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 Shark Tank Updates
Spooner Boards is a balance board that allows users to practice skateboarding or snowboarding on any surface. The product was invented in 2006 by Randy Putland, who was cutting up an old dog crate and inadvertently created the first prototype.
Bernie Miller and Ruben Guymer saw the shape, tried it out, and immediately knew they were on to something. By 2008, they were making and selling the boards in the San Diego area. They brought Guymer on board to help with promotions.
In Shark Tank episode 729, Randy Putland, Bernie Miller, and Ruben Guymer pitched Spooner Boards and asked for $400,000 in exchange for 16% of their company. Mark Cuban and Barbara Corcoran offered the full amount for 16% equity, which the trio accepted.
However, the deal never closed. Despite this, the company is still in business and making around $2 million in revenue a year. The Spooner Boards had a net worth of $2.5 million before and after appearing on Shark Tank in 2016.
They sell boards for $45-$55, which cost $12 to manufacture. The company has 48 employees and a revenue of $20 million.
The Spooner Boards Shark Tank Table Summary:
| INFORMATION | DETAILS |
| Net Worth | $2.5 million before and after Shark Tank |
| Yearly Sales | Around $2 million |
| Revenue | $20 million |
| Employees | 48 |
| Cost to manufacture | $12 |
| Products | Freestyle ($45), Pro ($55), Yard ($99) |
| Founder | Randy Putland |
| Competitors | Flybar, Infinity Skateboarding |
| Shark Tank Pitch | $400,000 for 16% |
| Deal | Barbara Corcoran and Mark Cuban |
| New Product | Subfloor Liquid Tiles |
The Spooner Boards FAQs
What Is The Spooner Boards And How Does It Work?
The Spooner Board is a curved plastic balance board that allows users to “skateboard” on any surface without wheels. The board is made of high-density polyethylene and has a spoon-shaped curve on the bottom with grip tape on top.
The product was “invented” by accident in 2006 when Randy Putland was cutting up an old dog crate and inadvertently created the first prototype. The Spooner Board is designed to improve coordination, gain physical confidence, and body awareness.
It can be used indoors or outdoors and is suitable for children over 4 feet tall. For shorter children, the Spooner Board Freestyle is recommended as it is several inches shorter, allowing for a more balanced stance.
Overall, the Spooner Board is a fun and innovative way to improve balance and coordination.
Who is the inventor?
The inventor of The Spooner Boards is Ruben Guymer, Bernie Miller and Randy Putland.
What Was The Outcome Of The Spooner Boards Shark Tank Pitch?
The deal with Mark and Barbara never closed, but the company is still in operation and making around $2 million in revenue a year.
During their pitch on Shark Tank, Bernie Miller and Ruben Guymer were seeking $400,000 in exchange for 16% equity. Mark Cuban and Barbara Corcoran offered them $200,000 for 8% equity, which they accepted.
However, the update reveals that the deal never closed, and the company is still in business. Despite this, the company is still making a significant amount of revenue each year.
What Happened To The Spooner Boards After Its Appearance At The Shark Tank?
The Spooner Boards, a balance board that simulates surfing, skateboarding, and snowboarding, was pitched on Shark Tank in 2016 by Randy Putland, Bernie Miller, and Ruben Guymer.
They were seeking an investment of $400,000 in exchange for 16% of their company. They left the show with a deal with Barbara Corcoran and Mark Cuban for $200,000 for 8% equity of The Spooner.
However, according to a recent update, the deal with Mark and Barbara never closed, but the company is still in business and making around $2 million in revenue a year.
Despite not closing the deal, the company is still in operation. The product was “invented” in 2006 by accident when Randy Putland was cutting up an old dog crate and inadvertently created the first prototype. By 2008, they were making and selling the boards in the San Diego area.
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 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.
