Stan Efferding hopes the Sharks bite when he shows them The Kooler, his “cooler within a cooler,” in Shark Tank episode 814. The Kooler is a one gallon cooler that holds two 23 ounce shaker bottles inside. Efferding, a world-renowned bodybuilder, created the product to hold pre, during, and post workout drinks in one easy to carry container.
Despite an unsuccessful Kickstarter campaign in late 2014, Efferding managed to produce his product and he now sells it on Amazon and through his website. It's BPA free and can safely mix protein powders and other drink supplements in it. Each Kooler costs about 33 bucks and comes in 6 different colors. He has them for sale in Europa Sports retailers in the United States with international distribution “coming soon.”
Efferding holds several powerlifting records and is no stranger to entrepreneurship. He speaks about health and nutrition all over the USA and he's successfully built three other businesses including a telecommunications business. He also sells athletic gear and apparel and is one of the five richest bodybuilders in the world. Mr. Efferding likely wants a Shark to help get The Kooler into mass retail chains.
Will a Shark think this business is KOOL?
The Kooler Shark Tank Recap
Stan enters seeking $50,000 for 15% of his Kooler business. He proceeds to lift 200 pounds over his head, dead lift 600 pounds and flip an 800 pound tire. After a workout like that, he needs his protein shake, which is where the Kooler comes in.
He shows and explains the product before handing out samples. Stan says “regular” folks would use it too, not just power lifters. He's sold $120,000 worth in 16 months, half online and half at GNC nutrition, The Vitamin Shop and independent stores. They cost seven bucks to make and he sells them for $32.95 (now they're $19.98).
Stan's problem is explaining the product, so he wants to produce an infomercial. After explaining his business background, Kevin is impressed that Stan wasn't just another “meathead,” but he thinks it's too niche and goes out. Mark thinks Stan is good at selling the product, but he's lacking a “catalyst,” he's out too. Lori doesn't see it selling on QVC, she's out too. Robert thinks it could appeal to a mass audience, but he's still out.
Daymond ponders for a moment, then offers $50,000 in exchange for 33.3%. After asking “the guns,” Stan accepts.
The Kooler Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. After appearing on Shark Tank, Stan joined Daymond on HSN and sold out all his inventory. They tested in 100 Bed Bath and Beyond stores in Canada in July, 2018. The company claims they are rolling out in 7000 Walgreens in the spring of 2019.
The product had some production issues that caused leakage and the product has some bad reviews. If he can fix these issues and roll out in Walgreens, everything should be fine.