What is Aaron Krause’s net worth?
Aaron Krause has a net worth of $60 million. He is the CEO of Scrub Daddy, one of Shark Tank’s most successful companies to date, valued at over $250 million.
He developed the Scrub Daddy sponge through trial-and-error, as he was trying to create a solution to problems he faced as a car detailer.
On receiving backing from Shark Tank’s Lori Greiner, the Scrub Daddy exploded, being sold to major retailers like Bed, Bath and Beyond, QVC and Walmart.
Aaron Krause was born on the 1st of February 1969.
He was raised in Wynwood, Pennsylvania.
He has kept most information about his parents out of the public eye but has said that they are both doctors.
He has kept his family information notoriously private, and it is unknown if he has siblings.
He attended Syracuse University, obtaining a Bachelor of Science degree in Psychology in 1992.
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Career
Krause finished his degree in 1992 and decided to start a business.
He states that his parents ‘sat him down to discuss his future and were dismayed when he said he wanted to become a car detailer.’
In their eyes, he was merely a car washer. But, to Aaron Krause, he had become a CEO and business owner, and it changed the course of his life.
His first company was Dedication to Detail, a car detailing company that he ran for 16 years before selling in 2008.
It was during his time at this company that Krause patented a double-sided buffing pad which solved many of the problems he encountered while detailing cars.
He began to create more products aimed at improving the car detailing industry.
Krause agreed to sell his inventions to 3M after engaging in discussions with the industry leader in September 2008.
”I’ve been inventing since I was a kid, but this was the first time I’d acted on it,” Krause told The CEO Magazine in February 2019. ”From the moment I tried my new buffing pad, I knew that it was something extraordinary.”
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Scrub Daddy
The Scrub Daddy began with a need to be able to clean grease from his hands when he was working on the machinery he was developing.
No product worked, so he began trying to create his own.
He experimented with different foams and shapes, before deciding on a rigid cut circular shaped sponge with two holes in the middle to clean his fingers with, resulting in Scrub Daddy’s distinctive smiley face.
The Scrub Daddy nearly didn’t happen, with 3M refusing to buy the product as part of the 2008 deal.
Multiple attempts to sell his sponges were unsuccessful, so he shoved them in a box in his shed.
His wife made him sort through this shed in 2011, where he found the box of scrap sponges.
When he dipped the sponges into hot water, they became soft. In chilly water, they became rigid.
Without realizing it, Aaron had accidentally created a scratch-free, dual-texture sponge.
This technology was unheard of in the market, and in May 2012, Scrub Daddy was officially formed.
By April 2012, Scrub Daddy had been featured on QVC and sold out within eight minutes.
In late 2012, Aaron Krause appeared on Shark Tank and accepted a deal with Lori Greiner, which saw her invest $200,000 in the company for 25% equity.
As of 2019, the company has made over $209 million USD in sales.
In early 2023, it was reported that Scrub Daddy Inc. partnered with Unilever.
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Wife
Aaron Krause has been married to his wife, Stephanie, since 2010.
She runs the communications department for his company.
Krause has kept his relationship private, but it is known that the pair were together for a long time before tying the knot.
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Children
Krause has two children.
They are twins, a son named Bryce Krause and a daughter named Sophie Krause.
Although he is a multimillionaire, he makes his children ‘pay rent’ by completing chores such as feeding the cat and washing the cars.
He wishes to teach his kids the value of arduous work, as this is the strategy his parents used on him when he was younger.
Every birthday after Aaron’s tenth, his father would give him more financial responsibility.
Each year, he would have to start paying for another necessity for himself.
One year it would be undergarments, and then the next, it would be shoes, etc.
He would “pay” for these things by doing chores for the family.
Aaron credits this strategy for teaching him his business acumen.
He also believes in teaching his kids about the value of money from an early age.
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Net Worth 2024
So, how much is Aaron Krause worth? How much money does Aaron Krause make?
Krause earned most of his wealth from the Scrub Daddy brand.
He also netted a decent sum of money from his 2008 deal with 3M.
Aaron has started four other companies that create a variety of inventions.
His inventions have been featured on shows like Good Morning America.
Although he has kept the specific nature of these company’s secret, it is assumed that he is earning income from each of these.
”They say invention is the mother of necessity,” Aaron said in an interview with Tech Times. He added: ”If I need something, I create a solution.”
He does not have many personal social media accounts aside from his LinkedIn, where he writes and shares articles. Lately, Krause is active on TikTok.
He speaks at many business events and summits, providing coaching on how to pitch and sell.
In 2021, Scrub Daddy had an 80% revenue growth year over year.
Therefore, Aaron Krause has an estimated net worth of $60 million.
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I am Bulgarea Candin Stefan, and I founded FamousPeopleToday.com in 2018. I’m using my bachelor’s degree in economics and 9 years of experience in blogging to guide millions of people through the incredibly complex world of celebrity net worths.