SurfSet Fitness - Mike Hardwick and Sara Ponn was asking $150k investment for 10% stake in the surfing business. Surfset is basically a surf board you use out of the water and in a fitness center without ever getting wet. It definently looks like a great way to learn how to surf before hitting the waves. Robert jumps up on the Surfboard and hangs 10 for the other Sharks and confirmed that it's not as easy as it looks. But the Surf Set Board sure looks like fun and definitely a good workout. The Board is also easily adjustable depending on your level of experience. Sara claims they have already made $150k in 4 months just giving classes on the indoor surfboard ( Fitness Boards).
The cost of a surfing class is $35 per person. You can buy your own Surf Set Fitness Board for $400 retail which seems like a really good deal for an added workout machine. Hardwick claims the surf boards only costs $150 for them to produce.
Mark Cuban loves this idea and offers them $300k but wants 33% of the company which puts the valuation at $900k. Robert then offers the $150k Mike and Sara are looking for and only wants 20% of Surfset which values it at $750,000.00 but they get to keep more equity.Daymond John steps in with a unique offer. John offers $150k for 25% and will throw in the manufacturing of the surfboards. Barbara first tells them that Mark is the one they need to work with then says She'll go in on Cubans deal with him. The Sharks go into a feeding frenzy all trying to better the other Sharks with their accomplishments and why Mike and Sara need to invest with them. It's the ultimate compliment to have all the Sharks fighting for your business idea. O'Leary finally speaks and wants in on Daymond's deal. John says he can get in on it. Hardwick likes the idea of more money upfront and asks Cuban if he would come down on the percentage. He says he needs at least 30% for the $300k.
DEAL - Mark Cuban goes into the Surfboard Fitness Boards Business for $300,000.00. Barbara says "You just made yourselves millionaires" as Mike and Sara were leaving the Shark Tank.
Fitness Boards...
