Simply Fit Board Shark Tank Net Worth 2023
The Simply Fit Board, founded by Linda Clark and Gloria Hoffman, is estimated to be worth $15 million. The company has gone from a valuation of over $600k on the day of the show to achieving big success and having an estimated net worth of over $128 million today.
After appearing on Season 7 of Shark Tank in 2015, the company has reached amazing heights with its intuitive exercise board. Lori Greiner invested $125,000 for a 20% stake in the company and helped them make an infomercial for QVC and get their product into Walmart, Home Depot, Kmart and Amazon.
As of 2022, it is considered one of the most successful investments on Shark Tank with year-to-date sales and profit margins that have impressed the Sharks.
What Is Simply Fit Board?
The Simply Fit Board is a modest piece of workout equipment that enables individuals to maintain their fitness routine at home. This lightweight and curved board, constructed with high-quality plastic, facilitates enjoyable twisting actions to strengthen the core, leg, and back muscles.
To intensify workouts, users can include free weights. Gloria Hoffman, the founder and owner of Simply Fit Systems, previously owned the Legacy Leadership Team where she coached business leaders. She later established Simply Fit and also worked with a direct sales-focused health and wellness company.
Gloria and her mother, Linda, teamed up to develop and promote the Simply Fit Board in response to a need for a more effective way to reduce belly fat. Linda’s challenges with losing weight and staying fit at the age of 60 inspired the creation of the board.
Linda sought the help of her daughter, who had a background in physical training, to devise a solution for the average person. Gloria’s goal was to design a balancing board that could be used almost anywhere, such as on carpet, linoleum, hardwood floors, for convenient and efficient exercise routines.
Who Is The Founder Of Simply Fit Board?
Gloria Hoffman is the founder and owner of Simply Fit Systems. She previously owned Legacy Leadership Team, where she helped corporate leaders achieve success.
After that, Gloria and her mother Linda created and promoted the Simply Fit Board, a direct-sales health and wellness brand, in response to the demand for a more effective way to lose belly fat. Linda’s struggles with weight loss and fitness at the age of 60 inspired the creation of the board.
Gloria’s expertise in fitness training enabled her to devise a solution that was accessible to the average person, aiming to create a balancing board that could be used almost anywhere, on carpet, linoleum, or hardwood, for quick and easy training.
Initially, they began selling their product out of the trunks of their cars less than two years ago. The Simply Fit Board is manufactured in the United States and is available in five vibrant hues, retailing for $44.95. The product is sold at approximately a dozen retail locations in Colorado, New Mexico, Kansas, and Texas, as well as online.
The mother-daughter team has sold over 28,000 Simply Fit Boards, totaling over $1 million in sales. They manufacture the boards in Lamar, Colorado, at their Simply Fit Board Factory.
What Happened To Simply Fit Board At Shark Tank Pitch?
After achieving success in innovating their product, Gloria and Linda decided to seek help from investors on Shark Tank to expedite the production and distribution process. Linda and Gloria proposed a deal of $125,000 in exchange for a 15% stake in their company, which was valued at $833,333.
They claimed that their Simply Fit Board was an effective tool for improving cardio, core muscles, and balance by using twisting movements to train the core. The board also came with hundreds of workout options.
Kevin expressed interest in testing the board, while Mark struggled to maintain his balance on it. Robert, on the other hand, showed impressive skills.
Linda shared that the inspiration for the board came from a skateboard toy, and they had a patent for the board/platform combination.
They had made over $400,000 in sales with a profit of $260K, and each board cost $9.89 to manufacture. After hearing the numbers, Kevin offered $250,000 for a 30% stake in the company, which was a higher amount but the same valuation as the initial proposal. Robert opted out, while Barbara declined due to a bad experience with a similar product.
Lori was interested in the product and offered $125,000 for a 20% stake. She declined Gloria’s offer to partner with Kevin and instead countered with $125,000 for an 18% stake. Eventually, Lori accepted Gloria’s offer and closed the deal.
What Happened To Simply Fit Board After Shark Tank?
The company’s acquisition was successful, and it is progressing well thanks to the enthusiastic endorsement from Lori and Gloria on the field.
After the show aired, Simply Fit Board updated their website and made an appearance with Lori on QVC the next day. They were able to sell out all their stock, selling three semi-trailers worth of products.
The mother and daughter team reported making $1 million in sales immediately after the show’s airing and, in less than a year, they had made over $9 million in sales.
Their success didn’t end there. They were also able to secure a deal to have their product sold in every Walmart store across the United States. As of 2021, they have made over $160 million in sales and are still in business.
Competitors of Simply Fit Board
The major competitors of Simply Fit Board are: Ville de Luxe and Florists’ Trans world Delivery.
Net Worth of Simply Fit Board
The firm has grown from a valuation of $833,333 during the pitch to a large success with an estimated net worth of more than $10 million in 2021.
Simply Fit Board FAQs
What is Simply Fit Board?
The Simply Fit Board is a fitness balance board that claims to help people lose weight through 40 different workouts.
Who is the founder?
The founder is Gloria Hoffman, and she founded Simply Fit Board after a trip to Europe where she realized the need for a versatile fitness tool.
What is their offer on the Shark Tank?
They were asking for $125,000 for 15% of the company, which would have valued their firm at around $833,333.
Did they get an offer?
Yes, Lori offered $125,000 for 18% of the company.
Is still in business?
Yes, the brand is still in business today.
What happened to Simply Fit Board after Shark Tank?
The company sold for $1 million after the show aired.
How did the idea come about?
The idea came about when Gloria was trying to fit her exercise routine into her hectic schedule.
The Simply Fit Board was born out of necessity to fit into the schedule of busy individuals around the world.
How does the Simply Fit Board work?
The board mixes up workouts to increase cardiovascular strength and endurance. Users need to stand on the board with both feet, but they can also lie down, lean forward, or do crunches while standing on it.
How much does the Simply Fit Board cost?
The board costs $44.95 and is available online or in retail outlets worldwide.
Is Simply Fit board legit?
Yes, Simply Fit Board is legit and works well.
What are the benefits of Simply Fit Board?
The benefits of the board are that it can be used anywhere, so you can train standing up or lying down.
The trainer itself tracks your weight loss progress and makes sure you get the most out of each workout. It is made to help people get in shape while making it easier on their joints and muscles.
How long should I work out on Simply Fit board?
One can work out on the board for 10 minutes or an hour. The board will track the duration of their workout, and it is recommended that should work out at least 15 minutes per day.
How many workouts are there?
The board comes with 40 different workouts; one can also create their own workout routine.
How often should I use Simply Fit Board?
One should use the board every day to get the best results.
What is the net worth of Gloria Hoffman?
Gloria Hoffman net worth is estimated at $500,000.
