Having back pain while lifting heavy materials? Mini Pallets will give you relief because you don’t have to lift things. The concept entails that instead of placing goods on the floor after manufacturing, which need to be carried every time, they are stored in a mini-pallet, and all that must be done is to move a hand trolley beneath.
Walk through the article to gather more information about the product, and the owner and know whether his debut on Shark Tank was a hit or not.
Quick Facts
| Founders name: | Peter Kuhlmann |
| Business details: | Product that raises bulky items off the ground, allowing for easy moving access |
| Founded in: | 2001 |
| Location : | Unley, South Australia |
| Asking of Company: | $200,000 for 20% equity |
| Accepted Deals: | $400,000 for 40% equity |
| Sharks on board (Investors): | Andrew Banks, Naomi Simsons |
| Shark Tank Episode: | Season 03 Episode 04 |
| Net Worth: | $3.7 million |
| Business Status: | Active |
| Last Updated: | Mar 20, 2024 |
| Social Media: |
About the Founder
In a coffee house, Peter Kuhlmann was by himself. He was observing two deliverymen struggle to manually remove numerous packages. Behind them, a long crate was leaning against the wall. The idea of ‘Mini Pallets’ popped up after this incident. When Kuhlmann made an appearance on Shark Tank Australia, he was 72 years old. He put $250000 of his funds into the venture, and to make his idea successful.
Founding the Mini Pallets
This product, Mini Pallets provides the solution to inadequate lifting procedures. By Kuhlmann, the shipping of large containers and packages causes 50000 spine incidents annually.
The problem of multiple lifting is eliminated by the Mini Pallet. To elevate the item above the ground and provide room for the shipping cart, packaging materials are put on the tiny pallet. For the sake of pot plants, garden pallets serve a similar purpose.
Once a vessel is positioned on the Garden Pallet, shifting it around is hardly difficult. Root ventilation additionally becomes possible by the pot’s moderate elevation.
Shark Tank Appearance
Mini Pallets was featured on the famous TV program, Shark Tank in 2017, February, by Peter Kuhlmann. In his proposal, he requested a $200,000 stake in exchange for 20% ownership. Even though every component solely cost $5 to produce, he had previously sold 100,000 of them for $12 at wholesale. The postal service was originally his biggest customer.
Initially, Andrew Banks pitched the sum of $200,000 in exchange for 25% equity and the use of all of his American affiliations. Glen Richards offered his significant logistic knowledge and mirrored the Bank’s bid of $200,000 for 25%.
Another Shark, Naomi Simson proposed a $300,000 for 40% deal with the caveat that both Andrew and Simson would take home 20% of it. Kuhlmann accepted the 40% deal gladly, however, responded with $400,000 to cover the 40% because he needed a larger commitment.
Peter resisted Andrew’s offer of $350,000, so Andrew pitched once more. The $400,000 for 40% was chosen as the price. Unfortunately, the organization failed to satisfy the screening process, and therefore the acquisition was abandoned.
But Andrew and Naomi persisted in giving Peter assistance and counsel, and they kept the lines of communication active to consider his prospects.
After Shark Tank
Having the first proposal accepted by two Sharks who seemed eager to collaborate, Kuhlmann departed from the tank. Sadly, the transaction failed, but the three parties maintained the relationship.
Mini Pallets had a projected worth of $1 million when they first appeared on Shark Tank, but due to the media exposure, the value has increased to roughly $10 million. As of 2022, the estimated worth of the company is $ 3.7 million.