The Story of TheTieBar

Entrepreneurial Roundtable

November 20, 2006, 6:30 PM - 8:45 PM

Frustrated with their careers, Greg and Gina Shugar began researching entrepreneurial opportunities. The result is www.thetiebar.com. where, for just $15, you can buy silk ties like those selling in men's stores for $60-75. Learn more.

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Where

Illinois Institute of Technology -- Wheaton Campus
201 East Loop Road
Wheaton, Illinois

Driving Directions:
View directions and a map.

Program

6:30 PM - 7:15 PM: Networking
7:15 PM - 8:45 PM: Program
(if you leave downtown Chicago by 6:30, you will arrive in time for program)

Registration

Register Online
Register via Email

Register by Phone:
630.527.8552, ext. 303 (Mary Brown)
Please register by 4:00 p.m. on day of event

Questions

Bill Wentz (XP-57), '88
630.527.8552, ext. 304

Event Details

The story of TieBar illustrates how a young, suburban couple can research a business concept and do much of the groundwork for launching a business while still employed. In early 2004, while working full-time, Greg did the market research that showed that ties have the largest mark-up in men's clothes. For the next six months, he learned everything he could about neckties: how to design, manufacture and market them. Then, he and Gina took $50,000 from a home equity loan and launched the website.

As newspapers and magazines across the country featured stories about TheTieBar.com and its products, orders started rolling in. By late 2005, the Shugars were able to repay the loan and spend most of their time on their new business rather than legal careers.

With the initial success of selling ties on-line, the Shugars have now expanded their product line to dress shirts which sell on TheTieBar for $25. This Spring, they also opened a test kiosk in the Premium Outlet Mail in Aurora, near the outlet stores of Brooks Brothers, Giorgio Armani and Ralph Lauren. They want to determine if kiosks near top name men's stores can be a profitable complement to their website.