Simply fit is a workout board that helps to strengthen the core. It is a slightly curved board that comes in different colors, the user is supposed to keep both his feet on either side of the board and twist. This involuntarily forces one to strengthen the core to keep the balance.
The mother-daughter duo of Linda Clarke and Gloria Hoffman appeared on the show in season 7 episode 7 of the show. They were seeking an investment of $125,000 for 15% of the investment. Let’s see how the pitch went for them.
Simply Fit Board at a glance:
- Workout board that helps to strengthen the core.
- Founder: Linda Clark and Gloria Hoffman
- Asked For $125,000 for 15% at $833,000 valuation on Shark Tank.
- Received $125,000 for 20% from Lori Greiner.
- In business
Who owns Simply Fit?
The mother-daughter duo started their business two years before appearing on the show. Linda Hoffman while on the show revealed. When she turned 60 she started gaining weight around her waist. She liked to eat and it was making her gain more weight.
Linda states that she joined her grandkids on the skateboard and realized that the skateboard was helping her at all the right spots. Her daughter and she thought about creating something similar to that and they came up with Simply Fit Board. They started selling the board at the back of the car trunk and sold over 28,000 boards. They went on the shark tank to get any of the investors to increase the production.
How was the Simply Fit Board Shark Tank pitch?
In season 7 episode 7 of the shark tank two women appeared. Gloria Hoffman introduced herself to the shark and Linda Clarke as her mother. They were seeking an investment of $125,000 for 15 of the equity.
Gloria starts the presentation by saying everyone has a problem with different types of their bodies. Gloria further explains “these problems could easily be solved by simply fit”. Linda Clarke places her board on the floor and steps on it. Linda explains that balancing on it improves back strength. Gloria steps on the board. She said, “it’s a balance board but with a twist”.
She further explains the board is made up of lubricated plastic which allows the user to twist on the floor. Glories also state multiple exercises can be modified with a slim fit. The shark Robert Herejevec and Kevin O’Leary step on the stage to use the board Mark Cuban follows them.
Gloria explains that the board could be used on almost any surface. Upon asking can they use it on a wooden floor Gloria states they could use it but they don’t want it to be stretched. Robert gets curious and asks if there were mats for the purpose and Gloria reveals that they have a prototype ready for the future. Lori asks about the patent of the product. Gloria lets her know that the system was patented but the board itself wasn’t patented.
Robert Herejevec asks about the numbers. The duo reveals that they have sold over 15,000 units which grossed them $575,000 in just the last 6 months. Gloria lets the shark know the product costs them $9 to make and is sold at $45 on their websites. Robert seemed impressed with this. Duo further revealed that they have made a profit of $260,000 which was almost half.
Kevin O’Leary steps forward and offers $250,000 for 30% of the equity which was more than they asked. He states they need more money for inventory. He also advises the product could find a niche market with people over 40 years. Robert and Barbara step out of the deal right after. Lori offers them $125,000 for 20% of the equity. Kevin interjects stating the money wasn’t enough. Lori assures the duo that she would help them with purchase orders.
The duo asks Lori and Kevin if they would like to team up. Lori rejects the offer stating that she can make millionaires with QVC alone. Gloria and Linda after negotiating finally agreed with the deal Lori offered and received $125,000 for 20% of the equity.
These are the top features Simply Fit Board provides: They are available in four different colors at a price of $19.99.
What Happened to Simply Fit Board after shark tank?
It is reported that right after the simply board appeared on the show they made 500 sales per minute. The orders were flooding in and the product also sold out in QVC in the next 3 days. In the first 24 hours since the episode aired they sold 3800 units and in 48 hours they made $1700000 worth of sales. They had to stop taking orders for some time and when they started taking the orders they had 5200 pending orders.
According to Lori Greiner’s website, the company has made $160,000,000 in sales and is sold at over 5000 stores across the country. The company is in the works to introduce the simply fit the mat and sells the DVD that helps the consumer with different exercises on the Simply Fit Board.
The product currently sells at $39.99 on their website and is currently offering to sell it at $19.99. During the pitch in 2015, Linda and Gloria revealed that they had made $575,000 in sales in the past year out of which $260,000 was their profit.
According to Lori Greiner’s website, the company has sold $160,000,000 worth of products since then.
The company received an investment of $125,000 for 20% of the equity. When Kevin O’Leary interjected saying that they would need more money for inventory. Lori assured them she would help them with purchase orders.
How do they make money?
Linda started their business by selling the boards from the trunk of their car. During the pitch, they stated that the board costs $9 to make and retells at $45. According to the company website, there are workout DVDs available for $10 that help the customers know how to use the board with a different exercise.
The boards are sold at 5000 stores across the US; the product sells on Amazon at $15.99 As well as their company website.
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What is Simply fit board?
Simply fit is a workout board that helps to strengthen the core. It is a slightly curved board that comes in different colors, the user is supposed to keep both his feet on either side of the board and twist.
Who founded Simply fit board?
Gloria Hoffman and Linda Clarke a mother-daughter duo who introduces Simply fit the board to the world.