Kronos Golf Net Worth 2023 – How are They Doing Now?
In 2014 two friends visited Shark Tank in the hopes of transforming the golfing world with their unique putters. Expertly crafted, they claimed their company KRONOS manufactured the best putters in the world.
Did the sharks believe them. Can you buy a Kronos golf club today and how much is the company worth? We tell all.
Kronos Golf: Quick Facts
| Name: | Kronos |
| Company Net Worth: | $19 million |
| Pitch: | Unique, milled golf putters |
| Entrepreneur: | Phillip Lapuz and Eric Williams |
| Asked for: | $150,000 for 15% equity |
| Deal: | $150,000 for 30% |
| Shark: | Robert Herjavec |
What is Kronos?
Kronos manufactures golf putters and they claim their putters are different to most other similar products. For one thing, they don’t mass produce and therefore can deliver higher quality putters that improve precision and accuracy.
Each Kronos putter is precision-milled from one piece of metal. There are also specific processes for balancing, painting and polishing the putters. The outcome is a putter that’s perfectly balanced. This in itself doesn’t make someone a better golfer, as the game requires skill and practice. However, a balanced putter helps with consistency.
Who is the Owner?
At the head of Kronos you’ll find Phillip Lapuz as president and designer of the putters. Alongside him is Eric Williams who takes on the role of Creative Director.
Phillip invested $100,000 of his own money to support his passion. His motivation for starting the company was the frustration of not finding appropriate putters for himself and he decided to do something about it, states looper.com.
Although the company is situated in Oceanside, California, Eric is stationed in Arizona. As mentioned in an interview with Signs, he is also a software engineer and started handling Kronos’ creative aspects part time, while Phillip took responsibility for strategizing and other activities.
Shark Tank Appearance
The pair shared their pitch with the Shark Tank crew in 2014, dressed in old fashioned golf apparel to represent the Golden Age of golf.
They asked for an investment of $150,000, hoping to only sacrifice 15% equity. They could report good sales figures, but this was mostly for the Japanese market and there was concern among the sharks whether it was possible to successfully enter the US market.
During the pitch they invited Kevin O’Leary to try out the putter. Although he didn’t get the ball in the hole, the sharks were impressed with the product.
The pitch also had an emotional aspect, as Phillip mentioned that the success of the company determines whether his fiancé can move to the US—this was because of her parents’ refusal to allow her to move from Japan unless Phillip’s company was successful.
Kronos did get an offer eventually, although some sharks opted out. For more than one there was no attraction to the project because they simply didn’t like golf. Then, Robert Herjavec made an offer, but he wanted 35% of the company. There was some bargaining and eventually they all agreed on 30% equity for the requested $150,000.
Shark Tank Investment—Did it Go Through?
Reports on whether the deal eventually went through are contradictory. While sources like Shark Tank Recap affirms the deal went through, there’s no official confirmation of this.
What Happened After the Show?
No matter what the truth is about Robert’s investment in the company, the brand clearly benefited from the Shark Tank experience. The company is going strong at the moment and even just a few months after the show they could report a rise in online sales—as much as a 3000% improvement!
Where is the Company Today?
Today the company can report high numbers of sales and CAclubIndia states the brand’s net worth at $19 million. However, other sources like Techie Gamers have more conservative estimations of $5 million.
Still, it’s clear the company is doing well and even expanding. They have a Rare, Raw and a Refined series, as well as left-handed putters. Also, the range shown on their website now includes items such as the D’arcy model, which they created in collaboration with clothing brand, Linksoul. So, it’s clear that the industry is taking notice of Kronos.
What is the Company Turnover?
These days their main source of income is still the Japanese market. However, there are more US clients than a few years ago. Some sources like Asia Media Journal estimate their sales to be $2 million – $3 million annually.
How Much is Kronos’ Owner Worth?
For the founders of Kronos there’s loads of good news a few years after visiting Shark Tank:
- Their personal net worth is estimated at around $1 million according to Geeks Around Globe.
- Phillip is now happily married, although he eventually tied the knot with someone else than his fiancé mentioned during the Shark Tank pitch. His wife, whom he married in 2017 is named Tara, as shared via Instagram.
Conclusion
This is clearly one of the success stories of the Shark Tank history.
Driven by passion, entrepreneurs took on a challenge and decided to do it differently than market leading brands. It paid off, because today Kronos is a flourishing business.
Perhaps you should try a Kronos putter to reduce your handicap?
