Exercise is a huge industry. The fitness, health, and gym club sector generated over $32 billion in yearly sales in 2022, according to Statista, and it had been increasing each year up until the pandemic. Naturally, a lot of entrepreneurs and innovators have appeared on “Shark Tank” in an effort to win a share of that exercise market. They have promoted goods like the Titin gel compression vest, the Sworkit training program, or the SnapClip weight clips, some of which have grown to be significant companies.
By pitching their product, the Simply Fit Board, in November 2015, mother-daughter entrepreneurs Linda Clark and Gloria Hoffman attempted to emulate such businesses. In a nutshell, it is a lubricated plastic concave balancing board that is simple to move around. According to Clark and Hoffman, you can perform “hundreds” of various exercises with a Simply Fit Board, and you’ll strengthen every muscle in your core.
For a 15% equity stake in their business, Clark and Hoffman initially demanded $125,000. Two offers were made to them. Clark and Hoffman accepted Lori Greiner’s $125,000 offer for 20% of QVC. In addition to doubling their previous request, Kevin O’Leary also demanded a 30% stock stake. They ultimately went with Lori Greiner and her 18 years of infomercial experience.
That occurred about eight years ago. Currently, how is Simply Fit Board doing?
The Simply Fit Board is one of Shark Tank’s biggest hits
To begin, let’s discuss the background of Simply Fit Board. During their pitch, Clark and Hoffman revealed that their company had been operating for 18 months prior to their participation on “Shark Tank,” during which time they had sold over 15,7000 Smart Fit Boards, generating sales of about $575,000. Consumer exhibitions and their own website accounted for the majority of those sales.
The infamous “Shark Tank bump” in sales was experienced by Simply Fit Board when their episode aired in November 2015. By the fourth quarter of 2016, more than 1 million Simply Fit Boards had been sold, according to Lori Greiner, who claimed that sales had increased from $575,000 to $9 million in just seven months (via Women’s Health).
Additionally, this wasn’t just a brief bump. In 2021, Lori Greiner provided a further update on her website. Sales had already surpassed $160 million at that point, and there were 50,000 retail locations selling Simply Fit Boards nationwide. The Smart Fit Board is without a doubt a “Shark Tank” success. Many businesses who close transactions on the show are unable to maintain their pace.
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