Today’s special guest is Keith Lindsey. He is the COO of AirBoss Outdoors. Many of you may already know him for his product Krapp Strapp, and his appearance on Shark Tank. We have already covered Krapp Strapp Shark Tank Update separately, so you can check that out.
Recently, I contacted him for a short email interview. I’m happy to say that he was very responsive and answered my questions. I appreciate him for taking the time to answer all my questions. I hope this short interview will prove to be helpful for our audience. This conversation is a great chance for us to learn more about his journey and get some valuable advice from his experiences.
Introduction and Background
Sara: Please tell me about yourself, your background, education, experience, and position in the company.
Keith: Keith Lindsey, COO of AirBoss Outdoors. 30+ years of product Design, Development, and Manufacturing. Design Engineer by education. 13 different Patents awarded, ranging from Medical Devices, Consumer household good, to Hunting Products.
Pre-Shark Tank Preparation
Sara: Can you describe the journey and preparation that led up to your pitch on Shark Tank?
Keith: We went through quite a bit of Business Analysis activities, helping us to understand and be able to present in a concise manner, Manufacturing Cost, Production Capacities, Marketing / Sales structures, to Product Pitches.. Bring several years of activities into a 1-1/2 minute video pitch is tough.
Valuation and Strategy
Sara: How did you decide on the valuation you presented to the sharks, and what was the strategy behind your initial ask?
Keith: Valuation was based on the actual cost / income of what we though 1 years worth of revenue was. 10% of $650,000 annual sales is what we were asking for. Because of the Shar Show rules you cannot take less than you ask for. so we asked for something attractive , yet, realistic.
Post-Shark Tank Impact
Sara: What happened to your company after appearing on Shark Tank in terms of investments and business growth?
Keith: We did make a DEAL with both Lori and Daymond, the show itself did a great job of promoting our company and our products. Yes, we saw an immediate improvement in brand recognition and actuial product sales.
Current Valuation
Sara: What is your company’s net worth today?
Keith: $900,000
Additional Investments
Sara: Have you secured any investments from other investors since your appearance on Shark Tank?
Keith: No, haven’t asked.
Business Strategy Evolution
Sara: How has your business strategy or operations changed after your appearance on Shark Tank?
Keith: Not really. We still believe strongly in 100% Made in America. Amazon and other e-commerce retailers readily take and promote “counterfeit” products. So we have learned to not do business with them.
Challenges
Sara: What were the biggest challenges you’ve faced since your appearance on Shark Tank, and how have you addressed them?
Keith: Keeping the non-USA Counterfitters at bay. Foreign companies are stealing their way into the American Marketplace. with NO Repercussions.
Long-term Objectives and Influence
Sara: What are the long-term goals for your company, and how has Shark Tank influenced these goals?
Keith: Our products have the potential to be so much bigger than AirBoss Outdoors, we think a larger Corporation in the Outdoor Industry will be seeking Licensing Deals with us.
Advice for Future Contestants
Sara: What advice would you give future entrepreneurs considering applying for Shark Tank?
Keith: Be 150% committed. …. Be ready to work hard …….. Enjoy your industry, or get out.
Hello everyone, I’m Sara Javed. I’m an IT professional expert with project management and design skills. Besides writing, I love playing video games, designing digital art, and reading books. I love Shark Tank due to its innovative business idea and unpredicted reactions of Sharks. This keeps me glued to the screens to watch the next catchy moment. Read more About me.
