Q Flex Acupressure Back & Body Massage Tool
DEAL
EPISODE SUMMARY
🕓 Air Date: December 12, 2014
Asking For:
$20,000 for 20%
Investor:
Barbara Corcoran, Mark Cuban (50/50)
Deal:
$25,000 for 25%
PRODUCT SUMMARY
Q-Flex is a personal acupressure system designed to relieve tension and pain in sore spots and knotted muscles without the need for expensive massage chairs or professional massage parlors.
WATCH HERE
IN A RUSH?
Click these to jump to the section you want to read.
Background Story
Andrea Cao, a 13-year-old entrepreneur, and her mother, Hong, a nurse, hail from San Luis Obispo, California. The genesis of their innovative product, Q-Flex, emerged from a personal challenge faced by Hong. As a nurse working long hours, Hong experienced significant soreness in her back, a condition that led her to seek relief through massages. Andrea, being a caring daughter, would often be asked to provide these massages. However, recognizing the limitations of this arrangement, Andrea started pondering a solution to allow her mother to address her soreness independently.
Driven by the desire to find an affordable and effective solution, the mother-daughter duo embarked on a journey to become entrepreneurs. Months were dedicated to meticulous planning, drawing, and testing, resulting in the creation of Q-Flex. This personal acupressure system was designed to alleviate tension and pain in specific sore spots and knotted muscles without the need for expensive massage chairs or professional massage services.
The inspiration for Q-Flex stemmed from the everyday struggles of a nurse, and the product’s development was fueled by the determination of a teenage entrepreneur to find a solution. The family’s home in San Luis Obispo, California, became the birthplace of this innovative venture. Their commitment to the product and the entrepreneurial spirit of turning a personal need into a marketable solution showcase the unique background story behind the creation of Q-Flex.
The Product
Q-Flex is a revolutionary personal acupressure system designed to provide relief from tension and pain in sore spots and knotted muscles. The lightweight and portable design make it a convenient alternative to traditional massage methods.
To use the Q-Flex, individuals grip the cushioned handle, placing the specially designed tip on the targeted area, and then pull and release. This simple yet effective process stimulates pressure points, promoting increased blood flow to the problem areas, thereby reducing pain and promoting relaxation.
One of the standout features of Q-Flex is its versatility, allowing users to enjoy a targeted massage without the need for bulky and expensive massage chairs or professional massage services. Its compact size makes it easy to take anywhere, ensuring that relief is always at hand.
Pricing for the Q-Flex ranges from $25 to $36, offering an affordable solution for individuals seeking personalized pain relief. Currently, the product is sold through door-to-door sales in the founders’ neighborhood, with plans in progress to establish an online presence through a dedicated website.
Manufactured in the United States, the Q-Flex team is also in the process of securing a patent, demonstrating their commitment to ensuring the uniqueness and quality of their innovative acupressure solution.
How It Went
The company’s position before Shark Tank
Q-Flex has demonstrated promising performance since its inception. The company, founded by 13-year-old entrepreneur Andrea Cao and her mother Hong, has successfully sold 800 units of their personal acupressure system. The product’s pricing strategy, ranging from $25 to $36, has contributed to its accessibility, resonating with a market where 65 million people suffer from back pain alone. As of now, Q-Flex primarily sells its products through door-to-door sales in the founders’ neighborhood.
The company is actively working on establishing an online presence by developing a dedicated website. This move is crucial for expanding their reach beyond the local market and tapping into the vast potential of online sales. While Q-Flex is in the early stages of its business journey, the founders have invested $20,000 into the company, with an initial investment of $10,000. The additional funding sought from the Sharks during their pitch was $20,000 in exchange for 20% equity. Barbara and Mark, two of the Sharks, made a counteroffer of $25,000 for 25% equity, with the added value of running all operational aspects of the business.
The negotiation resulted in a deal between Q-Flex and Barbara and Mark, providing the company not only with the necessary capital but also with experienced mentors and operational support. The founders are enthusiastic about this partnership, as it aligns with their desire for mentorship, given their limited business experience. This collaboration is expected to propel Q-Flex into the next phase of growth, leveraging the expertise and resources brought in by Barbara and Mark.
The Negotiations:
The negotiation process for Q-Flex in the “Shark Tank” episode was a dynamic and ultimately successful interaction. The pitch started with Andrea and Hong seeking $20,000 in exchange for 20% of their company. The Sharks were immediately impressed by Andrea’s age and the product’s potential. Lori expressed skepticism about Andrea’s age, believing she looked older, while Mark and Barbara praised the presentation. When asked about sales, Andrea revealed that they had sold 800 units by going door-to-door in their neighborhood.
The Sharks were impressed by this grassroots approach. The product, priced between $25 and $36, also garnered positive attention. However, concerns were raised about the lack of a patent and the potential for competitors to replicate the product. Lori, who had experience with a similar product that did not succeed, expressed doubt about its market potential. Despite this, the Sharks appreciated Andrea’s determination and work ethic. Barbara and Mark eventually made a counteroffer of $25,000 for 25% equity. They emphasized that, beyond the investment, they would take over the operational aspects of the business. This offer meant Andrea and Hong would have experienced mentors to guide them.
Barbara highlighted their intention to build a website for Q-Flex and expected Andrea to be available for sales calls. After a moment of consideration, Andrea and Hong enthusiastically accepted the deal, securing a partnership with Barbara and Mark. The negotiation showcased not just a successful financial arrangement but also a strategic partnership that would provide Q-Flex with the capital and expertise needed to propel the business forward. The episode concluded with a celebratory atmosphere as the young entrepreneur and her mother embraced the support of their new mentors.
