Urban Float Net Worth 2021 – What Happened After Shark Tank?
There are a variety of remedies for aches, pains and stress. You can opt for the conventional, such as over-the-counter medication, or go for something more avant-garde – bee venom acupuncture anyone?
In 2011, Joe Beaudry decided to give something else a whirl, and discovered the tranquil art of floating.
His interest peaked, Joe began to explore the process of using floatation to relieve tension and improve mental and physical performance.
Keen to share his findings, Joe linked up with entrepreneur Scott Swerland, and together, in 2013, they launched Urban Float – determined to provide top quality flotation systems designed with safety, comfort and convenience in mind.
Floating to Success
Flotation therapy is not a new concept, studies have long since promoted the mental, physical and emotional benefits of this soothing treatment.
Joe and Scott enjoyed trying out the therapy for themselves, and were keen to offer it in a professional and alluring way.
The dynamic duo put together a plan to craft a serene, clean, and friendly setting for those seeking therapy.
Clients would climb into a specially designed pod, where they reclined and relaxed in the water infused with Epsom salts.
The peaceful environment encourages relaxation, and helps ease pain and stress, and can also help you to achieve a good night’s sleep.
Dipping Their Toes in the Shark Tank
Joe and Scott entered the Shark Tank (episode 1013) looking for an investment of $500,000 for a 5% stake in the company.
They opened well, informing the sharks that the previous year’s sales were a whopping $1.1 million.
The Shark Tank contained a special guest shark, Matt Higgins (vice chairman NFL Miami Dolphins), and he professed to using floatation therapy to ease players muscles and help treat injuries.
This positive reaction helped to buoy Urban Float’s case, but health benefits aside, the sharks still had a few concerns.
Joe and Scott talked through the financials, including $600,000 cash flow and $1million debt. The debt raised a few eyebrows, as did the therapy itself, with a couple of the sharks mentioning the “faddy” nature of treatments.
There were also some worries surrounding the technology used, and the chance for other businesses to offer exactly the same concept to the public.
After further discussion, two of the sharks decided to make an offer. Kevin O’Leary offered $100,000 plus a $400,000 loan (9.5% interest over 36 months) for a 15% stake.
Joe and Scott weren’t too keen on the debt idea, preferring Mark Higgin’s offer of £500,000 for 15% of the business.
After some negotiation the deal was finally agreed with shark Mark – $500,000 for 12.5% equity.
Urban Float Financials and the Future
Urban Float has enjoyed plenty of growth over recent times.
There are four main sites, Tacoma, Vancouver, Washington and Texas, and there are also operations in Texas, Ohio and Delaware.
The company doesn’t intend to stand still, and other locations are on the cards too.
Appearing on the Shark Tank provided plenty of exposure for Urban Float, the company were able to reach out to a wide and varied audience, some of whom had never come across flotation therapy before.
It seems the Urban Float have taken sensory deprivation to the masses.