Founder of mini pallets offers sharks at Shark Tank Australia 20% of his business for $200 000. This leads to the value of his company at $1 million.
Peter Kuhlmannone, founder of Mini Pallets
Peter Kuhlmannone was alone in a cafe. He was watching two delivery people struggling to unload many cartons by hand. while a full-sized pallet sat against the wall behind them. This inspired Mr. Kuhlmannone to invent ‘Mini Pallets’ – a pallet that raises goods off the ground, allowing easy moving access underneath.
A straightforward product
Peter started his pitch with a little bit of a background where he mentioned that about 50 000 back accidents are reported every year through bad lifting practices.
He goes on to say that his product is straightforward but with a unique solution.
The product is a mini pallet.
According to Peter, The idea behind this is that instead of products going on the ground after production where they have to be lifted again, they are put in a mini pallet, and all you do is slide a hand cart underneath.
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Impressing the Sharks with the figures
Steve earned a hundred thousand in retail in past years selling mini pallets.
John also produced a garden pallet to move pot plants where he makes a joke about his product dropping the divorce rate by 50%, causing all the sharks to laugh at his joke.
the pellet does not resolve any real problem says, Steve.
Andrew offers $200 000 for 25% of his company as he mentions that the business has a straightforward model.
Unfortunately, two sharks pull out – Steve and Janine.
Glen matches Andrew’s offer, also staking 25%, as he says his experience in supply chain logistics is much deeper than Andrew’s.
Naomi chooses to split her offer with Andrew staking $300 000 for 40% as they both bring two entirely different things to the table.
Peter doesn’t agree to $300 000 for 40% and comes with a counteroffer of $400 000.
After a bit of Negotiation, the Sharks agree to his counteroffer.
What happened to Mini Pallets after Shark Tank?
Peter would work with Andrew to bring in the US market and global application. Naomi would support the Australian market.