Prep Expert (formerly 2400 Expert) Shark Tank Update – Net Worth 2024

Mastering the SATs requires thorough preparation, and achieving a high score can open doors to scholarships and improved college prospects, as emphasized by Shaan Patel on Shark Tank.

Having achieved a perfect SAT score himself, Shaan now guides and supports other students in their pursuit of success. He asked for $250,000 for 10% of his company. Did he get the deal or not? Let’s find out.

Prep Expert (formerly 2400 Expert) Net Worth

Shaan Patel asked for a $250k investment in exchange for 10% equity in his company. This meant he valued his company at $2.5 million. He made a deal with Mark Cuban for $250k in exchange for 20% of his company. This new deal valued his company at $1.25 million. After the show aired, Prep Expert saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Prep Expert is about $2.47 million.

2400 Expert Shark Tank Update

Everyone knows that 2400 Expert is a very popular SAT prep company. They provide classes both online and in person with well-known SAT prep teachers.

If you learn from the top teachers at Prep Expert SAT, you might do better on your SAT and have a better chance of getting into top colleges in the country.

This program was made by experts who did really well on the SAT themselves. It’s meant to help you get a higher SAT score.

What happened to 2400 Expert after Shark Tank?

After appearing on Shark Tank, 2400 Expert rebranded to Prep Expert, the company’s income skyrocketed, reaching over $4 million, and the team expanded from ten to fifty members. Since then, Shaan’s organization has helped thousands of students significantly improve their SAT/ACT scores through online lessons.

Did 2400 Expert get a deal on Shark Tank?

Yes, Shan locked the deal with Mark Cuban for $250,000 for 20% of his company.

Shark(s) Involved	Offer made	Demand	Counteroffer	Accepted?
Barbara Corcoran	N/A	N/A	N/A	N/A
Kevin O’Leary	N/A	N/A	N/A	N/A
Lori Greiner	N/A	N/A	N/A	N/A
Mark Cuban	$250,000	20%	N/A	Yes
Robert Herjavec	N/A	N/A	N/A	N/A
Daymond	N/A	N/A	N/A	N/A

Founders and BackStory

Shaan Patel, who started 2400 Prep Expert, has a story full of excitement, hard work, optimism, and overcoming challenges. His company, Prep Expert, helps students get ready for SAT and ACT tests using online tools.

In the 1980s, Shaan’s parents from India bought a motel in Las Vegas to have a place to live and earn extra money. Shaan went to a public school in Nevada, but it didn’t give him the education he wanted. About 40% of students dropped out of that school, and they weren’t prepared well for their SATs.

Because Shaan couldn’t get into the medical school he wanted, he spent his summers studying hard in the library. He managed to boost his score by 640 points, getting a perfect score. This experience led him to create 2400 Expert to help students succeed on the SATs.

Then, his dream came true when the University of Southern California (USC) accepted him and even gave him a scholarship to cover his education costs. After graduating in 2010, he wanted to share his SAT lectures publicly, but publishers said no.

Undeterred, he started his first class with 18 students. They did really well, with an average score increase of 376 points, inspiring him to create 2400 Prep Experts and train more teachers.

In just three years, 2400 Prep Expert made over $1 million in sales, with a 40% profit margin. To grow the business, Shaan devoted time to getting an MBA online from Yale, even though he didn’t have prior business experience.

With the success of 2400 Prep Expert, Shaan had to learn how to balance growing his company and meeting the demand for his services.

Initial Pitch

At the start of the episode, Shaan is at home, sharing his strategy for doing well on the SAT. Inspired by his parents, who started a motel in the country with just $75, Shaan faced difficulties in school but managed to graduate from Yale and get an MBA despite attending underprivileged urban institutions.

Now, Shaan asked for a 10% share of his company for $250,000. Out of the 14 million students who took the SATs, Shaan was one of the few who excelled. With his company expanding nationwide, he wants to pass on his knowledge.

In the initial six-week course in Las Vegas, there were $1.2 million in sales in the last four years, with $60,000 generated in the pitching year. Shaan is now offering his online courses for $199, and students typically see a 350-point improvement.

Queries about the Pitch

Shaan faces some challenges when Mr. Wonderful asks about acquiring new customers. Shaan explains that parents, not investors, make the purchases, but Mr. Wonderful isn’t satisfied. Shaan declines Daymond’s offer after he talks about online learning. Lori wants to know more about career aspirations.

Kevin questions Shaan’s ability to run a side business, prompting Shaan to express his commitment during the summer. Kevin asks about licensing, and Shaan agrees. Lori is interested in the lessons but hesitant to spend money.

Robert thinks Shaan isn’t making significant changes in the industry. Mr. Wonderful is optimistic about the economy. Both Robert and Kevin doubt a part-time entrepreneur’s dedication and leave the deal.

Mark is keen on Shaan’s dedication and offers $250K for a 20% stake. Shaan initially asks for $300K for 20%, but Mark rejects it. They still can’t agree even when Shaan suggests $250K for 15%.

Shark Responses and Final Deal

Mark asks Shaan about his goals in ten years. Shaan mentions being a hard worker. Mark, who is interested in opportunities like Shaan’s, offers $250K for a 20% stake. Shaan suggests $250K for 15%, but Mark stands firm. Shaan then proposes $300K for 20%, but before Mark responds, Shaan accepts the original offer.

Product Availability

2400 Expert, now known as Prep Expert, offers its services primarily through online courses for SAT and ACT preparation. You can access their programs and resources on their official website.

Conclusion

Since being on the show, Shaan finished his MBA and earned a medical degree from the University of Southern California. As of April 2023, the business is doing really well, making $5 million in revenue each year.