Parting Stone Cremation Alternative Shark Tank Episode 19 Update & Net Worth

Parting Stone Cremation Alternative Shark Tank Episode 19 Update & Net Worth

Parting Stone is an innovative cremation alternative that transforms human and pet cremated ashes into solid stone memorials. This unique service was founded in 2018 by Justin Crowe in Santa Fe, New Mexico.

 Parting Stone offers a comforting and lasting way to memorialize loved ones by turning their ashes into smooth, stone-like objects. The company’s mission is to provide a more meaningful and tangible way to hold onto the remains of a loved one, compared to traditional ashes.

In Season 14, Episode 19 of Shark Tank, Justin Crowe entered the tank seeking $400,000 for 5% equity, valuing his company at $8 million. The goal was to expand his business and reach more customers who are looking for a unique way to remember their loved ones.

After some intense negotiations, Justin secured a deal with Lori Greiner and Kevin O’Leary, who teamed up to offer $400,000 for 10% equity plus $20 royalties for direct-to-consumer (DTC) sales and $12.50 royalties for business-to-business (B2B) sales until their investment is recouped. As of July 2024, Parting Stone’s net worth is estimated at $4 million.

What Is Parting Stone? How Does it Work?

Parting Stone offers a cremation alternative that solidifies cremated remains into stone-like memorials. This process creates a tangible and aesthetically pleasing way to preserve the memory of a loved one, providing a comforting alternative to traditional ashes. The resulting stones, which resemble smooth river stones in appearance and texture, can be easily displayed, held, or distributed among family members.

The process begins when customers receive a collection kit to store and return the cremated remains to Parting Stone’s laboratory. The lab carefully removes any metals or implants from the ashes before mixing them with a natural binder to create a clay-like material.

 This mixture is then placed in a kiln where it undergoes a process called solidification, which transforms the ashes into solid stones. Depending on the amount of ashes provided, each memorial typically contains 40-80 stones for humans and 10 stones for pets.

The cost for solidifying human remains into stones is $2,495, while the cost for pets is approximately $500. The process takes about 2 weeks to complete, and the finished stones come in a variety of colors and textures, including chocolate brown, lavender, honey yellow, and stones with blue speckles, customized to individual preferences.

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Parting Stone Shark Tank Episode 19 Season 14: What Happened at Shark Tank Pitch?

In Season 14, Episode 19 of Shark Tank, Justin Crowe presented Parting Stone to the Sharks, seeking $400,000 for 5% equity in his company. He introduced the Sharks to the concept of solidifying cremated remains into stone-like memorials, a process that he developed to offer people a more meaningful way to keep the memory of their loved ones close.

During the pitch, Justin shared that Parting Stone had generated $350,000 in revenue in 2020 but had also experienced significant financial challenges. In 2021, despite grossing over $800,000, the company posted a net loss of $800,000. Justin projected similar losses for 2022, even as he anticipated the company’s gross revenue to exceed $1.3 million.

The Sharks had mixed reactions to the business. Mark Cuban dropped out due to a conflict of interest, and guest Shark Gwyneth Paltrow also opted out, stating that the market was outside her area of expertise.

However, Lori Greiner and Kevin O’Leary saw potential in the business and teamed up to offer $400,000 for 20% equity, which Justin countered. After further negotiation, they agreed on $400,000 for 10% equity plus $20 royalties for DTC sales and $12.50 royalties for B2B sales until their investment was repaid.

Parting Stone Shark Tank Pitch Summary

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What Happened To Parting Stone After Shark Tank?

Following the Shark Tank episode, Parting Stone saw a significant increase in visibility and interest from consumers. The partnership with Lori Greiner and Kevin O’Leary provided the company with valuable resources and advice on how to scale the business and improve profitability.

One of the major changes implemented after the show was a substantial price increase for the service—from $995 per person to $2,495. This price adjustment was made to better reflect the value of the service and to help the company achieve profitability.

Despite the price hike, Parting Stone continues to attract customers who appreciate the unique and meaningful way the company transforms cremated remains into tangible memorials. The company has also expanded its partnerships with funeral homes across the United States, further solidifying its position in the cremation services market.

Parting Stone’s innovative approach has resonated with many people who are seeking a more personal and lasting way to honor their loved ones. The company’s commitment to quality and customer satisfaction has helped it maintain a strong reputation, and the support from the Sharks has enabled Parting Stone to reach new heights.

How Much Is Parting Stone Worth?

As of July 2024, Parting Stone is estimated to be worth $4 million. This valuation reflects the company’s steady growth and the increasing demand for its unique service. Since its founding in 2018, Parting Stone has generated over $2.4 million in lifetime sales, with annual revenue steadily increasing each year.

The company’s financial performance has improved significantly since its appearance on Shark Tank, thanks in part to the price increase and the strategic guidance from Lori Greiner and Kevin O’Leary. With the continued growth of the cremation services market and Parting Stone’s innovative approach, the company is well-positioned for future success.

Is Parting Stone Still in Business?

Yes, Parting Stone is still in business as of July 2024. The company continues to operate out of its headquarters in Santa Fe, New Mexico, where it provides its unique solidification service to customers across the United States. Parting Stone has expanded its partnerships with funeral homes and has also increased its direct-to-consumer sales through its website.

The company’s focus on innovation and quality has helped it maintain a strong presence in the market, and its commitment to offering a meaningful alternative to traditional cremation remains has resonated with many customers. With the backing of Lori Greiner and Kevin O’Leary, Parting Stone is expected to continue growing and expanding its reach in the coming years.

Which Episode Number Was Parting Stone Shark Tank?

Parting Stone appeared on Shark Tank during Season 14, Episode 19, which originally aired on April 7, 2023. The episode marked a significant milestone for the company, as it secured a valuable partnership with Lori Greiner and Kevin O’Leary, helping to propel the business forward.