Entrepreneur, Ryan Landis, founded the company, Hang Ease when he was in third grade. The company made and sold collapsable hangers.
Ryan Landis appeared on season 5 episode 27 of the popular investment show, Shark Tank.
Ryan had a great pitch and believed he had a good business idea on his hands. He asked for an investment of $80,000 for 30% equity in the company.
He got the deal, but are they still in business? Read on to find out!
QUICK FACTS ABOUT THE HANG EASE SHARK TANK COMPANY
Hang Ease Shark Tank Episode
Season 5 Episode 27
Business Type
Kid’s Collapsible Hanger
Owners
Ryan Landis
Asked For On Shark Tank
$80,000 For 30%
Offer Accepted On Shark Tank
$80,000 For 30%
Shark
Mark Cuban And Lori Greiner
Status
Out Of Business
Net Worth
N/A
WHAT DOES THE HANG EASE COMPANY DO?
Hang Ease was a company that developed and sold hangers with a unique hinge in the middle.
When yanking at the shirt, the pressure caused the hinge to fold and the shirt came off easily. This allowed you to never break hangers unnecessarily.
Unfortunately, this business idea did not hang around long enough.
HOW WAS THE HANG EASE IDEA BORN?
When Ryan Landis was 10-years-old, he invented the Hang Ease collapsible hanger. Just like any other kid, he kept breaking hanger after hanger from yanking off his shirts hanging in the closet.
This situation inspired Ryan, who was an aspiring inventor and entrepreneur, to create a prototype for a kids-friendly collapsible hanger. Back in 2006, he managed to get his product sold at Walmart. This was a very good milestone for someone that young.
WHAT OFFER DID THEY WALK AWAY WITH AFTER THEIR SHARK TANK EPISODE?
Ryan Landis came on to the Shark Tank show with a lot of courage and enthusiasm. He wanted a deal of at least $80,000 for 30% equity in his company.
After the pitch, Robert doesn’t see the need for the product, Kevin said the product “bored the crap out of him,” and Barbara did not like the fact that Ryan took time away from the business.
The only shark that was left standing, Mark, offered Ryan a deal of $80,000 for 30% contingent on patent verification. He also invited Lori to join him in the deal and she did. Ryan could not refuse the offer and made the deal with Mark Cuban And Lori Greiner.
WHERE IS HANG EASE TODAY?
Although Ryan Landis had a very good deal when he walked away from his Shark Tank episode, his deal with Lori and Mark never closed.
After the show, Ryan never resurrected the HangEase business. The fact is, Ryan was indeed granted the patent back in 2007 and could have gone on to restart the business. Ryan Landis, being an entrepreneur and an inventor, has since moved on to other projects. He started another business since his Shark Tank episode
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