SHARK TANK - EPISODE 401
ENTREPRENEUR: Mike Hartwick and Sarah Ponn
PITCH: Surfset Fitness
ASKING FOR: $150k for a 10% stake
BEST PART OF THE PITCH: Mike and Sarah's company is surf-inspired exercise equipment and group fitness classes. They have created the world's first total body surf trainer that's designed to mimic the instability of a surfboard on water. Pro surfer Lakey Peterson demonstrates how it works. Then Robert takes a turn on the board. They made $150,000 in four months running classes and the PR boom that followed was amazing. They've had 200 inquiries for franchising.
DO THE SHARKS BITE? Mark believes this is a great idea. He believes they could hire pro surfers to be their certifiers and trainers. He offers them $300k for 33% of the company. Robert offers $100k for 20%. Daymond offers $150k for a 25% stake and unlimited manufacturing of the boards. Kevin wants to jump in on Daymond's deal, but Barbara says the best person to partner up with is Mark Cuban and she wants in on his deal. It's a feeding frenzy!
THE RESULT Mark wants to go it alone, so Barbara is out. He gives a 24-second shot clock on his offer. Kevin and Daymond are teamed up and Robert is still in solo. Mark drops his equity down to 30% and that's enough for Mike and Sarah to take the deal. Surf's up!
Update: Element Bars
Jonathan Miller initially turned down all deals for his custom energy bars before finally reaching an agreement with Kevin Harrington. Business has boomed since his appearance in the tank. He went from working out of a small wedding cake bakery to his own facility. By the end of the year, they expect to have sold one million bars. They've also launched a new product line called Element Cereal. Got milk?
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