Simply Fit Board
DEAL
EPISODE SUMMARY
🕓 Air Date: November 6, 2015
Asking For:
$125,000 for 15%
Investor:
Lori Greiner
Deal:
$125,000 for 20%
PRODUCT SUMMARY
The Simply Fit Board is a balance board with a twist, designed to provide a fun and convenient way to burn fat, build muscles, and improve core strength through twisting exercises.
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Background Story
Gloria Hoffman and Linda Clark, the co-owners and co-developers of the Simply Fit Board, came up with the idea when Linda, struggling with weight around her middle at the age of 60, found inspiration from playing with her grandkids on a skateboard toy. Realizing the potential, they conducted research, brainstormed, and developed the Simply Fit Board, a balance board with a twist, using a special lubricated plastic for added functionality.
The Product
The Simply Fit Board is a unique fitness product that combines cardio and muscle-building exercises. The board is designed to strengthen the core, back, and legs while improving balance through twisting movements.
The special plastic construction allows users to twist while standing on the board, engaging every muscle in the core. The board supports various exercises such as twists, squats, push-ups, and planks, making it versatile for different fitness levels.
The product works on almost all carpets, and while recommended for use on wood surfaces with a protective mat, the entrepreneurs mentioned plans to introduce a curved platform that adjusts users automatically. Priced at $45 retail online, the board is positioned as the most affordable balance board on the market.
How It Went
The company’s position before Shark Tank
In the 18 months since the launch, Simply Fit Board has sold over 15,700 boards, grossing $575,000. The cost to manufacture each board is $9.87, contributing to a healthy profit margin. Sales are primarily through consumer shows and online, with plans to introduce a platform for added stability. The founders have managed to secure orders, generating $260,000 in profits. Despite the lack of a patent for the board itself, the entrepreneurs highlight the uniqueness of their product, as confirmed by positive feedback from a sporting goods store.
The Negotiations:
The negotiations involved offers from Lori Greiner and Kevin O’Leary. Lori offered $125,000 for 20%, while Kevin proposed $250,000 for 30%. After Barbara Corcoran and Mark Cuban bowed out, the founders accepted Lori’s offer, citing her expertise in QVC and the infomercial world.
Kevin had emphasized the potential for the product among people over 40 but couldn’t secure a deal. The negotiation showcased the founders’ preference for Lori’s offer, emphasizing their confidence in her ability to take the product to market successfully.
