PrepWell Academy
NO DEAL
EPISODE SUMMARY
🕓 Air Date: April 3, 2020
Asking For:
$100,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
PrepWell Academy is an online, video-based mentoring program designed to guide teenagers and parents through the college-admissions process, providing timely advice starting from ninth grade.
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Background Story
Phil Black, a former Navy S.E.A.L. and firefighter, initially pitched FitDeck Exercise Playing Cards in Season 5 but returned with his new venture, PrepWell Academy. Inspired by his own experiences and frustrations with the college admissions process, Phil, along with his sons (representing the target market), developed an online mentoring program to address the lack of guidance and the overwhelming nature of college admissions.
Phil’s impressive background includes being a recruited athlete for Yale, a Navy S.E.A.L. officer, a Goldman Sachs investment banker, and a Harvard Business School MBA graduate. The idea for PrepWell Academy emerged after he sold FitDeck and observed parents struggling with college admissions discussions. Phil combined lessons from his diverse background with college admissions counseling credentials to create PrepWell Academy.
The Product
PrepWell Academy is an online mentoring program delivered through weekly video lessons. Phil’s sons demonstrate how the program works, with content tailored to each grade level.
Freshmen receive advice on study habits and organization, sophomores learn about avoiding the sophomore slump and college-prep strategies, and the lessons progress through junior and senior years.
The subscription-based model costs $15 per month, providing subscribers with valuable insights from Phil’s experiences in competitive programs.
How It Went
The company’s position before Shark Tank
PrepWell Academy has been in operation for over two years, attracting 220 subscribers and generating $150,000 in sales. Revenue comes from subscriber fees, private client revenue, and the sale of a journal. Phil’s firefighting profession and dedication to mentoring reflect his passion, but the business faces challenges in scaling due to the nature of the product, which requires ongoing demonstration and parental involvement. Phil’s previous venture, FitDeck, was successfully sold to an East Coast fitness brand.
The Negotiations:
The Sharks expressed concern over the subscription model, citing the challenge of convincing people to commit to a lengthy program at a relatively high price. Despite the positive feedback on Phil’s background and mission, none of the Sharks made an offer. Mark Cuban highlighted the difficulty in scaling the product and the extensive effort required for a $15 subscription.
Lori Greiner expressed a preference for a crash course model with a lower price point. Ultimately, no deal was made, but the Sharks encouraged Phil to return with a different idea, appreciating his passion and character. While Phil didn’t secure a deal, he left with an invitation to return, emphasizing the challenges in convincing people of the value of an extended mentoring program in the education space.
