Stephan Aarstol pitched his paddle board company during
If you’re short on time, here’s a quick overview of what happened to Tower Paddle Boards after
Stephan Aarstol appeared on
|Mark Cuban||Accepted deal for $150,000 for 30% equity|
|Kevin O’Leary||$150,000 for 25% equity|
|Barbara Corcoran||No offer|
|Robert Herjavec||No offer|
|Daymond John||No offer|
Shark Tank Tower Paddle Boards Update
- Entrepreneur: Stephan Aarstol
- Business: Stand-up paddle boards
- Ask: $150,000 for 10% equity
- Result: $150,000 for 30% equity
- Shark: Mark Cuban
Founder of Tower Paddle Boards, Stephan Aarstol, entered the tank ready to share his paddle boards with the sharks. However, he had a bit of an awkward start, trying to remember his pitch.
He eventually pulled it together, and described standing paddle boarding, as the fasted growing water sport in the world. It’s so easy to do, even kids can participate according to Stephan.
His company basically developed a brand of the standing paddle boards. Further, they produce and sell the boards themselves, in addition to paddles and other accessories.
Additionally, he sells them direct to consumer, through the Tower Paddle Boards website. Robert Herjavec asked about sales.
Stephan said sales had reached $100,000 in four months. Barbara Corcoran asked about prices, and Stephan told her that the boards sold for $600.
Comparatively, this was around 50% less than most other options. Mark Cuban asked where the sales came from, and Stephan he’s able to drive traffic as an internet marketing expert.
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Overall, the sharks were not impressed with the lack of proprietary options, and Stephan’s lack of presentation skills. For these reasons, Barbara eventually went out.
Kevin O’Leary said he understood the presentation, however, he couldn’t see the appeal as an investor.
Robert didn’t like the valuation, so he went out.
Daymond John went out also, leaving only Kevin and Mark in play. Kevin found Stephan interesting, and offered $150,000 for 50% equity.
Kevin’s deal also included a 10% cash royalty on everything sold. However, he said he wanted to be Stephan’s banker.
Although, Stephan said he couldn’t accept that deal. Because of this, Kevin went out.
This left Mark, who seemed excited at the opportunity. He offered $150,000 for 30% equity, with the contingency that he would have first right of refusal on Stephan’s future businesses.
Further, Mark wanted to partner up with Stephan while also protecting his expertise. This eventually brought Kevin back into play.
Kevin took another swing at it, now offering $150,000 for 25% equity, with the same first right of refusal contingency.
Mark pressed Stephan for a decision. Stephan liked Mark’s attitude and approach to the offer, so he ultimately accepted Mark’s offer.
Stephan left the tank with a deal, but what do you think happened following
Our Tower Paddle Boards update reveals that Mark considers this one of his best investments on the show. He saw a third of his investment repaid in only a few months.
In 2015 Inc. Magazine, recognized Tower Paddle Boards as 239th fastest growing, privately run, growing company in America. At that point, they had also passed $10 million in lifetime sales.
The company has since grown, offering a range of products and making around $7 million in annual revenue.
Check out all they have to offer on the Tower Paddle Boards website. They have several styles of paddle boards to choose from in addition to tons of gear and accessories.
If we learn anything new about this company, we will certainly let you know. In the meantime, you can check out our other company updates from Season 3 Episode 9, by following the links below!
There you will find everything about these companies that you could want to know!
For even more on companies and products, be sure to stop by our Season 3 Products Page!
Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!