Eugene and Michael Jung, brothers from Portland, Oregon pitched their ping pong party business during
If you’re short on time, here’s a quick overview of what happened to Pips and Bounce after
Eugene and Michael Jung appeared on
|Lori Greiner||No offer|
|Kevin O’Leary||No offer|
|Maria Sharapova||No offer|
|Mark Cuban||No offer|
|Daymond John||No offer|
Shark Tank Pips and Bounce Update
- Entrepreneurs: Eugene and Michael Jung
- Business: Ping pong party business
- Ask: $500,000 for 10% equity
- Result: No deal
- Shark: None
During their pitch, Eugene and Michael Jung seek to show the sharks that ping pong really is for everyone. These brothers have bonded over the activity all their lives, so it was only natural that they decided to open their own unique ping pong lounge, Pips and Bounce.
They ultimately want it to feel like a social club, so they serve food, alcohol, and atmosphere. They also have ping pong-themed cocktails, which they eventually invite the sharks to try.
Further, their numbers are impressive, even if the idea seems a bit unusual. Even more good news, is that Pips and Bounce has been open for three years, and overall is doing well.
In their first year, they did $974,000 in sales and $1.3 million in their second year. However, the bad news is that they’re only making a 7% profit on sales, which is actually a huge red flag for the sharks.
Although sales are good, Kevin O’Leary asserts that they should have a higher profit margin. At only 7%, he doesn’t think the company is ready for franchising.
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Then, the entrepreneurs manage to dig an even deeper hole for themselves when asked about their valuation. They eventually state that it’s based on 500 franchises earning $100,000 each.
Sharks begin dropping out immediately.
Daymond John, hates ping pong. Lori Greiner thinks that it’s too early to franchise a business with such low profit margins, so both are out.
Similarly, Kevin sees ‘very, very bad’ numbers. Guest shark Maria Sharapova likes the idea, but there isn’t enough going on in the business to entice her to make a deal.
Mark Cuban doesn’t think they have proved their business model, and the valuation really bothers him. Mark and Maria both drop out.
Kevin is the last shark standing, but ultimately, he isn’t going to make an offer. He states the valuation is off, and for that reason, he doesn’t want to invest.
Unfortunately, Pips and Bounce leaves
Does the company bounce back following
We have good news to share in our Pips and Bounce update. Despite some setbacks with having to temporarily close during the COVID-19 pandemic, they managed to reopen business in August of 2021.
Although it doesn’t seem like the company has grown too much since
It seems that Pips and Bounce is doing well, and being enjoyed by the people of Portland.
You can find the other company updates from Season 11 Episode 13 here:
For even more on companies and products, be sure to stop by our Season 11 products page!
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!