Pickup Pools For Truck Bed
DEAL
EPISODE SUMMARY
🕓 Air Date: March 24, 2019
Asking For:
$100,000 for 25%
Investor:
Mark Cuban
Deal:
$100,000 for 33%
PRODUCT SUMMARY
The Pick-up Pool is a patented truck-bed swimming pool that transforms the bed of a pickup truck into an aboveground pool, providing a creative solution for staying cool during hot weather.
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Background Story
Tommy Prestella, an Air Force pilot hailing from San Dimas, California, brought a unique and innovative solution to the Shark Tank with his product, the Pick-up Pool. Having served in the Air Force for over 12 years, including deployments to hot zones like Iraq, Afghanistan, and Africa, Tommy intimately understood the challenges of scorching temperatures. This understanding, coupled with his love for summer activities, inspired him to find a creative way to beat the heat. The spark for the Pick-up Pool ignited during a particularly hot summer in 2014 while living in Arkansas. Tommy’s daughter expressed her desire to go swimming, and lacking a traditional pool, Tommy decided to improvise.
Armed with a tarp and some bungee cords, he fashioned a makeshift pool in the bed of his pickup truck. While functional, it was an imperfect solution, leading Tommy to envision a more efficient and aesthetically pleasing product. The journey to the Pick-up Pool wasn’t without challenges. In 2015, Tommy bought 20 pools for a proof of concept and saw immediate interest. However, setbacks arose when his original manufacturer retired, forcing him to pause operations until 2017. It was during this time that Tommy, now deployed to an undisclosed location in Africa, enlisted the help of his sister. With her assistance, they found a new manufacturer and reinvigorated the business.
Tommy’s commitment to the Pick-up Pool is unwavering, even with the demands of his military service for the next eight years. His dedication and resourcefulness in overcoming obstacles reflect not only his passion for the product but also his resilience as an entrepreneur. The Pick-up Pool, born out of necessity and a desire for relief from sweltering heat, has transformed into a promising venture with a compelling background story.
The Product
The Pick-up Pool, introduced by Air Force pilot Tommy Prestella from San Dimas, California, is an ingenious solution for those seeking a refreshing escape from the summer heat. This patented product transforms the bed of a pickup truck into a portable aboveground swimming pool, providing a convenient and enjoyable way to cool off during hot days.
Installation is effortless – users simply pull the corners of the Pick-up Pool over the corners of their truck bed, creating an instant pool. The pool liner is made from a thick and durable material, ensuring longevity and a lifetime guarantee against leaks. After a relaxing dip, the pool features a convenient drain at the back, allowing users to empty the water without lowering the tailgate.
Available in two sizes, the Pick-up Pool caters to different truck bed dimensions. The product is accessible for purchase through the company’s website, where customers can explore its features, place orders, and learn more about its versatile uses. The pools are proudly manufactured in the United States, with Tommy Prestella expressing his commitment to making them affordable without compromising on quality. With its innovative design and practical benefits, the Pick-up Pool offers a unique and enjoyable way to beat the summer heat.
How It Went
The company’s position before Shark Tank
Pick-up Pool has demonstrated a resilient trajectory in its performance, overcoming challenges and steadily gaining traction in the market. As of the latest available information, the company’s financial health and position have seen improvement, with year-to-date sales totaling $7,060 and lifetime sales reaching $12,000. While the figures indicate progress, there is acknowledgment from the founder, Tommy Prestella, of the need for further growth and market penetration. The company has successfully established partnerships with various online platforms, serving as primary distribution channels.
Mainly selling directly to consumers through its website, Pick-up Pool has leveraged online sales to reach a broader audience. The product’s availability in over 650 natural grocery stores across the United States showcases its expanding retail presence. Given the product’s innovative nature and niche market, potential collaborations with retailers and outdoor recreation outlets could enhance distribution channels. The customer base for Pick-up Pool comprises individuals seeking a fun and portable solution to beat the summer heat, with a particular appeal to truck owners.
The product’s versatility in catering to different truck bed sizes broadens its consumer demographic. In terms of funding, the company has sought investment through the Shark Tank platform, with Mark Cuban extending an offer of $100,000 for 33% equity. This funding is intended to facilitate website improvements, enhance marketing efforts, and drive traffic to the product. The additional capital is crucial for Pick-up Pool to scale its operations, increase brand visibility, and explore potential cost reductions to make the product more accessible to a wider audience.
The Negotiations:
In the Shark Tank negotiation, Tommy Prestella, the Air Force pilot and founder of Pick-up Pool, presented his innovative product seeking $100,000 for a 25% equity stake in his company. The Sharks immediately engaged with enthusiasm, intrigued by the prospect of a truck-bed swimming pool. The negotiations kicked off with Mark Cuban making an offer of $100,000 for a 33% equity stake. Mark expressed his belief in the product and its potential marketability, citing his willingness to collaborate on bringing down the product’s price and leveraging his network for promotion. Robert Herjavec also stepped in with an offer of $100,000 for the requested 25% equity, but his offer came with contingencies.
The contingencies outlined by Robert included the commitment of Tommy’s sister to the business and bringing down the product’s price to under $100. Despite the contingencies, Robert expressed his enthusiasm for the product and his willingness to collaborate with his network, particularly with Tower Paddle Board, for promotion. Facing two compelling offers, Tommy had to make a strategic decision. In a surprising turn of events, Barbara Corcoran, known for her humor and wit, humorously interjected, offering Mark a lighthearted warning about her past experiences with declarations of love. Mark and Robert continued to make their cases, emphasizing their commitment to working with Tommy to enhance the business.
Ultimately, Tommy chose to accept Mark Cuban’s offer of $100,000 for a 33% equity stake. Tommy appreciated Mark’s understanding of his military commitments and felt that Mark’s flexible approach aligned well with his vision for Pick-up Pool. The negotiation concluded on a positive note, with Tommy expressing gratitude and excitement for the partnership with Mark. The deal marked a significant milestone for Pick-up Pool, opening doors to resources and expertise that could propel the business forward.
