Business Notes: Bethesda Power-Nap Business Fails to Generate Interest from 'Sharks'
Plus: Area insurance firms rebrand under NFP; U-Haul ranks Maryland 42nd in growth
Recharj founder Dan Turissini pitches the business on ABC's "Shark Tank"
Recharj on Facebook/ Shark Tank/ ABC
‘Sharks’ Decline to Invest in Bethesda Power-Nap Business
The owner of a “power-nap” studio company in Washington, D.C., and Bethesda failed in his pitch for investment money on the ABC show “Shark Tank.”
In an episode that aired Sunday, Daniel Turissini, the founder of recharj, struck out in his request for $75,000 in exchange for a 15 percent ownership share of the business.
The website for recharj advertises “contemplative and restorative practices, including meditation and power naps.”
Turissini said on the show that a 25-minute nap costs $9.
None of the “Sharks,” or investors, on the show’s panel was interested in giving money to help the company, questioning the business model and the logistics.
Regional insurance companies to rebrand under NFP
Five mid-Atlantic insurance companies, including four in Montgomery County, are rebranding under the umbrella of the nation’s fourth-largest insurance broker, NFP.
The insurance companies include Bethesda-based The Meltzer Group, Gaithersburg-based Golden and Cohen, Potomac Basin Group of Beltsville, and Heritage Benefits. Also rebranding under NFP is The Coury Group, which The Meltzer Group acquired in November 2016.
Combined, the area insurance firms have more than 430 employees and $140 million in revenue. The consolidation makes NFP Mid-Atlantic three times as large as the second largest insurance benefits firm in the area.
The combined firms will manage more than $10 billion in 401(k) assets, according to a company press release.
Senior managers at the local insurance firms will remain in place after the rebranding.
U-Haul finds Maryland was the 42nd state for growth in 2017
The moving company U-Haul has a unique way to gauge population growth in a state. It measures the number of one-way moving trucks leaving a state compared to one-way trucks entering a state.
One-way trucks arriving in Maryland last year accounted for 49.7 percent of all one-way U-Haul traffic. Meanwhile, departures increased by 5 percent in 2017 compared to 2016, accounting for 50.3 percent of one-way U-Haul traffic.
The top destinations for arriving U-Haul trucks in Maryland were Frederick, Takoma Park and Towson, according to the company.
The company calculates the migration trends from more than 1.7 million one-way U-Haul truck rentals that occur annually.
States that ranked highest in U-Haul’s migration statistics were Texas at No. 1, followed by Florida, Arkansas, South Carolina and Tennessee.
Maryland has steadily been falling in the moving company’s ranking. The state was ranked 20th for growth in 2015 and 36th in 2016.