Stan Efferding came to
Shark Tank The Kooler Update
- Entrepreneur: Stan Efferding
- Business: Well-insulated gym cooler with drink shakers
- Ask: $50,000 for 15% equity
- Result: $50,000 for 33% equity
- Shark: Daymond John
After a pitch that involved tossing around tires and deadlifting barbells, Stan was ready to show the sharks his product. The Kooler is a double-wall personal cooler that contains room for water and two stacked drink shakers in the center. The drink mix remains dry no matter how much you move the cooler around, which is perfect for avid gymgoers.
In the previous six months, Stan had about $120,000 in sales. The Kooler was on shelves in GNC, Vitamin Shoppe, and online retailers as well. Unfortunately, the company was struggling to break even. Stan needed marketing help to educate customers on the benefits of The Kooler.
Kevin O’Leary was the first to deliver judgment. The product was too vertical for him. It was a very specific niche and he wanted no part of it, so he dropped out. Mark Cuban also thought that Stan was the key to selling The Kooler. It wasn’t going to work for him, so he dropped out too.
Lori Greiner reinforced that the product was not for QVC and that it was a niche product no matter how he tried to sell it. She went out, followed by Robert Herjavec. This left Daymond John.
Daymond liked the product enough to make an offer. He offered $50,000 for 33% equity in the company and Stan accepted. How is that deal going? Find out in our The Kooler update.
Unfortunately, our The Kooler update doesn’t bring good news. After some bad production problems, the company went out of business. Stan is still a businessman, but he’s left The Kooler off of his personal website and no longer promotes it.
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