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How this entrepreneur changed a shark's mind

Erin Whalen and Tim Stansbury, Grease Monkey Wipes
Source: Grease Monkey Wipes
Erin Whalen and Tim Stansbury, Grease Monkey Wipes

Looking for an easy way to remove grease, Tim Stansbury and Erin Whalen developed Grease Monkey Wipes.

The portable individually packaged heavy duty citrus-based wipes also clean permanent marker, paint and crayon. The duo appeared on "Shark Tank" and made a deal with Barbara Corcoran and Robert Herjavec for $40,000 for 40 percent of the company.

And they did something rarely seen on "Shark Tank"—persuaded a shark to jump back into a deal. Despite originally backing out, Corcoran came back in and offered to do a 50-50 deal with fellow shark Herjavec.

Stansbury shares what it was like to be on "Shark Tank" and the latest update on what has happened since appearing on the show.

Source: Grease Monkey Wipes

What was it like to go onto "Shark Tank"?

It was very exciting for us and a bit scary as well. When we filmed only the pilot had aired, so we had very limited knowledge of the show. The walk through with the executives two days before filming was more nerve-racking than actually filming the show. Those folks were the gatekeepers, and if they did not like what they saw then we could have made the trip to California and not even been on the show.

Read More Lori Greiner's best investment

What tips do you have for anyone who wants to make a pitch on "Shark Tank"?

As mentioned before, we had very limited knowledge of the show when we appeared. Anyone going on now certainly has a much greater understanding of the show since there has been several seasons. The one thing I would recommend is know your business inside and out. Know your numbers and value your company properly. Nothing kills a deal quicker than a multi-million dollar valuation without the sales to support it.

What was your favorite part of being on "Shark Tank" that didn't make it to air?

There is not one particular thing I can think of. Our segment lasted approximately 15 minutes and we were only in front of the sharks for about 20 minutes. There was not a bunch of extra material that they cut out of the airing.

Read MoreMr. Wonderful's wicked best deal ever

How did you come up with the logo?

We wanted something catchy and who doesn't love a monkey? Also to denote our focus on the cycling and automotive industries we wanted to have the exterior cog. After a few initial iterations we came up with our current logo.

What was it like for the sharks to back out and then have Barbara come back in?

It was certainly a big moment in the show, and it was great working with Barbara. The money the sharks invested in the company was nice, but the exposure from the show is invaluable. No matter how big or small your company, there is no way you can afford a roughly 15-minute infomercial in prime time on network television.

What has happened since you appeared on "Shark Tank"?

The company has grown quite a bit and is now basically a single-man operation as not only have the sharks been bought out but so has my former business partner, Erin. The business is still firmly entrenched in the cycling industry, and I continue to look to expand via automotive and hardware channels.

Tuesdays have more bite with back-to-back episodes of "Shark Tank" on CNBC every Tuesday night at 8 p.m. & 9 p.m. ET/PT.

Meet the Sharks

  • Mark is the highly successful entrepreneur and investor who founded HDNet, Broadcast.com and MicroSolutions.

  • Barbara Corcoran parlayed a $1,000 loan into a five-billion-dollar real estate business.

  • Lori Greiner started with one idea and turned it into a multi-million dollar international brand.