How Tower Paddle Boards Went From a Niche Startup To A $150 Million Company?
Tower Paddle Boards is a brand name that every SUP (stand-up paddle board) enthusiast or viewer of Shark Tank will recognize. Stephan Aarstol began the company as a small yet unique venture, and it has grown exponentially since it participated in the show.
Tower Paddle Boards has been one of the most successful Shark Tank enterprises, so you might expect them to be rolling in dough. What exactly is their wealth though? What is their annual salary like?
This article will analyze the current value of Tower Paddle Boards, beginning with their introduction on Shark Tank in 2012 and continuing into the present day.
What Exactly Are Tower Paddle Boards?
Tower Paddleboards, founded in 2010 by South California native Stephan Aarstol, sells its products directly to customers online. Tower Paddle Boards are popular due to their low pricing. As a DTC brand, prices are roughly 50% lower than those of traditional retailers.
At first, Tower specialized in the sale of paddleboards. The business thrived, and soon it was selling surfboards alongside electric beach cruisers. Tower has been a market leader for more than a decade, during which time it has earned several honours for providing the industry’s best products at unbeatable pricing.
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Who Discovered the Towering Paddle Board?
Stephan Aarstol, a specialist in online marketing, started Tower Paddle Boards. Stephan, a self-proclaimed “online marketing nut” and “SEO guru,” launched his first venture in the poker chip wholesale industry.
He was well-versed in the ins and outs of SEO. He then exploited this to get people to visit his website selling poker chips, where he promptly made a profit. When Stephan noticed a downturn in the poker chip market, he realized that the paddleboard market could be a promising alternative.
The rising popularity of stand-up paddle boards presented Stephan with an ideal business opportunity. This sparked the creation of Tower Paddle Boards. Stephan made the site, and as an SEO expert, he knew just how to get visitors to check it out.
Tower Paddle Boards Net Worth
In 2010, Stephan began selling his reasonably priced paddleboards. He made $100,000 in just four months since his items were so much more affordable than those sold in stores. Tower Paddle Boards had a huge increase in revenue after their debut on Shark Tank.
Sales increased by roughly $60,000 in that time frame. Tower Paddle Boards had 2011 sales of about $1.3 million. Tower Paddle Boards currently generates roughly $500,000 monthly in sales. They have a reported $150 million net worth, as of September 2023.
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Appearance on “Shark Tank”
Stephan Aarstol was an expert at using the internet to spread the word about his company. Despite this, he was trying to get funding to increase output. Season 3 of Shark aired in 2011, and he made an appearance asking for $150,000 for 10%.
Stephan had a lot of business expertise, but he froze up when he was put on the spot to sell the company. Thankfully, he collected himself and demonstrated why the Sharks should have signed him.
After hearing that Aarstol’s startup was making money, the “Sharks” were ready to invest in him. Mark Cuban eventually decided to contribute $150,000 for a 30% ownership.
Before the Sharks in the Tower Paddle Board
Stephan Aarstol has extensive knowledge in the area of online advertising. Aastol built a popular website in the early 2000s and leveraged his knowledge of search engines to get a lot of visitors there. He was able to sell high-end poker chips on the website by diverting attention there.
The money he made from sales was substantial. However, Stephan realized there was a trend in the questions people were asking. Through his investigation, he learned that sales of stand-up paddle boards were rising rapidly on the web. That’s why he made the conscious decision to conform.
He named his brand of paddleboards Tower Paddle Boards after doing extensive research on the sport and the equipment used for it. He generates business the same way he did with his poker chip firm. Because the sport is so popular, Stephen can swiftly earn a profit thanks to his website.
Since he no longer uses a middleman and deals directly with his customers, this is especially true. As a result, his paddle boards are more reasonably priced than comparable models provided by other companies.
Stephan opted to bring in an outsider to work with him as a partner in Tower Paddle Boards even though his prior business experience and technological knowledge provided him with the confidence to do so. Now he’s hoping one of the Sharks on ABC’s Shark Tank would invest in his company idea.
Tower Paddle Boards Social Media
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When Shark Tank ended
Tower Paddle Boards, after appearing on the reality show and signing the deal with Cuban, has been doing well in its market. They became one of the best transactions Mark Cuban ever made on the show. The company was recognized as San Diego County’s fastest-growing private business in 2014.
The company has expanded its product line to include paddleboards, surfboards, skateboards, beach tents, clothing, electric cycles, and more. Both Amazon and TowerPaddleBoards.com feature them in their inventory.
Their inflatable paddle boards consistently receive 5-star reviews and are best-sellers on Amazon. Since 2010, they’ve serviced more than 100,000 consumers, and at the end of 2018, their lifetime sales had hit $34 million. Revenue plummeted from $4.3 million in 2018 to $2 million in 2019, putting them through some challenging times despite their accomplishments. Thankfully, Aarstol was successful in turning around the business.
Tower Paddle Boards now has only six employees but is making $500,000 per month in sales! To date, I have made more than $40 million in sales. One of the worst pitches in Shark Tank history has become an incredible success story.
Reviewers have suggested that Aarstol’s pitch was rather bad, and thereafter, he admitted that he had made an idiot of himself. The partnership with Cuban, though, boosted annual sales from $35,000 to over $34 million.
The fact that Cuban states that Tower Paddle Boards is “One of my best Shark Tank investments” should tell you that he was onto something special. A year following Cuban’s claim, Tower Paddle Boards was recognized as San Diego’s fastest-growing company.
Later, Aarstol implemented his Five-Hour Workday for everyone at Tower Paddle Boards. After that, it became global, affecting around 10 million people. There is no reason to worry about the company’s future success.