Tim Todd and Levi Wilson came onto Season 10 of
Shark Tank Life Lift Systems Update
- Entrepreneurs: Levi Wilson and Tim Todd
- Business: Tornado Shelters
- Ask: $550,000 for 15% equity
- Result: $550,000 for 25% equity
- Sharks: Mark Cuban
The cost of a single tornado shelter to be built in your home is about $6,000, according to Levi and Tim. That includes all of the installation costs and all of the equipment that would be needed to successfully complete the installation. Most of the company’s sales have admittedly come from online marketing. Tim and Levi admitted to the sharks that they have about 120 sales at about $6,000 per unit. That’s almost $750,000 in gross revenue sales for their company, Life Lift Systems.
The problem is that the cost of manufacturing a single shelter is almost $4,000, which doesn’t leave enough profit margin for the company. Many of the sharks quickly agreed with each other that the margins are simply not good enough. Robert Herjavec was the first shark to drop out of negotiations because he didn’t believe it was the right investment for his portfolio. Kevin O’Leary also dropped out for similar reasons because he didn’t see a way to make any money.
With only a couple of sharks remaining, Mark Cuban decided to make an offer of $550,000 for 25% equity, but Lori Greiner also seemed interested and was contemplating the idea of making a competitive offer. Lori ultimately decided to make an identical offer as Mark. After a short debate, Levi and Tim accepted Mark Cuban’s offer for their business Life Lift Systems.
Now let’s get a Life Lift Systems update to see how the company is doing. There was good news for Tim and Levi when the company finalized the deal with Mark Cuban. The company was rebranded to Vortex Vaults in 2021 and is expected to earn just over $4 million in sales per year going forward.
You can find the other company updates from Season 10 Episode 13 here:
Don’t forget to take a look at our Season 10 products page! We’ve got more company updates from