Tower Paddle Boards Net Worth – Struggling to make ends meet!

Don’t judge a speech by how it’s delivered. When entrepreneur Stephan Aarstol appeared on Shark Tank, he forgot his lines midway through his speech. Even so, Mark Cuban saw the true value in the startup, and it became one of his best investments. Tower Paddle Boards is estimated to be worth $2 million by 2024.

Background of Stephan Aarstol

Stephan Aarstol is a serial entrepreneur from Bellingham, Washington, with a bachelor’s degree in finance, marketing, and decision sciences from Western Washington University. Aarstol also received his MBA from the University of San Diego.

In 1999, Aarstol became the Director of Business Development for AuntMinnie.com, a website for the medical imaging industry. He then began working with BuyPokerChips.com and Discmo Kids Toys, focusing on manufacturing premium poker chips.

Later, he founded SmartBar Drink Tokens, selling souvenirs, drinks and tokens. In 2009, he was hired as a principal consultant for iCondotta, a consulting firm for e-commerce and other online marketing services.

Founding Tower Paddle Board

Stephen leads a busy life, but still finds time to relax at the beach near San Diego. While on vacation there, he noticed people trying stand-up paddleboarding.

He later discovered that paddleboarding was the fastest growing sport in the U.S. Being a business-minded man, he followed the trend and researched how to make paddleboards.

Tower Paddle Boards was founded in 2010 and produces both regular and inflatable surfboards. Although they are inexpensive, they are high quality and achieved sales of $100,000 in just four months.

Shark Tank Appearance

Stephan Aarstol was a savvy digital marketer who knew how to promote his business online. He was contacted by a producer from Shark Tank because they wanted to get a paddle board company on the show. Stephan agreed, even though he had no idea about the show. In 2011, he appeared on the third season, seeking $150,000 in exchange for a 10% stake.

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During the presentation, Steph froze in the spotlight and forgot his lines. Thankfully, he regained his composure and continued to impress the Sharks. Once the Sharks heard about the startup’s revenue, they were eager to invest. Finally, Mark Cuban agreed to invest $150,000 for a 30% stake.

After Shark Tank

Tower Paddle Boards has been dominating the market since appearing on the reality show and striking a deal with Cuban. They have become one of the best deals Mark Cuban has ever made on the show. In 2014, the company was named the fastest growing private company in San Diego.

In addition to paddle boards, the company now sells other outdoor sports accessories such as surfboards, skateboards, beach tents, clothing, electric bikes, etc. These products are available on Amazon and TowerPaddleBoards.com.

Their inflatable paddle boards are a best-seller on Amazon with most ratings over 4 stars. They have achieved over $50 million in lifetime sales and served over 100,000 customers since 2010. Despite this success, revenue has dropped from $4.3 million in 2018 to $2 million in 2019.

The company’s growth has been stagnant for the past five years due to the high cost of Google advertising and Amazon fees. In an interview with centerforsocialcapital.com, Stephen revealed that the company is losing money and he is working hard to revive the business.

According to his LinkedIn profile, he stopped working at the company in February 2024. In September 2023, he founded FindBuySmile.com, an e-commerce store that doesn’t sell anything but helps people find products to buy.

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Categories: Shark Tank
Source: dut.edu.vn

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