Have you ever wanted a skateboard without wheels that would allow you to enjoy it on any surface? Randy Putland, Reuben Guymer, and Bernie Miller have teamed up to create exactly that. Will the shark slide into this investment on
Shark Tank Spooner Boards Update
- Entrepreneurs: Randy Putland, Reuben Guymer, and Bernie Miller
- Business: Balance board, versatile toy
- Ask: $400,000 for 16% equity
- Result: $400,000 for 16%
- Shark: Mark Cuban and Barbara Corcoran
Randy, Reuben, and Bernie entered
With children as young as two years old being able to use Spooner Boards safely, they are perfect to play and train for future boarding adventures.
Things got even more impressive when they started discussing numbers with the sharks. The boards were sold for $45 and $55 and cost $12 or $12.50 to make. In the past year, they’d sold $1.73 million and were on track to make $1.8 million for the current one.
They had established a presence in over 1,200 retail locations and 150,000 PE programs. The three business partners made a $400,000 profit per year, which included the $60,000 per year salaries for each partner.
The sharks were impressed but unsure what else Spooner Boards could want after having a booth at the New York Toy Fair. The partners were looking to branch out without overextending themselves. They’d had an offer from Toys R Us but were wary of accepting it.
Robert Herjavec advised them that bringing an investor on board would change the established dynamic. Mark Cuban agreed with that and mentioned a previous experience with Surf Set Fitness that saw the owners paying the sharks back and going back to a smaller business model. Mark didn’t think Randy, Reuben, and Bernie were ready for this step.
Barbara Corcoran interrupted Mark’s thought process and put an offer on the table of $200,000 for 8%, which was conditional on another shark joining her for the rest of the money and equity stake. She said it could be anyone other than Kevin O’Leary.
Kevin brought his own offer of $400,000 paid in $100,000 per year. He would also ask for $2 royalties per board until he earned $800,000. On top of that, he requested a 3% equity option with no voting rights in case of a buyout.
Meanwhile, Barbara and Mark whispered a deal to each other. They put an offer of $400,000 at 16% equity, the original ask, on the table. Mark said they needed a response immediately, which would prevent the trio from hearing Lori Greiner or Robert’s deal.
With Lori trying to speak, the trio conferred and decided to take the offer from Barbara and Mark. They left the tank with a deal, but how do you think the company fared after that? Keep reading our Spooner Boards update to find out more about this deal.
Our Spooner Boards update reveals that the Spooner Boards deal with Mark and Barbara never closed. Despite this, the company is still in business and making around $2 million in revenue a year.
You can purchase their boards and more products on the Spooner Boards website and also on Amazon.
There were other companies featured in Season 7 Episode 27. If you’d like to know more about them, follow the links below.
Before you go, be sure to stop by our Season 7 Products Page for even more on companies and products!