Expensive equipment and complex routines are turn offs for people looking to work out. But that’s not a problem with the Simply Fit Board. It’s an affordable multi-purpose exercise board that’s one of the most successful ever products on Shark Tank. Founders Gloria Hoffman and Linda Clarke, made a deal with Lori Greiner. As of 2023, Simply Fit Board is worth an estimated $15 million.
The Founders Behind the Idea
Linda Clarke and Gloria Hoffman are a mother and daughter duo from Fort Collins, Colorado. The family struggled financially in the past, so Gloria didn’t initially have the chance to go to college.
She got married to Kelly Hoffman, and they had two sons. The couple then learned about network marketing, and Gloria founded the Legacy Leadership Team in 2007 to mentor aspiring business professionals.
The Colorado resident left her position as CEO in 2010 to pursue other interests. Gloria started a direct-sales firm called Zrii. Her mom was already a senior citizen around this time, but was very supportive.
Starting the Company
When Linda turned 60, she became very fond of eating and consequently gained a lot of weight. She wanted to get her waistline back to normal, but most exercises were too hard for her.
One day, she tried riding a skateboard while playing with her grandsons. Linda realized it worked for her and told Gloria about it. Together, they made the Simply Fit Board, a curved plastic board that users can stand on to perform a twisting motion to engage core muscles.
It can also be used for planking and push-ups. The two ladies started selling the invention in 2011 to various vendors in the U.S. They used the trunk of their car for distribution, but they sold over 30,000 units in two years.
Shark Tank Pitch
In 2015, Linda and Gloria were making some sales, but needed help scaling the business. They appeared on season 7 of Shark Tank, asking for $125,000 for a 15% equity stake.
Gloria did most of the talking, explaining how the exercise board can be used on most surfaces and how it is perfect for people of all ages. Their year-to-date sales and profit margins impressed the Sharks.
Lori Greiner and Kevin O’Leary made offers. The entrepreneurs asked if the two could team up, but Lori didn’t need Kevin on the deal. Lori stuck with her solo offer of $125,000 for 20%, and the deal was eventually agreed.
Shark Tank Update
Linda and Gloria were overwhelmed with orders after their Shark Tank episode aired. In 24 hours, they did $1.25 million in sales (3,800 units) and had to stop taking orders for a while.
When they got active again, Lori helped them make an infomercial for QVC. In addition, Lori helped get the product into Walmart, Home Depot, Kmart and Amazon. 15 months after Shark Tank, Simply Fit Board made a whopping $96 million in sales.
The company is still successful but a lot of the hype has died down. The product has done over $170 million in lifetime sales, putting it in the top 15 most successful Shark Tank companies ever.
Simply Fit Board’s Twitter or Facebook accounts haven’t been active since May 2020 and they no longer have a website. Currently, the product can be purchased on Amazon for $35.
It appears the founders made a licensing deal with Allstar Innovations, a “performance-driven marketing company.” On Linkedin, Gloria Hoffman still lists herself as the owner and Allstar Innovations most likely pays her royalty. Though its annual revenue is undisclosed, the company is estimated to be worth $15 million.