Expensive equipment and complicated routines can put off would-be exercisers. But that’s not a problem for the Simply Fit Board. It’s an affordable, all-in-one fitness board that’s been one of the most successful products on Shark Tank. Founders Gloria Hoffman and Linda Clarke have struck a deal with Lori Greiner. By 2024, Simply Fit Board is estimated to be worth $15 million.
The founder behind the idea
Linda Clark and Gloria Hoffman are a mother and daughter from Fort Collins, Colorado. Due to her family’s financial situation, Gloria initially had no chance to go to college.
She is married to Kelly Hoffman and has two sons. The couple later studied network marketing, and Gloria founded the Legacy Leadership Team in 2007 to provide mentoring to aspiring business professionals.
The Colorado resident stepped down as CEO in 2010 to pursue other interests. Gloria founded a direct sales company called Zrii. Her mother was a senior citizen at the time, but she was very supportive.
Starting a business
When Linda turned 60, she became an ardent eater and gained a lot of weight. She wanted to get her waistline back to normal, but most exercises were too difficult for her.
One day, while playing with her grandchildren, she tried skateboarding. Linda realized it worked for her and told Gloria. Together, they created the Simply Fit Board, a curved plastic board that users can stand on and do twisting movements to work their core muscles.
It can also be used for planks and push-ups. The two women began selling the invention to various suppliers in the United States in 2011. They sold it out of the trunk of their car, but within two years they had sold more than 30,000 units.
Shark Tank
In 2015, Linda and Gloria had some sales but needed help expanding their business. They appeared on Shark Tank Season 7 and asked for $125,000 for a 15% stake.
Gloria did most of the talking, explaining how the fitness board can be used on most surfaces and how it is suitable for people of all ages. The Sharks were impressed with their sales and profit margins so far this year.
Lori Greiner and Kevin O’Leary made an offer. The two entrepreneurs asked if they could work together, but Lori didn’t need Kevin to be part of the deal. Lori insisted on her personal offer of $125,000 for 20% of the shares, and the deal was finally made.
Shark Tank Updates
After Linda and Gloria appeared on Shark Tank, they were so overwhelmed with orders that they had to temporarily stop taking orders after they made $1.25 million (3,800 units) in sales in 24 hours.
When they became active again, Lori helped them create a TV commercial for QVC. Additionally, Lori helped get the product into Walmart, Home Depot, Kmart, and Amazon. 15 months after the Shark Tank airing, Simply Fit Board sales topped $96 million.
The company is still successful, but much of the hype has faded. The product has lifetime sales of over $170 million, making it one of the 15 most successful Shark Tank companies of all time.
Simply Fit Board’s Twitter or Facebook accounts have been inactive since May 2020, and they no longer have a website. Currently, the product can be purchased on Amazon for $35.
It appears that the founders entered into a licensing agreement with Allstar Innovations, a “performance-oriented marketing company.” On LinkedIn, Gloria Hoffman still lists herself as the owner, and Allstar Innovations is likely paying her royalties. While the company’s annual revenue is not disclosed, it is estimated to be worth $15 million.
Categories: Shark Tank
Source: dut.edu.vn
