Grease Monkey Wipes Net Worth – $5 million
What is Grease Monkey Wipes’ net worth?
Introduction
“Gettin’ Gunky…Grab a Monkey!” is the slogan for these heavy-duty, all-cleaning wipes made famous by the popular ABC show Shark Tank.
Developed initially to solve the problem of excessive grease on bikers’ hands, Grease Monkey Wipes have found their way to multiple use cases pertaining to grease, dirt, and grime.
The Origin Story
Tim Stansbury and Erin Whalen, the founders of Grease Monkey Wipes, came upon a very specific problem during a 100-mile ride – whenever there was maintenance to be done on a bike mid-ride, it was impossible to remove the grease from the rider’s hands and clothes, no matter how hard they tried.
Bike riders were experiencing this issue constantly.
For the remainder of their ride, Stansbury and Whalen drafted up a verbal plan to research and develop a product that would solve this problem.
After much trial and error, Tim and Erin were able to create a product that they realized would work on more than just bikes.
Utilizing citrus oil as a cleaning agent to break down the toughest stains, they created Grease Monkey Wipes.
They realized that the products’ applications in a variety of categories made it heavily marketable.
Rise to Popularity
Stansbury and Whalen took their idea to Shark Tank.
They appeared in Season 1 Episode 13 on January 10th, 2010 to pitch Grease Monkey Wipes to Sharks Kevin Harrington, Daymond John, Kevin O’Leary, and Rober Herjavec.
In their pitch, Stansbury notes that his products ”utilize a natural, non-toxic, citrus-based cleaner to handle heavy-duty cleaning.”
They went on to demonstrate the product’s effectiveness for the Sharks using grease from an old car part as well as a permanent marker.
The Sharks were impressed with the product and their pitch.
Stansbury and Whalen quickly received their initial ask of $40,000 for 40% from not one, but two Sharks. Barbara Corcoran and Robert Herjevic each came in for half of the investment.
After their success on Shark Tank, Stansbury and Whalen extended their retail reach from 40 stores to over 500, selling over 200,000 units and increasing sales by over 700%. The team was able to devote themselves to growing Grease Monkey Wipes full-time.
In 2014, Stansbury and Whalen sold Grease Monkey Wipes to Beaumont products, a company specializing in eco-friendly consumer products.
“I am excited to see Grease Monkey Wipes reach its full potential,” Stansbury said in a 2014 press release.
Who are the Founders?
Grease Monkey Wipes was founded by Tim Stansbury and Erin Whalen.
Tim Stansbury earned his Bachelors of Science in Marketing from Oklahoma State University in 1995, and then went on to earn his Masters of Business Administration from the same university.
He started his career as a Product Manager for a variety of companies in Texas, then transitioned into working in the bicycle industry to follow his passion.
While working on Grease Money Wipes, Stansbury worked as a customer service representative for Jack & Adam’s Bicycles in the Austin, Texas area.
Stansbury now works in Product Management & Strategy at Houghton Mifflin Harcourt.
Erin Whalen graduated from the University of Texas at Austin with a Bachelor of Business Administration in Marketing.
She later went back to earn a Master’s in Business Administration in Marketing and Consulting in 2013.
She began her career in marketing communications and went on to start her first company, Running Banana, an eCommerce website selling specialized running apparel.
After 5 years of working on Grease Monkey Wipes, starting in 2008, she transitioned to working as a business consultant for a variety of businesses.
She is currently the Business Management Director at the Boston Consulting Group.
Founders – Relationships & Children
Stansbury and Whalen have remained relatively private people since their success on Shark Tank.
They do not publicize their relationships and children on social media or the internet.
The exact net worths of Stansbury and Whalen are unknown due to their online privacy.
However, it’s estimated that Whalen currently earns over $300,000 per year as a Director, and Stansbury earns over $150,000 per year in Product Management & Strategy.
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Grease Monkey Wipes – Net Worth
So, what is Grease Monkey Wipes’ valuation?
Whalen notes that Grease Monkey Wipes’ sales had increased by over 700% since her Shark Tank pitch.
At that time, Stansbury and Whalen had grossed $7,400 in sales, meaning by 2011, they would have netted over $51,800.
It is unknown how much Beaumont Products paid to acquire Grease Monkey Wipes.
However, Beaumont Products has an estimated annual revenue of $15.6 million with 10 different brands.
This means that Grease Monkey Wipes could likely bring in around $2 million in revenue every year.
Therefore, Grease Monkey Wipes has an estimated net worth of $5 million.
Grease Monkey Wipes can now be found at any major home, outdoor, and automobile retailer, including Amazon and other big box stores.
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