Overview
College Hunks Hauling Junk is a junk removal and moving company that was founded in 2003 by Omar Soliman and Nick Friedman. The company started out as a junk removal service and later expanded to include moving services.
In 2009, the founders appeared on the first-ever episode of Shark Tank, where they pitched their spinoff idea, College Foxes Packing Boxes, but did not get a deal.
As of 2024, College Hunks Hauling Junk is worth an estimated $250 million.
Shark Tank Pitch
By 2009, Nick and Omar’s original business was booming, but their new venture was yet to take off. They pitched their business, seeking $250,000 for 25% of College Foxes Packing Boxes.
The Sharks quickly smelled blood and started asking about College Hunks. The spinoff idea annoyed the Sharks as they wanted a chunk of College Hunks.
After some consideration, the entrepreneurs offered 10% of the parent company for $1 million.
Kevin O’Leary was outraged at the valuation and labeled them greedy. All the Sharks dropped out except for Robert Herjavec. Robert made a reasonable offer of $250,000 for 50% of Foxes and 10% of Hunks.
After giving it some thought, the founders rejected the deal.
After Shark Tank
Despite not closing a deal, Omar and Nick have taken College Hunks to new heights and ditched College Foxes. In January 2022, the company announced it did over $200 million in annual revenue and now has over 160 franchise partners in North America.
It’s possible the guys only set up College Foxes to get on the show and avoid giving up equity in College Hunks. In 2013, the New York Times reported that contestants had to give ABC 5% equity or 2% in royalties to get on the show. This was the case until Mark Cuban got the clause removed.
Currently, it costs between $158,700 and $283,500 to become a franchisee as per FranchiseChatter.com. The franchise business has experienced huge growth over the last 10 years.
In 2013, the average franchise revenue was $442,000, and that grew to $1.6 million by 2021.
Also, three franchise partners featured on the Inc. 5000 list for 2021, as the fastest-growing private companies in America. As a result, the firm is worth an estimated $250 million.
Outside of College Hunks, Omar and Nick set up a similar business called Trash Butler in 2011. It’s a valet trash service for multi-family communities. This venture is another huge winner for them in the trash collection industry!
About the Founders
Omar Soliman grew up in Washington, DC, and worked at his mother’s furniture business doing sales and delivery. He pursued a degree in business administration at the University of Miami.
Nick Friedman studied Economics and Spanish at Pomona College. The two entrepreneurs have been best friends since childhood and kept in touch despite taking different paths in college.
Founding College Hunks
As the right-hand man at his mom’s furniture shop, clients often asked Omar to take old furniture away. Omar made it a side hustle, and Nick often helped out.
In 2004, Soliman won $10,000 in a business contest and used the money to establish College Hunks Hauling Junk with his buddy. The startup only hauled junk items at first, but expanded to a full moving service.
Two years after launching, they transported 4,000 tons worth of junk. It was a huge success, so the founders began franchising in 2008.
They also launched College Foxes Packing Boxes, a packing and organizing firm.
Lessons From College Hunks Hauling Junk’s Success
Based on the Shark Tank episode about College Hunks Hauling Junk, here are three practical tips for aspiring young entrepreneurs:
1. Leverage your strengths and resources
The founders started with what they had, borrowing a van from one of their parents and creating a catchy name that stood out. They utilized available resources creatively and capitalized on their unique strengths to start their business.
2. Diversify and adapt in adversity
During the recession, when their core business of junk removal faced challenges, they diversified by adding moving services, which now constitutes a significant part of their revenue. This adaptability and willingness to pivot can help sustain and grow a business during tough times.
3. Build a purpose-driven team
Hiring individuals who align with the company’s core values and empowering them to take ownership of their roles can create a strong and dedicated workforce. College Hunks Hauling Junk hires future leaders and invests in their professional growth, ensuring a motivated and high-performing team.
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