The Spooner combines the fun of skating and surfing. Their board has no wheels but slides like a surfboard on land. They sold over 1100 boards in six weeks, just having them lay around in their shop.
The Spooner has a lot of sales before Shark Tank
The cost to make the boards run $12-12.50 and they sold one-million-three-hundred thousand dollars. They went to one-million-seven-hundred thousand dollars in 2016. The boards are made in America. The business made $400,000 in the last year with no debt and no other shareholders.
The entrepreneurs want to branch out, and that's why they are pitching on Shark Tank. Toys R' Us came to them, but they were concerned because of the amount of money they would need to put out for a big box store.
Company: The Spooner
Ask: $ 400k for 16% equity
Season: Season 7 Episode 727
Sharks: Robert Herjavec, Barbara Corcoran, Kevin O'Leary, Lori Greiner, Mark Cuban
First Aired: 5/06/2016
Deal: Barbara Corcoran and Mark Cuban $400,000 for 16%
What do the Shark Tank Investors say about The Spooner
- Robert Herjavec sees them doing what they love to do, making excellent money, and he wants to know if they can handle the level of discipline that happens and is required when you have investors.
- Barbara Corcoran offers half the money for $200,000 for 8%. She thinks they are ready because they knew enough to decline the big box store. Barbara doesn't want Kevin as a partner. Barbara talked Mark into taking the other half of the deal with a yes, or no right now. They take the deal.
- Kevin O'Leary tells them they need a bank, and he is offering $400,000 with payment back of $2 a board until he hits $800,000 plus 3% options if they sell the business with no voting rights.
- Lori Greiner points out that they need a strategic partner. They don't wait for Lori's offer, and they say yes to Mark Cuban's deal with Barbara Corcoran.
- Mark Cuban talks about Surfset Fitness and how their lives changed. They paid the Sharks back so that they could work at the pace that they felt comfortable. Mark doesn't think they are ready.
The Spooner after Shark Tank?
The Spooner guys have rocked it getting their boards in schools, and selling nationwide. They have developed other products too. I don't think the deal with Mark Cuban and Barbara Corcoran has stopped any of the fun these guys are having! Get your Spooner on Amazon