The Spooner Boards Net Worth
The Spooner Boards had a net worth of $2.5 million before and after appearing on Shark Tank in 2016, The company has been operating with yearly sales of around $2 million, and has a revenue of $20M with 48 employees. They sell boards for $45-$55, which cost $12 to manufacture.
What is The Spooner Boards and Who is the founder of The Spooner Boards?
The Spooner Board is a versatile training board that can be used for surfing, skateboarding, and snowboarding practice on any surface, indoors or outdoors.
Children can sit, stand, rock, flip, spin, and slide on this adaptable board, making it an excellent active toy for balance and a confidence booster for all board sports.
Randy Putland is the founder of The Spooner Company, which he established in 2007 while cleaning out the back of his surf store in San Diego, California. While breaking apart an old dog cage, he accidentally created the first Spooner prototype out of the stiff plastic box.
A friend, Mr. Miller, tried out the board and saw its potential. They began creating and selling the boards in the San Diego region in 2008, with Guymer joining the team to help with marketing.
Initially, they sold 1200 Spooner Boards before shifting their focus to the physical education industry in 2010.
The boards soon found their way into over 5000 schools, and when a teacher who owned several Learning Express stores put them on her shelf, the product began to take off. The product became available at over 100 Learning Express locations and was selling well.
The boards are now available on Amazon and in hundreds of small toy retailers. Over 500,000 Spooner Boards have been sold to date.
The company offers three models: the Freestyle, which costs $45 and is intended for children under four feet tall; the Pro, which costs $55 and is designed for taller children; and the Yard board, which costs $99 and functions similarly to a snowboard without the need for snow.
All of the products are highly durable and made in the United States.
The Spooner Boards Shark Tank pitch
In season 7, episode 27 of Shark Tank, Bernie Miller, and Ruben Guymer presented their skateboard without wheels, the Spooner Board. The entrepreneurs were looking for a Shark to invest $400,000 in exchange for a 16% stake in their company, valued at $2.5 million.
During the pitch, the Sharks were impressed with the sales and profit margins of the Spooner Board, with sales of $1.73 million and a manufacturing cost of $12 and $12.50 for the small and big boards, respectively. The company had also expanded to 1,200 retail stores and had been utilized in 150,000 physical education programs.
After hearing offers from multiple Sharks, Bernie, Ruben, and their partner Randy Butler ultimately accepted a deal from Barbara Corcoran and Mark Cuban for $200,000 in exchange for 16% and 8% equity shares, respectively.
Since the show aired, Spooner Boards has continued to grow and expand, with their boards still available for purchase on their website at the same pricing offered on Shark Tank. They have also launched a new product, Subfloor Liquid Tiles, and have secured shelf space in large box stores, including Walmart.
As of January 2022, Spooner Boards has reported annual revenue of $783,508 and continues to operate successfully.
Competitors of The Spooner Boards
The Spooner Boards’ primary competitors appear to be Flybar and Infinity Skateboarding.
Net Worth of The Spooner Boards
The company valuation was $2.5 million during and after the pitch, since then the company has been operating with yearly sales of $783,508 as of January 2022. This justifies that the company’s net worth might have increased.
The Spooner Boards FAQs
What is The Spooner Boards?
The Spooner Boards are made to replace the traditional skateboard. All you need is a flat surface to ride, and some snow or the equivalent for balance.
Who is the inventor?
The inventor of The Spooner Boards is Ruben Guymer, Bernie Miller and Randy Putland.
How much were they asking on Shark Tank?
They were asking for $400,000 for a 16% stake of their business.
How much money did they make on Shark Tank?
They received $400,000 for 16% equity of the company from Mark Cuban and Barbara Corcoran, but the deal was never completed.
Is The Spooner Boards still in business?
Yes, The Spooner Boards are still in business and appeared to be doing well as of January 2022.
How can I buy The Spooner Boards?
They are currently selling their boards online.
What is the price of The Spooner Boards?
The price of The Spooner Boards is $45 and $55.
The Spooner Boards has how many employees?
The Spooner Boards employs seven people.
What does the Spooner do?
The Spooner is not only a terrific active toy for balance, but it is also an excellent confidence booster for all board sports.
The design helps the rider to safely learn the fundamentals of boarding, such as balance, stance, carves, and turns “Randy Putland, the company’s founder, told the website Your Neighborhood Toy Store.
What exactly is The Spooner Boards website?
The Spooner Boards’ official website is www.spoonerboards.com.
What is The Spooner Boards revenue?
The income of The Spooner Boards is $783,508 as of January 2022.
The Spooner Boards was founded in what year?
The Spooner Boards was founded in 2010.
Is The Spooner Boards shipping?
They offer free shipping.
What is the return policy of The Spooner Boards?
You can return it within 30 days for a full refund or exchange.
Is The Spooner Boards a legit company?
Yes, the company is legit and appears to be doing well.
What is the net worth of Ruben Guymer?
Ruben Guymer net worth is unknown.
What is the net worth of Randy Putland?
Randy Putland net worth is unknown.
What is the net worth of Bernie Miller?
Bernie Miller net worth is unknown.