this seat belt feature with no special app, its the base model too, I thought this is standard in Australia safety?

[@meforsure5221]

The product is awesome but there's something shaddy about this guy and therefore I'm out too Lol!

[@floogalflambyn6805]

That's what people need is more alarms for seatbelts. I can't stand the one I got!

[@visualdosage234]

doesnt every modern car beep when u dont put your seatbelts on?

[@michaelcastillo3231]

These sharks probably screw people over every day but when the shoe is on the other foot...

[@xeflatio93]

I think the app is completely unnecessary and most of the development went into the app. You just needed an alarm for the back seatbel and he overcomplicated everything

[@teslahype]

Being the safest vehicles in the world, all Tesla vehicles already come with feature standard.

[@bharadhwajan2033]

A year or back so I saw that pitch, why again it's uploaded.. dry on new content?

[@gabbyhall7770]

Barbara has been out since she was born lol so funny

[@lucianoperez5896]

My Toyota Corolla 2020 comes with this feature 🤷‍♂️

[@THE-PF2100]

but, dont cars already have this feature built in? , i have a 207 peugeot which already tells me which seats have the bucles in , and which do not and its a car from 2006

[@sankarioss2741]

the Buckle Me UP was already a successful business when it was presented at Shark Tank. After Shark Tank, Buckle Me Up Value went to a whopping valuation of 15 million USD.

[@Joshuaeway03]

Glad he didn't sell the Company along with the Patients

[@davidcantor293]

Old episode but I’ll take it

[@kevinhoang9074]

Do school buses even have seatbelts lol