Best of Shark Tank TV
Shark Tank AirBedz Truck Mattress Business Needs $250K For 15% Shares - Best of Shark Tank TV
hello sharks my name is Jim Pitman I'm from Yorba
Linda California and my product is air-beds
the original truck bed air mattress I'm here today seeking 250,000 for a 15%
equity stake in my company everybody is a custom design air mattress
specifically made to fit in the bed of pickup trucks our greatest features are
the cutouts of the mattress sides which allows the mattress to go around and
more importantly over top of the wheel wheels creating a sleep area that
utilizes the entire back of the truck with our rugged heavy-duty cloth
construction and our built-in pump with both inflate and deflate options air
beds now creates a mattress that's a good night's sleep is just an inflator
way I believe in this product and this product will be a big success why the
camping industry is a fifty six billion dollar a year industry is there that big
a need for people to sleep in their pickup truck is a there's a major I mean
just think Jim let's say one in ten guys with a pickup truck want an air mattress
in the back how do I find them where do I sell this air mattress how do I get to
my customer was it cost me to get to that customer the currently where we're
already in all pretty much all the major warehouse doors under comms where you
know go to any of your automotive accessory stores go to a sporting good
side now you because you're going hunting fishing to the river
one-size-fit-all go I have no different mattress for every designer no we with
some of our engineered features one size fits your full-size eight foot beds one
size fits your full-size six foot fits Jim one important detail how easy is it
to pump this thing up can I do it as a woman all by myself
I'll show you yeah simple as turning on the button
the pump not only inflates your mattress
where's the paw prints off a rechargeable 12-volt battery okay
clue it in your packaging you have your home charger so you just plug in dope
all right cool secret ladder so we always say bag to bed in two and a half
to three and a half minutes depending upon the application of your truck you
have an eight foot bed six foot bed what are your sales sales last year were 210
thousand this year we're already a two hundred and twenty thousand what's your
cost of goods sold do to make one mattress to fifty to sixty dollars and
we sell it for $1.99 to 209 that's retail though right MSRP and so when you
sell it to the camping stores what Jeany where from 125 to some of the bigger box
stores 145 and again how many did you say you sold so far this year this year
about 1,700 and the year before about 1,600 you've come here to borrow money
to expand your business and to build an inventory right we already have about
400,000 inventory sitting in a warehouse as we speak so you don't need air Atari
what do you need my toner 50,000 for well we're gonna the initial money would
be to bring in additional staffing Jim why do you have so much inventory in
stock well it would seem that way but but you know the understanding that I'm
a one-man band at the office I'm dealing with the big-box stores I'm dealing with
the marketing so it takes away a lot of but why why so much immature did you
have to buy that quantity give me a price point no that's what I chose to
buy I got a feeling this is a small niche market you know I mean Jim utage
of people need a mattress in the back of their truck go to any desert at any
Beach anyplace oh yeah there's Jim can I try it absolutely please tell me with
this Jim Barbara you want to get in bed when you're thinking is this dirty
jump on it yeah well Robert sleeping on the job as usual can I ask you some
questions Jenna how much money do you have in this got
over 250,000 of my own money invested while project Wow Wow where'd that money
come from I'm a general contractor and a real estate developer so I buy small
houses bulldozer me build big houses on the lot how many competitors do you have
there's one person making their master for the back of truck is not supported
by our patent and have more with the built-in poem so if that
you have an air mouth never seen wrong with a built-in pump I'll give you that
okay you've got $400,000 in inventory right why are you not selling more I
mean your if it's international and your online anybody can place an order right
bingo mr. Cuban it's because this is a fractionally tiny market that's exactly
what this celli he's got the best product in the world and yet he's only
doing 100,000 with a profit of you on it there should be two three four million
dollars so jumbo honey to solve that problem
easy spending money mark no not at all not at all the lead you let me ask you
again why why are you only selling two hundred thousand dollars of the world's
best back of the truck air mattress there's no garage and no competition
yeah there's no company nobody makes it why why well with your expertise know
you're bringing a new guy believe me the rest of these bozos aren't either I
don't know this is about us tiny market you've got to refute it you gotta tell
me why I'm wrong no you're absolutely wrong this is not this this is a market
that's been around for twenty years is gonna be around for twenty lawyers
you're like you know where we at 20 years ago
that's probably my best yeah I disagree with with the Undertaker here you know
he's the Undertaker because these work businesses go to die this was already
dead it doesn't have to visit me it's it's just starting to grow I don't
disagree with you that I see a market there because look if you're the only
player you don't have it doesn't have to be a huge market right you can dominate
a niche but the problem Jim is that you haven't been dominating you know you've
got if you've got what appears to be a great product you know but something's
missing you're telling us these numbers you're telling us there's a market there
even if the Undertaker doesn't fully understand it's the Undertaker speaks
the truth that's the problem tell me what you the truth of what you know
they're still all I know is you're not selling
anything well we're not selling because we don't have a sales force that's going
out to the south that's the reason have you the buyers coming to us saying we
like the problem you keep on digging deeper holes right if I had my life
savings everything on the line in a business which I've had before where if
I don't sell I don't you can trust me I lived off a mustard and ketchup
sandwiches and that's no lie okay if that was me if I saw a truck in the
driveway I'd be knocking on their door selling and I would be able to go
door-to-door and sell more than 1700 units sales cures all you got to get off
your ass and get out there and sell it's not our money that's gonna change it
it's your effort and for that reason I'm out
you know you're the number one mattress everybody graces the quality is the best
and yet you can't sell it and I personally think it's a tiny niche
market because you're not able to convince me otherwise
I have zero interest in investing with you my friend I'm out
Jim you're not selling you're putting it on shelves and you're not selling
directly to a consumer could be a great product but you haven't proved that
today I know
you know I I chose to take this market slow I wanted to test out my product I
wanted to get into the niche markets we just need to get it into more the sounds
like you're still the testing stage at all and I can't afford you to test with
my money so I'm out doing for sharks are out
you got one shot left Barbara I just love the product there's a lot of guys
with trucks out there but I have a couple of detailed questions that are
enormous ly important when do you have a patent on the mattress or the blowup
device I have a I have four patents on the mattress
what bothers me most about your pitch today and this is why I'm sitting on the
fence you are not a Salesman you can't sell what are you going to do
to convince me to put my money in this is your one shot everybody else is out I
want to hear how you're gonna convince me we're gonna jump right into both feet
a 3,500 existing context we have of all of the kind of would be like the grass
roots effect so the list of 3,500 people who said they were sort of interested
you're gonna suddenly now go home and start all over we're bringing people
when to do that I'm doing it as well but be running the day-to-day business it's
kind of hard to go directly into the more than 10 or 15 sales calls per day
or if we're hitting 50 sales calls per day now you're increasing but just such
a service that's just such an excuse sales is the lifeblood of your business
the only thing you should be doing right now is selling this stuff I mean I I'm
out but I got to I hate when people say stuff like that
are you gonna send money to die here Barbara what are you doing
four sharks are out Barbara is Jim's last chance to make a
deal are you gonna send money to die here Barbara what are you doing did you
learn your own business here I'm trying to say I'm trying to listen business is
just being born where we've exceeded entire last year sales already as of
today will be at 400,000 by the end of it by December and I'm gonna make you
your old $250,000 offer you better not lose my way over here to you but I want
to have 50% of this business
wait before you start nodding your head now picture this with me for a minute
picture you're a beautiful truck on QVC not only nationally but internationally
there's no reason this has to stay in the US I mean the idea that you're not
selling honestly if the product is so good
ten thousand of these a day is mind-boggling to me but you've got to
move out of the way as the salesman let a professional sell it put your big
trucking with you man because I could see let me recast her offer I get it I
get it she's saying probably can work for you full-time because you can't sell
but she can and she's gonna pay you $250,000 to do it that's a no-brainer
but it's not it this the sales are where they're at you know are you declining
her off flat counter you an offer back your that my counteroffer VBAC would be
25% that's what you get for I'm gonna give you a moment to really think that
ya know my decisions final that's your final decision it's 25% well good luck
I'm out
he's a fool he's a fool I could sell hundreds of thousands of these that guy
made a huge mistake but I have a great feeling of relief who didn't feel that
money I appreciated the offer from Barbara for
250,000 but 50% of the company was just something I wasn't willing
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