The requirement often puts off people interested in working out that they purchase pricey equipment and follow complicated workout routines. On the other hand, the Simply Fit Board solves that issue entirely. One product that has had the most success on Shark Tank is a reasonably priced exercise board that can be used for various purposes. Lori Greiner was the one who struck a contract with the company’s founders, Gloria Hoffman and Linda Clarke. Simply Fit Board is a value of $15 million as of 2022.
About the Founders
Both Linda Clarke and Gloria Hoffman hail from Fort Collins, Colorado, and may be found working together as a mother-daughter team. Because the family had trouble making ends meet in the past, Gloria did not at first get the opportunity to attend college. She eventually wed Kelly Hoffman, and the couple had two boys.
After that, the pair became educated on network marketing, and Gloria finally established the Legacy Leadership Team in 2007, intending to guide and advise ambitious business professionals. In 2010, the person who lived in Colorado and held the CEO post decided to pursue other interests. Gloria created a direct-sales enterprise named Zrii. Around this time, her mother was already an elderly person, but she continued to be quite encouraging.
Founding the Company
After Linda approached 60, she developed a severe appetite and put on a lot of weight. She hoped to reduce her expanding girth by exercising, but most of them were too strenuous. To keep up with her grandsons, she decided to give skateboarding a try one day. After seeing positive results, Linda shared her discovery with her friend Gloria. They collaborated on creating the Simply Fit Board, a curved piece of plastic on which one can stand and twist to strengthen one’s abdominal muscles.
Additionally, planks and push-ups can be performed on it. When 2011 rolled around, the two women began marketing their creations to retailers across the United States. They sold almost 30,000 pieces in just two years, all from the trunk of their automobile.
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What Is The Simply Fit Board?
It’s a compact balancing board that comes in various unique patterns and hues, and it’s made for one person to stand on while they twist and turn in multiple directions while using it. People who use the Simply Fit Board can strengthen their core muscles, enhance their balance, and improve their waistline simultaneously. This device has demonstrated over time that it can accomplish just that, which is why the Simply Fit Board has been a commercial success over the past five years.
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Shark Tank Appearance
Linda and Gloria were making some money in 2015, but they needed assistance expanding. During its seventh season, it went on Shark Tank and offered investors $125,000 for a 15% interest.
Gloria did the bulk of the talking, praising the workout board’s versatility (it works on a variety of surfaces and is suitable for individuals of all ages) and its suitability to her audience. The Sharks were impressed with their year-to-date revenue and margins.
Investors Kevin O’Leary and Lori Greiner made bids. The businesspeople approached them about working together, but Lori knew she could do quite fine without Kevin. Lori persisted in her initial, unaccompanied offer of $125,000 for 20%, and the parties came to terms.
After Shark Tank
Soon after their Shark Tank appearance, Linda and Gloria were inundated with orders. They sold 3,800 pieces in 24 hours, earning $1.25 million, so many that they had to halt orders temporarily. Lori assisted them in producing a QVC infomercial after their revival. Lori was also instrumental in distributing the product to major retailers like Target, Costco, Home Depot, and Amazon. Simply Fit Board achieved $96 million in sales within 15 months of appearing on Shark Tank.
Much of the company’s excitement has faded, but it continues to be successful. With total revenues of over $160 million, the company is among the top ten most successful in the history of Shark Tank. Since May 2020, neither Simply Fit Board’s social media accounts, Twitter nor Facebook, have been updated, and the company no longer has a website. The product is currently available on Amazon for $35.
Allstar Innovations, a self-described “performance-driven marketing company,” appears to be the recipient of a license agreement from the company’s founders. Gloria Hoffman still credits herself as the business’s owner on Linkedin, suggesting that she is entitled to royalties from Allstar Innovations. The corporation is valued at an estimated $15 million, while its annual income is unknown.
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How Much Does Lori From Shark Tank Make?
As an American jewelry designer and a judge on the reality television show Shark Tank, Lori Greiner has accumulated a net worth of $150 million throughout her career. Grenier is a self-made inventor and entrepreneur who has invented over 700 products and holds 120 patents in the United States and internationally. Grenier is a member of the National Academy of Inventors.