Tommy Prestella appeared on season 10 of the shark tank introducing his product Pick-Up Pools. A vinyl pool liner for a pickup truck. He appeared on the show seeking an investment of $100,000 for 25% of the equity.
Pick-Up Pools is a pool liner that can be placed in the bed behind the pickup truck to transform it into the pool in the summer.
The pickup pool avoids leaks unlike any other material and has a drain that can help empty the tank without any hassle.
Pick-Up Pools at a glance:
- Pool liner for pick-up trucks.
- Founder: Tommy Prestella
- Asked For $100,000 for 25% at a $400,000 valuation on Shark Tank.
- Received $100,000 for 33% from Mark Cuban .
Index:
Founder story:
The idea of Pick-Up Pools came to Tommy Prestella in the summer of 2014 while he was stationed in Arkansas, during the record-breaking heat his daughter wanted to go to the pool.
Tommy made a make-shift pool in the back of the pickup truck. The people have been making pick-up pools for years but Tommy found the traps leaked and it didn’t quite do the job.
In the summer of 2015, Tommy orders the vinyl from Virginia and assembled it in California. He ordered 20 such pools and sold 18.
As Tommy is an active air force pilot he couldn’t keep running the business so his sister looks after the business in his absence. Tommy appeared on the show looking for a way to widen his distribution.
How was their shark tank pitch?
Tommy Prestella appeared on the shark tank seeking the investment of $100,000 for 25% of the company’s equity. After demonstrating the product. Tommy reveals the sales are low for this product as they have only made $7,060 last year and $12,000 over the lifetime of the product.
Tommy explains that it is because he is rarely here to look at the business as he is an active air force pilot and has to move around different places. He also explains one of the reasons that the previous manufacturer retired and had to hire a new one.
Tommy states that his sister looks after the business when he is not there to handle the business as he introduces her on the stage.
Tom lets the sharks know his sister has found a new manufacturer and will let the business running for the 8 years in his absence as he is getting deployed. He states he was looking for the investment to set up a website for the company,
Lori steps out of the deal stating she is unfamiliar with the business and would be of any help. Kevin O’Leary steps back next saying he isn’t happy with the sales of the product. Barbara asks to meet Tommy’s sister and asks to lower the cost price; Tommy’s sister confidently states they can bring it down to $60.
Mark Cuban finally makes an offer of $100,000 for 33% of the equity. Tommy Prestella accepts the offer saying he shouldn’t negotiate more.
Company after shark tank:
In the summer of 2015, Tommy ordered 20 units of the product out of which he sold 18 and kept 2 for samples. During the pitch Tommy revealed they make two sizes of pick-up pool which costs $110 and $117 to make and is sold at $119 and $209.
The product is sold at online websites such as amazon and is shipped worldwide. The products are also sold through their website.
They also have introduced Pick-Up Pools gear for further extending their product line and revenue.
Tommy’s sister continues to run the business and they have brought down the prices. The pickup pool liners are available on Amazon and the company website; since the shark tank episode aired they have added another size. They now have short bed, standard, and average bed size pick-up pools.
Investor’s details:
Tommy Prestella appeared on the 10th season of the shark tank seeking an investment of $100,000 for 25% of the equity to redevelop the company website and widen their market.
Tommy received a $100,000 investment for 33% of the equity of the company that day. He states he wouldn’t negotiate with the offer as he accepts it.
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FAQs:
What is Pick-Up Pools?
Pick-Up Pools is a pool liner that can be placed in the bed behind the pickup truck to transform it into the pool in the summer. The pickup pool avoids leaks unlike any other material and has a drain that can help empty the tank without any hassle.
Who founded Pick-Up Pools?
The idea of Pick-Up Pools came to Tommy Prestella in the summer of 2014 while he was stationed in Arkansas, during the record-breaking heat his daughter wanted to go to the pool.