In a move that will probably make college students around the country swoon, two Wake Forest University graduates are making a killing by packing and shipping their classmates’ stuff between dorm years. Sam Chason and Matt Gronberg started their company, Storage Scholars, in 2017 as a way to earn some extra cash while chipping away at their student debt. Now, it’s a nationwide business that brings in more than $1 million per year and employs 48 college students, all of whom are WFU alumni, as part-time workers.
The Storage Scholars team charges road scholars moving & storage each student about $559 to pack, store and ship their stuff. The service includes a box, tape and other packing supplies and the option to return any items that were used for a refund. Then there’s the labor cost, which averages about $199 per move. The business also offers pickup, summer storage and delivery of boxes to new dorm rooms the following school year.
Chason and Gronberg came to the Shark Tank hoping for a $250,000 investment, in exchange for a 5% stake in the company. The founders said their company was already profitable and they’re looking to scale. They passed on Kevin O’Leary and Daymond John, who both offered $250,000 for 20% stakes. After mulling Robert Herjavec’s offer of the same amount for half as much ownership, they chose Cuban because they felt he best understood their mission of creating a successful business while helping employees chip away at their college debt.
We asked the Storage Scholars team a few questions about their experience in the Shark Tank, what they’re planning next for the business and how they would advise entrepreneurs on starting a small company like theirs. Read on to see what they had to say.
We’ve made it easy to compare your options for moving companies in Colorado Springs. Simply enter your zip code and the size of your home or office into our calculator below, then select your moving preferences. We’ll show you your best local moving options, with the top-rated movers near you.