Kit Lender Update | Shark Tank Season 11
Ski gear like jackets, pants, gloves, and goggles can be expensive. And if you only ski one or two weekends a year, are you really getting your money’s worth? That basic premise prompted Forrest Shinners to create a gear rental service. Will the sharks book this ‘kit’ for a deal during the Season 11 pitch? Find out in our
Shark Tank Kit Lender Update
- Entrepreneur: Forrest Shinners
- Business: Ski gear for rent
- Ask: $200,000 for 7% equity
- Result: No deal
- Shark: None
Forrest Shinners has been skiing since he was a kid. His family owns a ski shop, and he’s all about the sport. He noticed that gear was expensive, and going for just one or two weekends was cost-prohibitive. Instead, he decided to start a mail-order rental service to deliver ski ‘kits’ to families on the occasional ski trip.
The sharks think it’s a great idea, but probably not as an investment. Though Kit Lender made $755,000 last year, the inventory is going to be a huge problem. Forrest notes that they have about $550,000 in wholesale inventory, and they need to rebuy gear every three seasons.
Lori Greiner is the first to drop out, stating that she doesn’t ski and doesn’t like the inventory nightmare the company will come up against. Mark Cuban drops out as well, stating that this company is going to need a lot of money to keep going in any capacity, and it’s just not there for him.
Barbara Corcoran has some advice: focus on the children. She says she’s taught five kids to ski, and skiing is challenging with kids because she had to outfit them every year since they outgrow their gear. It’s a good idea, but it’s just not for her.
That leaves Kevin O’Leary and Robert Herjavec. Kevin thinks that Forest needs to focus on getting in with the big ski resort companies to get a customer base. He doesn’t want any part of it, though. Robert agrees, stating that it’s a great idea but he needs to find a way to be there when customers book their vacations and not afterward. Robert thinks the company needs to move quicker, and he’s just not in for that.
Unfortunately, Forrest walked away without a deal. But how is the company doing after
Though inventory is still probably a nightmare for a business like this, Kit Lender is thriving. They now do more than just snowboarding and skiing, and you can find camping, hiking, triathlon, and swimming gear to rent on their website. It seems they’ve expanded to just about any cost-prohibitive outdoor activity sphere, and it’s paid off.
With the company’s expansion, the sales have gone through the roof. In our Kit Lender update research, we found that they are doing an estimated $2.8 million dollars per year. Though a lot of that is likely spent on keeping stock up, but Forrest seems to have partnered with brands like North Face to wholesale inventory. We’re sure the sharks regret not investing in this one!
You can find the other company updates from Season 11 Episode 9 here:
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