Interview with Jeff Cranny of Lockstraps on His Shark Tank Experience

We were excited to interview Jeff Cranny, Founder of Lockstraps, on his innovative invention and recent Shark Tank experience.

Interested in finding out about his darkest moments as an entrepreneur, how he persevered, and his experience on Shark Tank?

Keep reading to find out all the juicy details!

Jeff, what kind of motorcycle did you lose? The one that spurred the beginning of Lockstraps?

I lost a Honda XL 250 and a Honda EX Quad.

What were some of your biggest challenges during product design?

Trying to make something that didn’t exist.

Trying to explain to people what you see in your mind. You think others will see it too but they don’t and do not understand.

What were some of your biggest challenges during Manufacturing?

Dealing with China is tough. The communication barrier and the attention to detail are tough. It is also scary when you are wiring money hoping to receive a product and hoping that it arrives in good condition.

What were some of your biggest challenges during Product Launch?

You can have the greatest product in the world but how do you tell millions of people about it?

It was a challenge to decide which trade shows to attend when working on a budget, and your wife is worried about paying the bills.

What do you consider to be some of the company’s greatest achievements?

Obviously getting on Shark Tank but also….. a private label with Schwinn Bicycles, getting into 1900 Home Depot Stores and preventing theft.

What did you do in those dark moments that every entrepreneur has experienced?

Working at a warehouse by yourself, you find you want to go where there are people. You find you want to go out to eat all the time because you can see and hear people. God said it best, “ Man is not good alone”.

When you feel alone and have heard 100 no’s, it is always frustrating. When you do not have a boss, you have to force yourself to keep going…..and if that means getting a real job while doing your dream, then that is what you have to do. I have done real estate, sold solar, worked for a construction company…..anything to keep the bills paid.

Everyone thinks your a millionaire and everyone says you’re so lucky but at the end of the day, they have no idea what you have been through or what you are still going through.

I went through 8 years of not having any product for Christmas. I never made a Black Friday.

Focus is key. Do not try to please everyone. You have to take care of yourself first. When you are on an airplane, they go over the safety drills. They explain that if the plane is going to crash, you need to put your oxygen mask on FIRST and then put the mask on your loved ones. It is the same in business….if you are going down, put your mask on and then worry about your clients.

Did you have a breakthrough moment that changed the game for you? Was there a moment when you finally knew your startup would finally turn into a business?

Nope, just 100mph all the time, working night and day. I did not even know what day it was.

My working friends always said, “Thank God it’s Friday” and I’m like, “It is?”, and then I’m pissed that they said that because I still had so much stuff to get done! That meant I had to work Saturday and Sunday to be prepared for Monday.

What part of the process of pitching on Shark Tank surprised you?

I didn’t know it was a straight run through.

No re-takes.

No “I’d like to start over”.

You go up there, you do your thing, and you’re gone.

It was faster than a Las Vegas wedding!!

I don’t even remember what I said or what we talked about. It is like you are in a cloud the whole time.

I wish I was allowed to tell them who I made the deal with that screwed up the manufacturing which caused the recall, however, they are my shark and I am hoping that now things will run more smoothly.

What kind of preparation did you do to prepare for Shark Tank?

I worked on my pitch a thousand times.

I could have said it to anyone, anywhere, any time but when the lights go down and the spotlight hits the sharks and you and they say “ACTION!” I thought I shit my pants!

I went completely blank.

I didn’t even remember my name, what I was doing, where I was at……..nothing!

Then it hit me, “YOU IDIOT!” I thought to myself, “This is your one chance do the best you can do!! Breathe, relax and realize these are people too….they have to put their pants and underwear on every day too. They get sick and have diarrhea too.”

Money is here one day, gone the next and NO ONE has a U-Haul follow their hearse to their grave. We all came from the dust and we all return to the dust. How did we live and how did we help others is the only thing that really matters.

Were there any moments during the pitch that made you uncomfortable?

Yes, when they were prodding me about who I did the deal with and what happened. I wished they would have focused on the product and me instead of on what happened.

Did any of the sharks attack you or attempt to discredit your company or you at any point during the pitch?

Nothing I couldn’t handle.

How did it feel at the end of your pitch?

I felt like I didn’t know what happened. I felt like I was coming out of shock. I felt so many emotions I wasn’t really sure how to feel. Kinda like when you get married and the pastor says “You may kiss your bride” and you’re like…. “That’s it?” ….“We’re Married?”…. “I just lost half of my assets?”

Is there anything else interesting about your experience that you would like to share?

It is a TV show. It is designed to entertain the public. They do not want the entrepreneur to think they are going to get rich. They want drama, they want excitement, they want disappointment, they want to shock anything that will keep the audience glued to the TV set and not change the channel.

You can find out more about Lockstraps and Jeff Cranny at www.lockstraps.com