Representing the famous activity of outdoor skiing during the wintertime, Nick and Kyle came into
Shark Tank Ski-Z Update
- Entrepreneurs: Nick Palermo and Kyle Allen
- Business: Ski caddy wheel
- Ask: $50,000 for 15% equity
- Result: $50,000 for 15% equity
- Sharks: Barbara Corcoran
After their pitch, Nick and Kyle told the sharks about their company’s utility patent for their Ski-Z caddy product. They also quickly told the sharks that it cost them less than $4 to manufacture a single unit, while they were able to sell them to customers for $20 per unit.
In 2013, they had gross revenue greater than $200,000 but completely plunged in 2014 due to Nick’s personal fight with prostate cancer. After bringing the product back to the market in 2018, Kyle and Nick told the sharks that they had projections of generating more than $500,000 in gross revenue sales.
Barbara Corcoran was the first shark to make an offer to Nick and Kyle. She offered $50,000 for 15% equity, exactly what the duo was asking for when they originally came into the tank. After a short while, Nick and Kyle finally accepted after huddling and whispering for a period of time.
It’s certainly a rarity to see a company and its entrepreneurs get exactly what they’re asking for when coming onto
In our Ski-Z update research, we found that the deal with Barbara did eventually close and the company went on for a few years generating hundreds of thousands of dollars on an annual basis. The company is still going strong and providing its ski carrier wheel to new customers every year through its website.
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