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 brings his company, Kit Lender, to
He has been skiing since he was a kid. In fact, his family owns a ski shop in Vermont, and he’s all about the sport.
He eventually moved to New York City, but would bring friends back to his family’s home in Vermont for skiing. However, his friends didn’t have ski gear, and it was expensive to buy.
For this reason, he and his family let his friends borrow gear, and this is when he thought that gear rental would make a great business.
You basically go on the Kit Lender website, and put together a kit of gear. Then, the company ships it in a garment bag, to your home, or hotel, and you return them by mail, with prepaid postage.
Kits for kids cost the customer $18-$22 per day, and adults are $30-$44 per day.
Kit Lender made $755,000 in the year prior to filming, netting $106,000 of that. 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 that Kit Lender 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 says she’s taught five kids to ski, and it was difficult 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, but he’s out.
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 walks away without a deal, but how is the company doing after
We have good news to share in our Kit Lender update! The company is thriving today!
They now do more than just snowboarding and skiing, and you can find camping, hiking, triathlon, and swimming gear to rent on the Kit Lender website. It seems they’ve expanded to just about any cost-prohibitive outdoor activity sphere, and it’s paid off.
Our research revealed that the company is doing an estimated $2.8 million per year. Additionally, Forrest has partnered with some big brands, including
We’re sure the sharks regret not investing in this one!
You can find the other company updates from Season 11 Episode 9 here:
For even more on companies and products, be sure to stop by our Season 11 products page!
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!