Spooner Board Shark Tank Update – Net Worth 2024

Do you want a skateboard that allows you to skate on any surface? The skateboards have no wheels, and you can do as many tricks as you like with them. You do not have to wait anymore for that, as Randy Putland, Reuben Guymer, and Bernie Millier have got you covered.

Spooner Board Net Worth

Randy Putland, Reuben Guymer, and Bernie Millier asked for a $400,000 investment in exchange for 16% equity in their company. This meant they valued their company at $2.5 million. They made a deal with Barbara Corcoran and Mark Cuban for $400,000 in exchange for 16% equity. This new deal valued their company at $2.5 million. After the show aired, Spooner Board 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 Spooner Board is about $5.37 million.

The Spooner Board Shark Tank Update

The Spooner guys entered Shark Tank seeking a $400,000 investment for a 16% equity stake in their company, the Spooners. With sales of 1,100 boards for $52,000 in six weeks, Barbara Corcoran and Mark Cuban offered $200,000 for 8% equity.

Kevin proposed a $400,000 investment, taking a 2% royalty until $800,000 was repaid to him. The Spooner guys accepted Barbara and Mark’s offer. Since their Shark Tank appearance, Spooners has expanded its product line, introducing sensory tiles, and their products are now available on their website and Amazon.

Did the Spooner Board get a deal on Shark Tank?

The Spooner guys manage to get a combined deal of $400,000 for 16% with the sharks, Mark Cuban and Barbara Corcoran. This Spooner update will provide you with all the details on what happened in the episode and how the company is doing currently.

Founder and backstory

Randy Putland, Reuben Guymer, and Bernie Millier came from San Diego and called themselves the Spooner guys. In 2007, Randy Putland, Bernie Miller, and Ruben Guymer established The Spooner. Randy is the one who came up with the idea, and with Bernie and Ruben’s assistance, he could turn it into a business.

Pitch and initial presentation

Randy Putland, Reuben Guymer, and Bernie Millier entered to introduce their product, spooners, which combines the fun of skating and surfing. All of them introduced themselves as Spooner guys. Their demand was $400,000 for 16% equity in their company. Then, they proceed to introduce the first product, the spoon, to sharks.

 It covers everything from surfing to snowboarding to skating on any kind of surface. You can use it however you want to, as one of the Spooner guys says that you can ride it, slide it, flip it, or spin it. It is a great product for kids as they learn to develop their balancing coordination. They can have a lot of fun as they can play their tricks with it.

Bernie handed a board to Reuben, saying that he is a massive star at Spooner. While spinning around, Reuben fell off deliberately. Randy and Bernie wrapped him around the blanket when he said that he wanted to try cardboard and asked for a helmet. The yardboard is an all-terrain downhill slider. He said it works best on the snow but also works on dirt, ramps, and even grass. He held the rope in his hand that was attached to both sides and did some tricks.

Randy added that it is a perfect product for children as young as 3. It’s a perfect product that helps them pave their path to learning boarding. Reuben told a light-hearted joke that usually they would stay away from sharks while surfing, but they would make an exception for that day. They showed their spooners to the sharks.

Discussion on pitch and offer

Lori asked if the boards were simulating while you’re going downward, to which they agreed. Kevin asked about the business. Randy started to tell their story, saying that he owned a surf shop and made these skates while attaching wheels to them. They didn’t work and were placed in the store. In the shop, kids used to visit, and they would do tricks with it. They would play with it, spin it, and everything else. This is how these spoons came into being. Bernie said that they sold 1100 boards for $52,000 in 6 weeks. Lori asked if they sold the boards during the Christmas season, to which they agreed.

Bernie said there were 50 boards for the demonstration. Barbara asked what the cost was for one board. Reuben said the smaller boards were for $45, and the larger ones are for  $55. Barbara asked about the cost of production of each skateboard. Randy told them that the smaller board is $12, while you can get the bigger board for $12.5. Talking about sales, Randy told them that they were going to do $1.7 million in sales, and this year they were going to do $1.8 million in sales.

Kevin asked about their selling model, to which Reuben replied that 65% of their business sales are made in retail stores and toy stores. Robert asked how he went this big, to which Randy replied that they opened at the New York Toy Fair, where they displayed their product. Bernie said how they started when they were going to a physical education program because it takes a huge amount of money to go to a toy store. He went on to explain how he could sell a few boards to pay the rent and bills.

Robert asked where they make these boards. Bernie told them to make them in San Diego. Randy then mentioned that each of them makes $60,000 salary each year. Robert asked about what profits the business makes, to which Randy replied that they are making $400,000. The sharks were impressed by the numbers. Sharks then said that if they have no debt or other shareholders, why would they need the money? Barbara asked them how they used the $400,000, and Reuben told her they needed to branch out from their niche in the specialty toy market.

Challenges and Motivations

Kevin asked that a lot of huge retailers attend the New York Toy Fair. He said that there must have been a retailer who would have tried to let them in, and they disclosed that Toys R Us tried to get them. Randy said that they had some fears about going into a box that was too big since it cost a lot of money. They did not want to overextend themselves as well. Kevin asked how the three of them managed the business. Randy explained that they manufacture and distribute in their warehouse. Bernie looks over the manufacturing, Reuben is the sales and marketing director, and Randy himself runs the numbers on the CFO.

Robert appreciated their business and called it an American dream. He asked them if they were ready to take another investor with them. Mark Cuban then added to his point by saying that another company came on the show, and it was named Surf Set Fitness. And when a shark joined them, their sales went on increasing, but the amount of effort and time they were putting in also increased tremendously. After a while, they realized that they did not want that life and that they were not themselves anymore. So they paid the sharks back all the money and returned it, but they still kept the equity and wanted the sharks out of their business. Mark Cuban asked them if they were ready for this change.

Barbara Corcoran placed an offer on the table where she would agree to give $200,000 for 8% equity, provided that no other shark except Kevin joins her in this offer. Kevin is off the point that they should not bring a shareholder with them because it could have negative impacts on their business. At this point, Barbara said they would not lose their business if they partnered with the right shareholder. Kevin said that they need capital, and he is willing to give $400,000 in $100,000 installments. They will have to pay him back $800,000 by giving $2 from every board sold to him. He said he wanted to get a 3% option, but this way, he would not get any voting rights.

Negotiation and final deal

Barbara was of the view that it was a bit complex and asked them if they could call the accountants to see if they could make a decision. According to Robert, the benefit of the arrangement was that Kevin would become more of a grim reaper than a stakeholder. Any banker, according to Kevin, would want a return. Kevin said that it would take him nearly five years to earn the money back when Reuben questioned whether he believed asking for twice as much money was too much to ask.

They were searching for a strategic partner, according to Lori. Barbara mentioned that Mark would want to pair with her for the deal of  $200,000. agreement with her at 8%. Mark stated that they would need to respond to them right away. Talking over Lori, there was chaos among the sharks as she attempted to get another one off. Randy, Bernie, and Reuben talked to each other to discuss the offers. Bernie was excited to accept Barbara and Mark’s combined offer. They were thankful for the shark’s feedback.

Spooner Board availability

Ever since the Spooner guys appeared on Shark Tank, their work has been noticed and appreciated even more. They attended more toy shows to showcase their product. They make their way to the ASTRA Toy Show in Chicago. Along with the previous products, they also introduced a new product named sensory tiles. The unique thing about them is that they change color as you move on them. You can get all the Spooner products on their website and even on Amazon.

Conclusion

In conclusion, the Spooner guys successfully secured a $400,000 deal for a 16% equity stake with sharks Barbara Corcoran and Mark Cuban on Shark Tank. Since then, Spooners has expanded its product line, introduced sensory tiles, and estimated a net worth of between $5 million to $25 million as of 2023.

Neha

Hi! I’m Neha Chaudhary, and I hold a degree in electrical engineering. I am passionate about technology and work as a freelance AR artist and writer. I am profoundly fond of the show Shark Tank. Not only does it promote the entrepreneurial spirit, but it also helps younger people achieve their entrepreneurial dreams. It can also be considered the number one show to watch for anyone who wants to pursue business and pitch their ideas. Read more About me.