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Joining the array of fascinating products on Shark Tank was Spooner Boards, a company that sells balance boards without wheels. The already thriving company did better after being featured on the show's finale episode of season 7, which concluded in May 2016.
Partners Bernie Miller and Randy Butler came to present at the Tank alongside their marketing partner Robin Guymer.
Updates on past Shark Tank deals are sometimes shown in the ongoing episodes of the show. However, Spooner Boards hasn't been covered yet, making fans curious about the growth of the company.
The product had secured a solid place in American schools and toy shops even before coming to Shark Tank. But after featuring on the show, the company is now doing better, with new products added to their website and their sales rising.
What happened to Spooner Boards after featuring on Shark Tank?
A lot of the times, deals made on the Shark Tank set never materialize after the show for several reasons. There could be problems with the paperwork, new information can come into play, and trust issues might also hinder the deal from going through. The same was the case with Randy Putland's Spooner Boards.
Despite securing a joint deal with Mark Cuban and Barbara Corcoran on the sets of Shark Tank season 7, Spooner Boards' deal never closed, for reasons unknown, per sharktankblog.com.
But that didn't hold the company back from paving its own way, and it's thriving to date. Spooner Boards has made $2 million in annual revenue, as of April 2023, according to the same site.
They have also introduced new products and accessories such as the Subfloor Liquid Tiles, which are cool color-changing mats that are an interesting addition to kids' play and an object of fascination for adults.
They also added the Spinflyer, which is a sturdy flying disc.
The Spooner Boards cost $44.95 and $54.95 on their website, while the Subfloor Liquid Tiles and Spinflyer cost $44.95 and $16.95, respectively.
Spooner Boards' feature on Shark Tank
Bernie Miller and Robin Guymer came to the show to pitch Spooner Boards alongside their third partner Randy Butler, for a product invented by Randy Putland. They were asking for $400,000 and were willing to give a 16% stake in their company.
They revealed that they sold boards worth $50,000 during that year's Christmas season. They also revealed that their annual sales the previous year were $1.72 million, which took them to an estimated $1.8 million in sales in their current year.
They shared that their boards took $12 and $12.50 each to produce, which meant that they had exceptional profit margins.
Barbara came in with a deal of $200,000 for an 8% equity and said that they would have to get another shark onboard for the other half of their deal.
Kevin O'Leary jumped in offering them $400,000 in $100,000 increments, for a 3% equity stake. He also wanted $2 per board until he got double of the original offering- $800,000.
While Kevin was going forth with his deal, Mark joined Barbara on her deal. Lori also had an offer, but before she could present it, Mark and Barbara's deal for $400,000 for 16% equity was already accepted by the partners.
Full seasons of Shark Tank are available to stream on Hulu.
