What Happened to Life Lift Systems After Shark Tank?
What is Life Lift Systems?
Life Lift Systems is an Oklahoma-based company that has created a line of integrated storm shelters. The delicate design of their items allows them to double as domestic things such as a workbench or mattress, with a battery-powered mechanism that quickly transforms the area into a storm shelter.
Tim Todd and Levi Wilson founded the company in 2018. Today, the couple operates from their Oklahoma City headquarters, focused on satisfying customer demand, creating new products, and expanding their network of dealers and installers with the goal of expanding beyond their existing footprint.
Who is the founder of Life Lift Systems?
Tim Todd and Levi Wilson launched the business in 2018. Tim and Levi, as Oklahoma residents, have seen the toll that weather disasters can take on people’s livelihoods throughout the course of their lifetimes.
Recognizing that rain and wind storms were a common occurrence, they recognized that shelter accessibility is a prevalent problem.
They worked together to develop these items and then sought the Sharks for help in getting them to individuals in need.
Tornadoes and storms up to category 5 are protected by the Life Lift Systems beds. They are FEMA-approved and National Wind Institute-certified by Texas Tech.
They are bulletproof in addition to offering protection from wind and flying debris. This protects you in the case of a home invasion.
The structure fits beneath any standard bed, taking up no additional room in your home. The company’s headquarters in Oklahoma are immediately in tornado alley.
Tornado shelters are commonly found in closets or other sections of homes in that part of the nation. The Life Lift Systems bed is intended for homes that do not have an integrated shelter.
Bolts secure the shelter, which is basically a collapsible metal box, to the concrete floor. In the case of a tornado, simply raise the bed and enter. Furthermore, it is wheelchair accessible.
There is also a USB charger and ventilation. It is possible to park a car on this shelter and it will be OK. In the event of an emergency, you can still enter by an emergency entrance.
There are a few possibilities, such as a gun rack, a safe, and lighting. If you do not want a shelter beneath your bed, they may modify it to fit beneath a pool table or kitchen island. The Life Lift Systems cost between $4,600 and $5,500, depending on the options chosen.
What Happened to Life Lift Systems at Shark Tank pitch?
In Shark Tank episode 1009, Levi Wilson and Tim Todd hope a Shark will fall in love with their storm shelter/bed combo. Wilson and Todd are seeking for a Shark to help them commercialize and invest in their idea.
Levi and Tim went on Shark Tank in seeking of $550,000 in return for a 15% stake in their business, worth $3.7 million.
When Sharks were taken aback when they see the beds. The Sharks were even more impressed when the men demonstrate how storm-resistant the protected beds were.
They haven’t sold many apartments yet, but they have generated a $550,000 profit. Each gadget costs $3600 to produce and sells for $850 at retail; the wholesale price is $6000.
The Sharks unanimously agree they are overpriced after detailing the hazards of tornadoes and the toughness of their system. Because of their low profit margins, they may be forced to close their doors.
Their objective for expansion is to acquire wholesale dealers, which they have previously done. The fact that it is a niche product is mentioned, but it is not the main concern.
Robert says he “likes it but isn’t in love with it” and goes out. Kevin exits after informing him that they are selling life insurance.
Mark and Lori each offer $550,000 in return for 25% equity. Lori takes offense when Mark claims that he will be more available now that he lives in Texas.
Lori and Mark both refuse the guys’ offer of $550,000 in return for 20% equity shares.
They respond with additional $550,000 in exchange for 20% equity and a royalty of $100 per unit.
Mark and Lori agree, but Mark warns them about the royalty deal. He provides them the option of accepting his first offer or the royalty arrangement. They select Mark for $550,000 in return for 25% stock and leave the pitch with a deal from two Sharks.
What happened to Life Lift Systems after it was featured on Shark Tank?
The deal with Mark has been finished, and the company is now listed on his website. Life Lift has gained 19 distributors since its debut broadcast, with more on the way. In addition, they created the Safe Shield, a tornado safe chamber meant to be put in a garage.
Aaron Tuttle, a famous meteorologist, has been hired as a spokesman, and they claim to be installing every day. In June 2021, they renamed the company Vortex Vaults.
They now have a new Project Station Shelter that can double as a shed or garage. When not in use as a shelter, it also functions as a work bench.
As of January 2022, the firm was still in operation, with yearly sales of $4 million.
Net Worth of Life Lift Systems
During the pitch, the firm was valued at $3.7 million; following Mark and Lori’s investment, the company is worth $2.2 million. The company has a net worth of $15 million.
Life Lift Systems FAQs
What exactly is Life Lift Systems?
Life Lift Systems is an Oklahoma City, Oklahoma-based corporation. They build and sell storm shelters that double as beds.
Who is the inventor?
Life Lift Systems’ CEO is Levi Wilson, a former Marine. He spent two years in the Marine Corps.
How much were they seeking on Shark Tank?
They were asking for $550,000 in return for 15% stake of their company.
Were they able to close the deal?
Yes, they had a deal with Mark Cuban and Lori Greiner.
How much did the deal cost?
They offered $550,000 in exchange for 25% of the company’s stock.
Is Shelter Wise Shelters still in operation?
Yes, it is still in operation as of January 20, 2022.
Where can I find Shelter Wise Shelters?
The headquarters of the corporation are in Oklahoma City, Oklahoma.
What material is the product composed of?
Beds from Life Lift Systems are metal boxes with ramps, lighting, and other amenities.
What is the price of Life Lift Systems?
Storm shelter beds cost between $4,600 and $5,500.
How many models does Life Lift Systems offer?
There is one base model and two customized packages available from the firm. The regular model is available in Queen or King Sizes. The Grizzly and Grizzly XL are the other two, with improvements for larger bodies and bears, respectively.
What happens if the electricity is cut off?
The Vortex Vaults Shelter Beds include a battery backup. This means that even if the power goes out due to a storm, the bed will continue to lower and rise on battery power.
What happens if the battery dies?
Vortex Vaults Shelter Beds may be lifted and lowered directly from the wall-mounted 110V AC outlet. This means that even if the backup battery runs out of power, the bed will continue to descend and rise on battery power alone.
What is the procedure for lowering and raising the bed?
Four motors drive the Vortex Vault remotely. It takes around 60 seconds to raise or lower the bed. In addition, we provide one-of-a-kind customized options to meet their individual needs.
What sizes are available?
Vortex Vaults Shelter beds are offered in two different configurations. With a height of 57″, it is tall enough to sit comfortably on a chair and is available in full, queen, and king sizes.
It is available in full, queen, and king sizes and is tall enough to sit on the floor comfortably with a bean bag or similar style chair. The larger the bed, the more space within the vault there is for more people.
Isn’t there a chance the bed may be blown away?
There is no way this could happen. In compliance with FEMA rules, the bed is attached to the concrete slab of a dwelling. There has never been an account of a tornado removing the foundation from the ground.
Who is in charge of putting up the shelter beds?
The shelter beds will be installed by the organization or a certified vendor in their area. With a three-man staff, installation takes four hours. Because the beds will be erected in the home, there will be little delays caused by severe weather.
Is it feasible to enter the shelter when the bed is lowered?
Absolutely! They’ll have around 19 inches of space beneath the bed for quick access if needed. Customers may keep critical goods such as papers, guns, money, or other precious materials safely with the optional safe lock.