For those looking to exercise, expensive equipment and complicated routines will be off. But it's not a simple matter of having a suitable board. This is an affordable, multi-purpose exercise board that is one of the most successful products on Shark Tank. Founders Gloria Hoffman and Linda Clarke struck a deal with Lori Greiner. So far, the simple fit board is estimated to be worth $15 million.
The founders behind the idea
Linda Clarke and Gloria Hoffman are a mother-daughter duo from Fort Collins, Colorado. The family struggled financially in the past, so Gloria initially did not have the opportunity to attend college.
She is married to Kelly Hoffman and they have two sons. The couple then learned about Internet marketing, and Gloria founded the Legacy Leadership Team in 2007 to mentor aspiring business professionals.
The Colorado resident left as CEO in 2010 to pursue other interests. Gloria founded a direct sales company called Zrii. Her mother was an elderly person around this time, but very supportive.
Start simply fitting the board
When Linda turned 60, she became so addicted to eating that she gained weight. She wants to get her waistline back to normal, but most exercises are too difficult for her.
One day, she tried skateboarding with her grandson. Linda realizes it works for her and tells Gloria. Together they created the Simple Plate, a curved plastic plate that users can hold onto using twisting movements to engage core muscles.
It can also be used for planks and push-ups. The two women began selling the invention to various suppliers in the United States in 2011, using the trunks of cars for distribution, but sold 30,000 units within two years.
Shark Tank
In 2015, Linda and Gloria made some sales but needed help expanding their business. They appeared on Season 7 of Shark Tank, asking for $125,000 in equity stakes.
Gloria did most of the talking and explained how to use the exercise board on most surfaces and how it is suitable for all ages. Their sales and profit margins have impressed the Sharks.
Lori Greiner and Kevin O'Leary made offers. The entrepreneur asked if the two could join forces, but Lori didn't need Kevin. Lori stuck to her solo offer of $125,000 at 20%, ultimately sealing the deal.
Shark Tank Update
Linda and Gloria were overwhelmed with orders after the Shark Tank episode aired. In 24 hours, they made $1.25 million in sales (3,800 units) and had to halt orders for a while.
When they became active again, Lori helped them create QVC's message. Additionally, Lori helped get the product into Walmart, Home Depot, Kmart, and Amazon. Fifteen months after Shark Tank, sales of the Fit Board alone were as high as $96 million.
The company was still successful, but a lot of the hype was gone. The product has lifetime sales of over $170 million, placing it among the most successful Shark Tank companies of all time.
Simply Fitting's board of directors' Twitter or Facebook accounts have not been active since May 2020, and they no longer have a website. The product is currently available on Amazon for $35.
It appears that the founders have a licensing deal with Allstar Innovations, a “performance-driven marketing company.” On LinkedIn, Gloria Hoffman still lists herself as owner and Allstar Innovations, likely paying her royalties. Although its annual revenue has not been disclosed, the company is estimated to be worth $15 million.
Categories: Shark Tank
Source: svlsf.edu.vn