Have you ever wanted a skateboard without wheels so that you can enjoy riding it on any surface?
Are you a board sports practitioner who wants to have a board that can function all in one and is easier to ride on?
If the answer to these questions is yes, then we have found for you the perfect product.
Your search ends at Spooner Boards a company that provides complete solutions to all your board needs but without wheels!
Spooner Boards at a Glance:
| Idea | Skateboard without wheels |
| Founders | Bernie Miller, Randy Putland, and Ruben Guymer |
| Asked For | $400,000 for 16% |
| Accepted Deal | $400,000 for 16% |
| Sharks | Mark Cuban and Barbara Corcoran |
| Business status | In Business |
| Episode No. | Season 7, Episode 27 |
| Buy on Amazon | Buy Now! |
Index:
What is Spooner Boards?
Spooner Boards is a company that manufactures specialty boards that can be used as versatile training boards. The board can be used for surfing, skateboarding, and snowboarding practices on any surface and even indoors or outdoors.
The boards are created with the aim of helping toddlers learn all about balance while using its practical application. The children learn to adapt the art of balancing in an easy yet fun way using these boards.
Founder Story:
The Spooner Boards were invented accidentally when Randy was cleaning out his surf shop and wanted to get rid of an old dog crate.
He ended up cutting the crate in a particular fashion that attracted Miller’s attention who aimed to start a business with it. They brought Guymer on board for promoting the product.
They initially sold around 1200 boards in San Diego only and in 2010 started targeting physical education markets. This move made them a part of the curriculum in 5000 schools.
Their sales increased when a teacher decided to introduce the product in a few learning stores she owned. Soon enough the product was in 100 learning stores and the products were flying by.
Did Spooner Boards get a deal on Shark Tank?
The founder trio enters the tank seeking an investment of $400,000 in exchange for 16% equity, valuing the company at $2.5 million.
They start out by presenting their products to the sharks and pitching their innovative idea in front of them.
They then delved into the finances of the company. They sold $50,000 worth of boards to date or around 1100 units. The retail price for boards was $45-$55, while the production cost was just $12.
The sales for the previous year were $1.73 million. Their product was present in 1200 retail locations already. n the question of why they need a shark, they answer that they need guidance for entering in huge retail markets.
With a clear financial understanding and considerable profit margins, most of the sharks were interested in investing in the company except for Mark and Robert who thought that an investor would change the dynamic of the company.
Barbara offered them $200,000 for 8% only when they get another shark to join in the deal and Kevin offered them$400,000 in increments of $100,000 and a royalty of $2 per unit sold until the double the loan is paid back.
While Kevin formulated a deal, Mark and Barbara decided to go together in the deal, which was eventually accepted by the owners.
What happened to Spooner Boards after Shark Tank?
After the show aired, it is said that the deal with Mark and Barbara never closed but the business continues to function and flourish.
Their products are still available for sale at the same prices as claimed on Shark Tank and optional accessories can also be added.
The company has introduced new products such as Subfloor liquid tiles. which are color-changing mats that fascinate both kids and adults.
As promised on the show, the company products are now a part of major retail and Big Box stores such as Walmart, thus continuing on the path of success.
Product Details:
- Spooner Boards are essentially skateboards without wheels that can be used for training in a variety of board sports.
- The board can be used on any surface.
- The product is made in the USA and is highly durable.
- The company offers 3 models: The Freestyle, The Pro, and the Yard board.
- Freestyle is made for children under 4 feet tall, Pro is designed for taller children, and Yardboard functions like a snowboard without the requirement of snow.
What is the Net Worth of Spooner Boards?
Spooner Boards entered the tank with an ask of $400,000 for 16% equity, valuing the company at $2.5 million. They accepted a deal with the same offer that they came up with, hence taking back a constant valuation.
After appearing on Shark Tank, Spooner Boards increased its sales along with the number of retail outlets it was available in. The company currently makes $2 million annually with a revenue of $20 million and 48 employees.
Who are the main competitors of Spooner Boards?
The main competitors of Spooner Boards are:
- Bemo Boards Co. (with a valuation of less than $5 million)
- ISLE Surf & SUP (with a valuation of $8 million)
- Texas Board Sports (with a valuation of less than $5 million)
- Columbia Trading Co. (with a valuation of $5.1 million)
Is Spooner Boards still in business?
Yes, Spooner Boards is still in business as of 2023 and sells its products from both offline retail stores and online through Amazon. The company is currently flourishing and has a long way ahead of it.
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FAQs:
What is Spooner Boards?
Spooner Boards is a company that manufactures specialty boards that can be used as versatile training boards.
What's the net worth of Spooner Boards?
Spooner Boards entered the tank with an ask of $400,000 for 16% equity, valuing the company at $2.5 million. They accepted a deal with the same offer that they came up with, hence taking back a constant valuation.