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Shark Tank season 5 episode 13 featured The Wall Doctor Rx by Dr. Jim Lewis, a forensic pathologist by profession, who came up with an amazing idea to repair drywall with his unique kit.
Way before appearing on Shark Tank, Dr. Jim’s drywall repair kit, The Wall Doctor Rx, was already doing quite well. He sold 80,000+ wall patches in three years before appearing on the show.
Everyone knows how hard it is for anyone to repair drywall patches, and by seeing that, not one but multiple sharks accepted and made counteroffers to The Wall Doctor. Jim’s initial offer was $150,000 for 10% equity, whereas his pitch valuation was $1.5 million.
The Wall Doctor Rx on Shark Tank
Dr Jim Lewis introduced his drywall patching kit from his company, The Wall Doctor Rx, on Shark Tank season 5 episode 13. At the time, participating judges included Lori Greiner, Robert Herjavec, Kevin O’Leary, Daymond John, and Mark Cuban.
His pitch was quite impressive as he described how he got the idea. He revealed that one particular Christmas, he was taking an artificial tree out of the basement when he heard a scream. As any concerned father would, he rushed to his daughter, who had tripped. She had minor scratches which Jim patched with bandages.
When he returned he found that the tree had fallen, and saw a hole in the drywall. It cost him $250 by a professional handyman, after his failed attempts at repairing the wall by himself. That’s how he got the idea to prepare a quick fix for dry walls.
Jim’s original offer and Sharks’ counter offers
Originally, Jim’s ask was $150,000 for 10% equity. The product cost was around $2 - $2.50, whereas the retail price was between $7 - $10. There was a clear profit margin. He sold over 80,000 wall patches before his Shark Tank pitch and earned more than $600,000 in sales. His projected sales for the next year were between $500,000 to $1 million.
Seeing such remarkable sales and product potential, all the sharks were interested in The Wall Doctor Rx. Robert Herjavec offered $150,000 with zero equity and allowed US sales in full to Jim. However, Robert’s offer also included exclusive rights to sell drywall patches everywhere outside the US
The next offer was from Kevin O’Leary, who offered $150,000 for 15%. He added that he would license the product and handle everything from manufacturing to distribution to logistics. Jim would get a monthly check and could continue his work as a forensic pathologist.
Daymond John made the same offer with a double investment on $300,000. Lori also made an irrefutable offer of $300,000 for 20% equity. She added that, upon finalizing the deal, she would immediately have an infomercial for The Wall Doctor Rx and get the product on QVC.
Jim wanted to take up Robert and Lori to partner, but Robert didn’t favor that partnership. Finally, Jim took up Robert’s offer.
What happened to The Wall Doctor Rx after Shark Tank?
After accepting Robert’s offer, the company successfully sold more products. Later, Lori joined, and Jim ultimately got both the sharks. The product was sold by many leading home improvement stores and QVC in the US.
Later, the company was acquired by Spark Innovations, LLC. However, the company doesn’t seem to be active at the moment. The Wall Doctor Rx’s official X (formerly Twitter) account has the last update from 2016. Moreover, their website, walldoctor.com, also doesn’t seem operational.
