The Spooner Boards Shark Tank Update| What Happened to The Spooner Boards after Shark Tank
What is The Spooner Boards?
The Spooner Freestyle is the best way to learn to surf, skateboard, and snowboard. All of your techniques should be practiced on any surface, inside or out.
On this wonderfully adaptable training board, kids enjoy to sit, stand, rock, flip, spin, and slide.
Randy Putland established The Spooner Company in 2007 while cleaning out the back of his surf store in San Diego, California.
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 lets the rider to safely learn the fundamentals of boarding, including as balance, stance, carves, and turns.
Who is the founder of The Spooner Boards?
Randy Putland founded The Spooner Company in 2007 while cleaning out the back of his surf store in San Diego, California.
The product is a solid plastic skateboard that may be used on any surface. By chance, the product was invented in 2006.
Randy Putland, a surfer, was cleaning up his surf shop and needed to get rid of an old dog cage. Inadvertently, he built the first prototype while breaking apart the stiff plastic box.
Mr. Miller noticed the form, tested it out, and felt they were onto something. In 2008, they were creating and selling the boards in the San Diego region, and they hired Guymer to help with marketing.
They first sold 1200 Spooner Boards before shifting its focus to the physical education industry in 2010. They soon had them in over 5000 schools.
When a teacher who also owned a few Learning Express stores put them on her shelf, things really took off. Before long, the product was available at over 100 Learning Express locations and was selling well.
They are now available on Amazon and in hundreds of tiny toy retailers. Over 500,000 items have been sold to date.
There are three models available. The Freestyle costs $45 and is intended for children under four feet tall. The Pro is $55 and is designed for taller children.
The Yard board costs $99 and functions similarly to a snowboard without the need for snow. All of the goods are highly unbreakable and created in the United States.
What Happened to The Spooner Boards at Shark Tank pitch?
In Shark Tank episode 27 of Season 7, Bernie Miller and Ruben Guymer present Spooner Boards, their skateboard without wheels. The men are probably looking for a Shark to assist them get into large box stores.
Bernie and Ruben are joined by a third partner, Randy Butler, when they approach the Sharks for a $400,000 investment in exchange for a 16% stake in their firm valued at $2.5 million.
Ruben displays the Spooner and Yard board before handing out samples to the Sharks.
The Sharks are sufficiently enthused to begin asking questions about sales and profit margins. During the Christmas season, they sold 1,100 boards for $50,000 in six weeks.
The boards are priced at $45 and $55. The small and big boards have a manufacturing cost of $12 and $12.50, respectively.
Kevin O’Leary is pleased with the profit margins. Sales were $1.73 million, with $1.8 million expected in the year.
They’ve gotten into 1,200 retail stores. The three started promoting through physical education programs and appearances at school events. Too far, the boards have been utilized in 150,000 PE programs.
The firm makes $400,000 per year in profit, which includes each partner’s $60,000 salary. With no debt and a solid profit margin, the Sharks wonder what they can bring to the table.
Ruben reveals that they would want to bring a Shark on board. They want to broaden their horizons. They traveled to the New York Toy Fair and had the possibility to get into Toys ‘R US, but they were scared about overextending themselves.
They’d be able to infiltrate the big box merchants with the help of a Shark. Robert Herjavec notes that bringing in an investor changes the nature of the organization since the investor has an additional obligation.
Mark Cuban agreed, citing a prior venture, Surf Set Fitness. The owners were so taken aback by the shift in their company’s operations that they bought out their Shark partners in order to restore the organization to a more leisurely pace.
Mark believes those entrepreneurs were not prepared to take that move, and he believes the Spooner Board members are not either.
Barbara comes in to make an offer. She’s prepared to put up $200,000 in exchange for 8% equity, but they’ll need a second Shark to join the transaction with the other half. She’s put down the gauntlet for her Sharks teammates.
Kevin O’Leary responds with a counter-offer. He believes Spooner Boards requires funds more than a Shark partner.
He’s willing to offer them the $400,000 in $100,000 increments. He intends to charge $2 each board sold until the loan is repaid at twice the initial amount, for a total of $800,000.
In the event of a buyout, he’d desire a 3% equity share but no voting rights, enabling the trio to operate the firm as they see proper.
Barbara and Mark Cuban plotted as Kevin was working on his contract. Because of his enthusiasm in Power Paddle, Mark accepts Barbara’s offer.
He believes that partnership would benefit both companies. Lori Greiner has an offer for the trio who are on the spot. She is unable to complete her task.
Before hearing Lori’s offer, they accept Barbara and Mark’s offer of $200,000 for 16% equity shares and 8% equity shares, respectively, and exit the Shark Tank with a deal.
What Happened to The Spooner Boards after Shark Tank?
The deal with Mark and Barbara never completed after the three friends fled the field with an offer from two Sharks, but the Spooner Board guys appear to be on their way to success.
The boards are still on their website at the pricing given on Shark Tank, with extra accessories easily added.
They’ve launched a new product, Subfloor Liquid Tiles, which are color shifting mats that captivate both children and adults. They’ve even gotten shelf space in large box stores, having entered Walmart and other merchants.
The company is still in operation and doing well with annual revenue of $783,508 as of January 2022.
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 justify that the company net worth might had 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.