Surfset Fitness on the Shark Tank Season 4, Episode 1
The cost of a surfing class is $35 per person. You can buy your own Surf Set Fitness Board for $400 retail which seems like a really good deal for an added workout machine. Hardwick claims the surf boards only costs $150 for them to produce.
Mark Cuban loves this idea and offers them $300k but wants 33% of the company which puts the valuation at $900k. Robert then offers the $150k Mike and Sara are looking for and only wants 20% of Surfset which values it at $750,000.00 but they get to keep more equity. Daymond John steps in with a unique offer. John offers $150k for 25% and will throw in the manufacturing of the surfboards. Barbara first tells them that Mark is the one they need to work with then says She'll go in on Cubans deal with him. The Sharks go into a feeding frenzy all trying to better the other Sharks with their accomplishments and why Mike and Sara need to invest with them. It's the ultimate compliment to have all the Sharks fighting for your business idea. O'Leary finally speaks and wants in on Daymond's deal. John says he can get in on it. Hardwick likes the idea of more money upfront and asks Cuban if he would come down on the percentage. He says he needs at least 30% for the $300k.
DEAL - Mark Cuban goes into the Surfboard Fitness Business for $300,000.00. Barbara says "You just made yourselves millionaires" as Mike and Sara were leaving the Shark Tank.
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