Zup
Zup is a recreation company from Williamsburg, VA that has invented a new kind of wakeboard that can be ridden on a person's belly, on their knees, or even standing kind of like a surfboard.
The wakeboard has a new type of patented handle that will stop people from pinching their hands. In fact, the company has three other utility patents on the multi-use foot straps, the side handles, and the handle snaps.
The boards retail for $429 per large board, $279 for the medium board, and $219 per entry level board. The entrepreneurs claim a 54% margin on all the types of boards. As of the episode, Zup has been in business for four years and has grossed $2,500,00 in sales. They predict to finish the year with $1,000,000 in gross sales and net $200,000 in profit.
Zup claims to have 100 retailers in the United States, Canada, and Japan in addition to being sold online at Amazon.
When asked about other balance sheet items, it was revealed that Zup has $550,000 in debt though it has $100,000 cash in the bank and $200,000 in outstanding receivables.
Though the board looked interesting and the company appeared to be financially stable, no deal was reached.
This deal aired on Episode 9.17.