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Chill n Reel Shark Tank Update

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We all want to do fishing in our leisure time and enjoy a can of beer too at the same time. Well, the complex fishing rods and the reel to wind it back is quite an ordeal. This is really fun when you can enjoy a can of beer while fishing.

Chill n Reel is fun to use by all young and old, very handy, catchable, reel able, and fishing too. Love this ingenious idea as it allows have fun while fishing at ease. The Trio has come fishing for the sharks, who are going to take a bite?

Chill n Reel at a glance:

Business ideaBeer holder with an inbuilt Fishing reel.
FounderChris Diede, Jake Rutledge, Chase Terrel
Asked for$300,000 for 10%
Accepted dealNo Deal
SharksNone
Business statusIn business
EpisodeSeason 13, Episode 23
WebsiteChill n Reel
Buy on AmazonBuy Now!
Chill n reel at a glance.

Index:

Founder Story:

Jacob also known as Jake was a firefighter by profession, and it so happened when he was drunk and was halfway in the water wanting to continue fishing without interrupting his drink. The idea turned into a business concept and came into shape in 2017. This is a family-run business, with Jake being the main inventor and his son Chase and his longtime friend Chris.

Jake runs the Operations, Chase manages the Customer service and Chris heads the marketing division of the “Chill n Reel” business. This is a great example of Made in Oklahoma product. Chill N Reel – Beer holder with a fishing reel in it is a patented product.

Did Chill n Reel get a deal on shark tank?

Jake, his son Chase and brother-in-law Chris make an entry into the Shark Tank with a Fishing Rod in their hand and a bottle of beer too.

Jacob or Jake was here at the shark tank episode for a pitch of $300,000 at 10% equity of his business. The trio demonstrates how they struggle to hold the fishing rod and spill their beer also on the same time. This was the same experience for Jake when he was standing at the waist level of water in Florida and beer in his hand and wanted to manage both fishing and beer was a problem to solve.

The product is patented and loved by many fishing lovers who are amateur in their field and not in a professional way, Chill n Reel is the best way to have a relaxed beer and enjoy fishing same time.

Kevin enquires about their sales and both Lori and Robert are surprised to hear their answer of $1.3 Million in the last 12 months for their product. The next year they plan to make around $1.65 Million is what Chris explains. The Sharks are truly taken aback by the great demand for such a simple product. Chris explains it’s the customer response that also made them realize their true worth, where people want to relax while fishing and having beer same time.

Lori enquires about their cost and Jake clarifies the unit is sold for $12.95 whereas it costs $2.60 cents to produce it. Their marketing costs were about 40% of the entire $1.3 million so we’re left with around $70,000 in the first year as a net profit margin and for the current year were in negative $25,000 as they spend their cash on marketing. With $350,000 worth of goods lying in inventory, they wanted sharks to boost their sales and partner.

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Kevin is taken aback by this simple product and is not worth it and can’t invest in this idea and is out. Lori also states it’s for fun but is not ready to invest in this business and is out. Mark and Daymond are also out as they don’t see much potential due to their negative profit margins.

Robert who was completely is not completely in and buys the concept of fun and the product is selling too. Wants to take a cautious move so makes an offer of $300,000 for 10% and $2 per unit as royalty in perpetuity. Jake makes a counteroffer of $300,000 for 15% is fine but not with royalty. Robert reverts with $300,00 for 35% equity.

Jake asks for 20% equity, but Robert stays firm on 35%, which makes Jake declare that he would like to decline the offer and stay without a deal. Couldn’t catch a shark today but are confident to catch one outside for sure with the Chill n Reel.

What happened to Chill n Reel after shark tank?

In spite of no deal in Shark Tank, Jake and the team were confident that they will be able to get the right sharks in the market. The Shark Tank episode gave great momentum and needed exposure to the product as it aired on a national network and led to large orders.

Chill n reel was too simple a product but loved by the young and old for their passion for amateur fishing. The product has its own website and is available on Amazon.

Product details:

  • Hold 1 beer bottle or can, with a patented mold can, and comes in seven colors.
  • Includes Chill n Reel foam coolie sleeve.
  • Includes 1 hook and 1 sinker.
  • 50 feet of 8 LB test fishing line.

Simple steps are: Rig it, Load it and Pitch it…

What is the net worth of Chill n Reel?

At the time of Shark Tank, they were valued at around $ 3 million as per the founders. The current net worth of Chill n Reel is Approx. $1 million.

Is Chill n Reel still in business?

Yes, Chill n Reel is rocking and doing well with its own website for sales and also in large retail stores like – Amazon, Walmart, etc. During the offer period, the Chill N reel product was at a discount of $11.96 on their website and is now at $17.95 at retail sites.

Jake and the team have now diversified their business by adding additional product lines – T-Shirts, Caps, and Hoodies for young and old. The introduction of an Affiliate program is also interesting which assists newcomers with revenues when they introduce this business and bring sales. Chill n Reel is enticing novice fishing enthusiasts to make their “reeling’ em cold” dream alive.

Chill n Reel Social Links:

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FAQs:

What is Chill n Reel?

Chill n Reel is a beer holder with an inbuilt Fishing reel. Jacob also known as Jake was a firefighter by profession, and it so happened when he was drunk and was halfway in the water wanting to continue fishing without interrupting his drink. The idea turned into a business concept and came into shape in 2017.

What's the net worth of Chill n Reel?

At the time of Shark Tank, they were valued at around $ 3 million as per the founders. The current net worth of Chill n Reel is Approx. $1 million.

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