Is Spooner Balance Boards (Shark Tank) Still In Business?
Yes, Spooner Balance Boards from Shark Tank are still in business and thriving, making around $2 million in revenue annually. Although the deal with Mark Cuban and Barbara Corcoran not closing, the company continues to operate successfully.
Their products, including balance boards and more, are available for purchase on the Spooner Boards website and Amazon, showcasing their ongoing presence in the market
Spooner Board is a company that produces spoon-shaped skateboards for children and adults. The company’s skateboards are designed to be easy to use and ride, making them a great alternative to traditional skateboards.
They were popularized on TikTok by skateboarding creator Brennan Williams, allowing Spooner Board to reach a new audience of potential customers.
The company’s skateboards have a unique design, which can potentially help with balance and improve form on skateboards.
This company launched its product on Shark Tank, where it successfully secured an investment from Shark Mark Cuban and Barbara Corcoran.
Spooner Boards Balance Boards Update | Shark Tank Season 7
Spooner Boards entrepreneurs, Randy Putland, Reuben Guymer, and Bernie Miller, entered Shark Tank Season 7 seeking $400,000 for 16% equity. They showcased their wheelless balance boards, which are versatile toys suitable for various activities like skateboarding, surfing, and snowboarding.
The boards were sold for $45 and $55, with production costs ranging from $12 to $12.50.
In the past year, they achieved sales of $1.73 million and were on track to reach $1.8 million. The company had a presence in over 1,200 retail locations and 150,000 PE programs, generating a $400,000 profit annually, including partner salaries.
During the pitch, the entrepreneurs received offers from the Sharks, including Barbara Corcoran’s $200,000 for 8% and Kevin O’Leary’s $400,000 with additional royalties and equity options. Ultimately, they accepted an offer from Mark Cuban and Barbara Corcoran for $400,000 at 16% equity.
The deal with Mark and Barbara did not close, but the company continued to thrive, making approximately $2 million in revenue annually.
The boards are still available for purchase on the Spooner Boards website and Amazon, showcasing ongoing success despite the deal not materializing as expected.
| CATEGORY | DETAILS |
| Entrepreneurs | Randy Putland, Reuben Guymer, Bernie Miller |
| Business | Balance boards, versatile toy |
| Product | Spooner Boards – wheelless boards for balance training |
| Ask | $400,000 for 16% equity |
| Result | $400,000 for 16% equity from Mark Cuban and Barbara Corcoran |
| Retail Prices | $45 and $55 |
| Cost of Goods | $12 – $12.50 per board |
| Past Year Sales | $1.73 million |
| Projected Current Year Sales | $2 million |
| Retail Presence | Over 1,200 retail locations, 150,000 PE programs |
| Annual Profit | $400,000 ($60,000 salary each for 3 partners) |
| Other Offers | Kevin O’Leary: $400K paid $100K/year + $2 royalty until $800K + 3% equity option |
| Post Shark Tank | Deal with Mark Cuban and Barbara Corcoran never closed |
| Current Status | Still in business, with around $2 million in annual revenue, selling on the website and Amazon |
Spooner Balance Boards Net Worth
Spooner Balance Boards’ current net worth or valuation.is estimated to be $2.5 million based on the valuation of $400,000 for 16% equity they received from the shark.
The key financial information given is:
- They were making around $2 million in annual revenue at the time of the update.
- Prior to appearing on Shark Tank, they had annual sales of $1.73 million and were projecting $1.8 million for the current year when they went into the tank.
- Their annual profits were stated as $400,000, which included paying the 3 co-founder partners $60,000 salaries each.
However, the overall company net worth or private valuation after their continued operations post-Shark Tank could be higher.
The $2 million in revenue is the main data point given about their recent financial performance.
