Whether you’re an avid SUP (stand-up paddle boarder) or a fan of Shark Tank, you must have heard of Tower Paddle Boards. Started as a small but innovative business by Stephan Aarstol, the company has seen tremendous success since its appearance on the show.
As one of the most successful businesses in Shark Tank, you might think that Tower Paddle Boards are cashing in good. But what’s their net worth? How much are they making a year?
In this article, we’ll take a closer look at Tower Paddle Boards’ net worth—from their 2012 appearance in Shark Tank to how they stand in today’s market.
What Are Tower Paddle Boards?
Started in 2010 by Stephan Aarstol, Tower is a direct-to-consumer paddleboard seller based in South California. The main advantage of Tower Paddle Boards is their prices. Since it’s a direct-to-consumer brand, prices are about half what you find in retail stores.
Tower launched by selling only paddleboards. After that, they expanded to selling everything for the beach lifestyle, like surfboards and electric beach cruisers.
Providing the highest quality products at incredible prices, Tower has been a leader in the industry for over a decade and won several awards.
Who Found Tower Paddle Boards?
Tower Paddle Boards was founded by Stephan Aarstol; an internet marketing expert. As an online marketing fanatic and an SEO expert, Stephan started his first online business by selling poker chips online.
He understood how search engine optimization works. So he used this to drive traffic to his poker chips website and started making money.
When the poker chip business started to decline, Stephan saw potential in the paddleboard business.
Stephan saw a perfect opportunity behind the trend of stand-up paddle boards. That’s when Tower Paddle Boards was born. Stephan created the website, and with his experience in SEO, he knew how to drive people to visit his website.
Tower Paddle Boards Net Worth
Stephan started his business in 2010, making high-quality yet affordable paddleboards. Since his products were much cheaper than retailers, he made $100,000 in just four months.
After their appearance on Shark Tank, Tower Paddle Boards’ sales skyrocketed. They had a bump up in sales by around $60,000 in four days.
In 2011, Tower Paddle Boards made around $1.3 million in sales.
Currently, Tower Paddle Boards makes around $500,000 per month in sales. Their estimated net worth is around $100 million.
The Appearance on Shark Tank
Stephan’s pitch on Shark Tank is famous for a reason. It was one of the worst pitches in the history of Shark Tank but, he ended up with a deal! Stephan was seeking $150K for a 10% share in his business.
At the beginning of his presentation, the slideshow clicker didn’t work properly. Stephan started stumbling and forgot what he wanted to say. However, when he regained his composure, the Sharks were impressed by his numbers as he made over $100K in a few months.
Stephan then explained more about his paddleboards and how easy and healthy they’re compared to traditional surfboards. He claimed that even beginners can learn how to surf with these boards in just 20 minutes.
He also added that his business involves accessories, boards, paddles, and everything relevant to paddle sports.
Kevin thought it would be better for Stephan to sell his brand to a third party and have someone do all the work for him.
Barbara wasn’t interested in all the tech talk, she also wasn’t familiar with the industry so she was out of the investment. Robert liked the idea of paddleboards, but he thought the business was valued wrong, so he was out too.
Since Daymond was out too, the only two left were Mark and Kevin. Kevin’s initial offer was $150K for 50% of the company and 10% royalty for newly created products.
Stephan rejected the offer. Mark comes in with an offer of $150K for 30% equity plus a right of refusal on Stephan’s next project. Stephan finally accepted Mark’s deal.
What Happened After Shark Tank?
As Stephan repaid ⅓ of Mark’s $150K investment in just a few months, Mark Cuban stated that Tower Paddle Boards was one of his best investments in the Shark Tank.
In 2014, Tower Paddle Boards has been named the fastest-growing private company in San Diego.
Tower Paddle Boards has also taken advantage of the post-Shark Tank opportunity to start expanding its business beyond just stand-up paddle boards.
They now offer accessories such as paddle board fins, racks, and storage bags, as well as apparel and yoga mats. They’ve partnered with major retailers, like Costco and Amazon, for wider distribution of their products as well.
To Sum Up
Summing up, Tower Paddle Board’s appearance on Shark Tank was certainly beneficial for them in many ways.
Their increased visibility, growing sales, and multiple partnerships have helped them maintain their success post-appearance—a great example of how one appearance can be transformative for an entrepreneur’s business
Tower Paddle Boards’ net worth is now over $100 million. Plus, they make over $500,000 in sales per month.