Tower Paddle Boards on Shark Tank
|Stephan Aarstol on the |
Shark Tank Show
Stephan came into the Shark Tank looking for $150k investment in exchange for 10% equity which puts the initial valuation at $1.5 million for the Tower Paddle Board Company. He stumbles a bit in the beginning of his presentation but soon gets back on track
after Kevin O'Leary reminds him not to worry "It's only the biggest moment in your life". Stephan quickly regains his composure and gets Robert Herjevic talking about the Paddle Boards which he is already familiar with the sport.
Herjevic wants to know what makes the Tower Paddle Boards stand out from the competition. Aarstol said they did $3k in sales 4 months ago and did $35,000.00 is sales just last month alone, a ten fold increase. Stephan goes on to say that yes, the Tower Paddle Boards are on the lower price point of the market but the competition is selling theirs at the traditional retail stores with higher overhead costs as where the Tower Paddle Board is marketed exclusively online giving you a much better paddle board for the same amount of money.
|Tower Paddle Boards Swimming|
with the Sharks!
O.K.- you know I just had to Google It this many months later and see if the Tower Paddle Boards still held 3 out of the top 4 rankings for that keyword and I'm sorry to say that they now only rank twice in the top 4. The two that they do rank in though is 1st and 2nd which I think more then proves his Internet Marketing ability.
Mark Cuban understands completely what these unique abilities bring to the negotiating table and gives him a thumbs up. Kevin O'Leary makes yet another low ball offer for $150k but he wants 50% of the paddle board business. Stephan clarifies he is not interested in working for O'Leary, he says "you can't hire guys like me". Kevin finally goes out which makes Mark Cuban Very Happy. He likes to invest in People and he wants to invest in Stephan. Cuban offers him $150k for 30% of the business but he also wants a "first right of refusal" on any future inventions that Aarstol brings to market. "I'm a business builder", Cuban says, "I take small things and make them great things". Stephan Aarstol and Mark Cuban make a deal on the Shark Tank which does get successfully completed.
Tower Paddle Boards Shark Tank Update
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