Mother and daughter team Linda Clark and Gloria Hoffman hope to firm up an investment with a Shark for their Simply Fit Board, an exercise board, in Shark Tank episode 708. Simply put, the Simply Fit Board is a rigid, plastic board with a concave curve that you stand on. While standing, the shape of the board works your core by forcing you to stay balanced. Adding motion – like a twisting motion – works the core even more. You can also do planks with a Simply Fit Board. Using the patented product allows you to burn fat, slim your waistline, tone legs, strengthen your core, and improve balance. The standard ten minute a day workout allows you to see results in as little as six weeks.
Linda and Gloria started the business just two years ago, selling their product out of the trunk of their cars. The product, which is made in the USA, comes in 5 bright colors and costs $44.95. It's available at about a dozen retail locations in Colorado, New Mexico, Kansas, and Texas and on the company website.
To date, they've sold 28,000 Simply Fit Boards – that's over $1 million in total sales! Linda and Gloria make the boards in their Simply Fit Board Factory in Lamar, Colorado. They likely need a Shark to help accelerate production and distribution. Will Simply Fit Board get a deal?
Simply Fit Board Shark Tank Recap
Linda and Gloria enter seeking $125k for 15% of their business. They say battling the bulge with a Simply Fit Board develops cardio, core muscles, and balance because twisting works the core. They have hundreds of exercises to go with their product.
Mr. Wonderful wants to try it and Mark joins him. Mr. Wonderful looks a bit awkward on the board, but Mark can hardly stand up. Robert comes up and twists like a pro. While the Sharks are twisting, Linda explains they got their inspiration from a skateboard toy. They've also developed a companion platform; the board/platform combination is patented. Mr. Wonderful thinks it could be easily knocked off.
To date, they've grossed over $400K, $260K of which was profit. Each board costs $9.89 to make. After hearing the numbers, Mr. Wonderful offers $250K for 30%, which is more money, but at the same valuation they asked for. Robert doesn't think it's proprietary; he's out. Barbara had a bad experience with an infomercial exercise product in the past; she's out. Lori says this product is right up her alley, but they need to strike quickly. She offers $125K for 20%. Lori says the ladies need to think about the Sharks' backgrounds when they make their decision.
Gloria asks if Lori would go in with Mr. Wonderful and Lori says no. Lori continues to argue the benefits of doing a deal with her and Gloria counters with $125K for 18%. They do the deal and Barbara says they chose “Beauty over the Beast!”
RESULT: DEAL with Lori for $125K for 18%
Simply Fit Board Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Right after airing, Simply Fit re-did their website. They also appeared with Lori on QVC the day after airing and sold three semi trailers worth of merchandise, selling out of all their stock in the process!
Since their appearance, a TV commercial featuring Lori Grenier appeared. It's seen regularly on many cable TV channels. The commercial is a direct sales commercial, touting the benefits of the board and urging viewrs to “act now.”
In an update segment in episode 807, the mother/daughter team reveals they did $1 million in sales following their air date. Less than a year later, they have over $9 million in sales. They also got the product into every WalMart in the USA!