MaxPro Fitness offers lightweight and highly effective fitness equipment, perfect for people of all activity levels. At only 10 pounds and collapsible in half, it is effortless to take with you wherever you go; not to mention the fact that it can easily substitute your entire gym set-up! Get fit anytime, anywhere on MaxPro Fitness’ premium small exercise devices.
The MaxPro kit is the perfect system for any fitness enthusiast! Constructed from aerospace-grade aluminum and impact-resistant plastics, it includes a three-piece Quick Connect Long bar, exercise handles, ankle/wrist straps, door mount, and USB charger – all preassembled so you can start working out right away.
Nezar Akeel, the mastermind behind MaxPro and holder of a BS in mechanical engineering from Wayne State University as well as an MS in engineering management from Rensselaer Polytechnic Institute, has spent his career immersed within the auto industry. He is extremely knowledgeable when it comes to interior plastic moldings or truck/trailer components.
In this blog post, we will be discussing MaxPro Fitness and what happened after they appeared on Shark Tank. If you’re not familiar with MaxPro, they are a company that makes workout equipment for the home. They appeared on Shark Tank in Season 7 and were able to secure a deal with Mark Cuban and Lori Greiner. Since appearing on the show, their business has continued to grow, but there have been some bumps in the road as well.
What Is MaxPro Fitness?
The MaxPro kit contains an aerospace-grade aluminum and impact-resistant plastics base, a three-piece Quick Connect Long bar, exercise handles, ankle/wrist straps, a door mount, and a USB charger. The best part is that it arrives pre-assembled.
MaxPro was developed and created by Nezar Akeel, who holds a BS in mechanical engineering from Wayne State University and an MS in engineering management from Rensselaer Polytechnic Institute.
He spent his career in the automobile business, working on anything from interior plastic moldings to truck and trailer components.
Who Is The Founder Of MaxPro Fitness?
Nezar Akeel is the founder and designer of MaxPro [1]. The concept for MaxPro arose after Nezar missed his exercises while on business.
Since he was a Division I soccer player at Eastern Michigan University, he has been committed to working out and strength training.
He looked for a portable workout system but had no luck. He’d have to do it on his own! Nezar started the design 20 years ago with some doodling on a cocktail napkin.
He worked on it on and off until a few years ago, when he decided to make his idea a reality.
They began with a successful Kickstarter campaign in May of 2019 that raised $ 213,676. Products will be delivered in August 2020.
At $ 979, it is less expensive than other home gym devices such as the Bowflex or NordicTrack.
A wall track may be added to the cable machine to make specific workouts simpler. They also sell an accompanying bench and a back bag to transport the Max Pro.
All of their items are available on their website and in the Amazon Store. They’ve only been in business since 2019, but they’re already making a name for themselves.
MaxPro Fitness Before Shark Tank
After raising $ 213,676 with a Kickstarter campaign in 2019, Akeel secured revenue-based line financing. He didn’t reveal the principal, but the interest rate was an eye-popping 20%, with a potential to go up to 28% based on sales.
The machine started selling in mid-2020. Eighteen months later, Akeel told the Sharks that Max Pro had achieved $ 12 million in lifetime sales, and he expected to close out 2021 with another $ 4 million.
Manufacturing costs are $ 205 per unit, and it retails for $ 847. A huge 97% of sales are direct to the consumer, with a low return rate of 5%. Based on all this, Akeel cited a company valuation of $ 20 million.
Without citing specifics, Akeel revealed that MaxPro’s monthly burn is $ 100,000. Shaquille O’Neal signed on as a MaxPro spokesperson. The deal has the potential for O’Neal to get 5% in advisory shares, tying up more of the company’s equity.
MaxPro was cash flow positive in 2021 with a profit of $ 50,000. The company was hoping to break even in 2021.
The product’s release coincided with the pandemic. For most people, their fitness club or gym is closed during the worst months. Sales of home-based exercise systems skyrocketed. But with gyms back open, can MaxPro’s resistance cable machine maintain its sales?
In the week before the Shark Tank air date, the MaxPro portable fitness system was featured in a Wall Street Journal piece reviewing home exercise equipment. The product also received a Computer Electronic Show’s 2020 Innovation award in the health and fitness category from the Consumer Technology Association. Both Business Insider and Mens’ Fitness gave Max Pro favorable press too.
MaxPro Fitness On Shark Tank: The Pitch
In Shark Tank episode 1311, Nezar Akeel attempts to convince a Shark to invest in Max Pro, his full-body portable cable machine. Nezar is looking for a Shark’s assistance in regulating his development.
Nezar enters the Shark Tank with the assistance of a lady carrying a backpack. According to him, health and fitness are vital to many individuals all around the world.
She unpacks the Max Pro and shows it to you. The Sharks appear to be impressed. He illustrates how the machine and the app interact.
The Sharks recoiled when Nezar asked for $ 500,000 for a 2.5% stake in his firm, which was worth $ 20 million.
Robert inquires about the 300-pound stress and is allowed onstage to put it to the test. When Nezar claims it is five pounds, Robert starts performing curls, and the Sharks laugh [2].
Kevin inquires about sales. They worked on the product for five years. Beginning in July 2020, they made $ 4 million in sales.
They have $ 8 million in revenue in 2021 and expect to complete the year with more than $ 12 million. The Sharks are blown away.
Lori inquires about the equipment’s adaptability, and he displays a video montage of individuals working out with the gadget.
They cost $ 205 to manufacture $ 20 for delivery and sell for $ 849. They have a solid cash flow and over 3000 app users each day.
In 2020, they barely made $ 50,000. They anticipate breaking even in 2021. He obtained a revenue-based line of credit at a 28 percent interest rate, and they had $ 5 million in inventory.
He describes how Shaquille O’Neil joined with him at an earned equity rate ranging from 1.5 percent to 5 percent as the years passed.
After a short hiatus, Daymond makes an offer: $ 500,000 with a $ 25 per unit royalty until his money is returned, after which he receives 4% equity.
Nezar expresses a desire for a Shark to assist him in opening doors and entering the retail industry. Daymond believes he is being overlooked.
Lori is interested in the return rate, which is less than 5% on equities shares. Mark is unsure whether he requires the app, as the app provides feedback on the workouts.
Kevin dislikes the software he’s using. Mark offers $ 500,000 in exchange for 3% equity and the advisory shares Nezar granted Shaq. Robert claims he won’t be able to compete with Mark’s offer and goes out. Lori feels the same way.
Daymond exits because Nezar wants to ask Mark a question. He asks Mark whether he can assist him with a line of credit.
Mark says he won’t commit to it right now, but it’s something he does frequently. Nezar secures the deal and Mark walks onstage to test the machine.
MaxPro Fitness Now
Right after the deal closed, Mark rushed to the stage and checked the Maxpro Fitness equipment. On the same night, he posted an image with MaxPro Fitness stating that a deal had been made [3].
By the beginning of 2022, the MaxPro company had recorded sales of 10,000 units worldwide.
Not only that, but the company had become a top-earning company in the same category, the exercising equipment.
However, there was a little murmuring on the night of changing the MaxPro Fitness app that had not happened. It was visible that a few updates had been added to the app. More importantly, the MaxPro manufacturer had not taken action to restrict the app’s feedback.
Now more than 10000 active users are using the app.
The MaxPro Fitness Company had mentioned that the product was delivered to 56 more countries worldwide and 50 states in the USA itself.
Now more than 50 employees work in this company. It has become the fastest-growing company, with more than 10,000 customers joining it every year.
The Net Worth Of MaxPro Fitness
Besides, with all MaxPro Fitness products available on their own website as well as on Amazon, interested customers can have their pick of where to shop from.
FAQ
- How much does MaxPro Fitness cost?
At present, just the portable cable machine will put you back by $ 979 ($ 849 after the discount). For the elite bundle, which contains the cable machine along with a wall track, a foldable bench, a backpack, and a four-pack gym kit, you are expected to pay around $ 1,730 ($ 1,330 after the discount).
Additionally, one can also purchase the bench, backpack, wall track, and four-pack separately, ranging from $ 100 to $ 318.
- Is MaxPro Fitness good for my health?
MaxPro Fitness offers high-quality workout equipment that is designed to help you achieve your fitness goals. Whether you are looking to build muscle, burn fat, or improve your cardiovascular health, these products can help you get results in a safe and efficient manner. Additionally, all of MaxPro Fitness’s products are made from high-quality materials and feature advanced design elements that enhance comfort and convenience during use.
- What are the MaxPro products?
MaxPro Fitness offers a variety of products, including a portable cable machine, a wall track system, a foldable bench, a backpack, and gym kits. Each product is designed to help you get the most out of your workouts by providing the proper tools and equipment for everything from strength training to cardiovascular exercise. Additionally, all MaxPro products are made from high-quality materials and feature advanced design elements that enhance performance during use.
- Can MaxPro help you gain muscle?
Yes, MaxPro products are designed to help you gain muscle through a variety of exercises and workouts. Whether you are looking to build lean muscles or increase your overall strength, the portable cable machine, wall track system, foldable bench, backpack, and gym kits from MaxPro Fitness can help you achieve your fitness goals. Additionally, all of these products feature advanced design elements that make them comfortable and convenient to use during your workouts.
- What is MaxPro Fitness’s return policy?
At MaxPro Fitness, we stand behind our products 100%. If you are not completely satisfied with your purchase for any reason, simply contact us within 30 days of receiving your order to request a full refund [5].
Additionally, all of our products come with a one-year warranty against defects in materials and workmanship, so you can feel confident that you are getting high-quality workout equipment when you choose MaxPro.
- What episode was MaxPro on Shark Tank?
Despite this offer, Alex ultimately decided to turn down Daymond’s investment and continue growing MaxPro independently.
- How does MaxPro work?
At MaxPro Fitness, they understand that getting in shape can be a challenging and sometimes frustrating process. That is why the team of experts has designed a line of high-quality workout equipment that makes achieving your fitness goals easier than ever before.
The products, including the portable cable machine, wall track system, foldable bench, backpack, and gym kits, help you get the most out of every workout by providing everything you need for effective training.
Additionally, all MaxPro products are made from high-quality materials with advanced design elements to ensure comfort and convenience during use.
- Can you build muscle with MaxPro?
Yes, MaxPro products are designed to help you build muscle and achieve fitness goals through a variety of workouts. Whether you are looking to increase strength or tone lean muscles, the portable cable machine, wall track system, foldable bench, backpack, and gym kits from MaxPro Fitness can help you achieve your ideal physique.
- Who is the youngest investor on Shark Tank?
Daymond John is widely considered to be the youngest investor on Shark Tank, having appeared as a judge on the show starting in season 2. Over the course of his career as an entrepreneur and investor, Daymond has built a reputation for being both savvy and strategic when it comes to business deals. Today, he continues to use his expertise and insights to help entrepreneurs achieve success with their businesses.
- What businesses have failed on Shark Tank?
There have been many businesses that have failed on Shark Tank over the years. Some of the most notable include:
- Pawstruck, which ran out of inventory and couldn’t fulfill orders after receiving funding;
- Drop Stop, which sold poorly after appearing on the show due to a lack of a marketing plan;
- Cloud 9 Living, which lacked sustainable growth as a result of poor financial planning;
Despite these setbacks, however, many successful businesses have also appeared on Shark Tank, such as MaxPro Fitness, which has continued to experience tremendous growth since its appearance on the show [6].
- What companies did Shark Tank reject?
The hit show Shark Tank features many aspiring entrepreneurs pitching their businesses to a panel of successful investors known as the Sharks. In each episode, one business is eliminated based on its sales presentation and financials. While there are many contestants who get a chance to negotiate with the Sharks, some have been rejected by one or all of the Sharks in favor of other deals.
- Is Shark Tank legally binding?
Although Shark Tank is a television show, the contracts that contestants enter into with the Sharks are legally binding agreements. In order to qualify for the show, businesses must agree to give up some percentage of their equity in exchange for licensing or production deals from the Sharks. If a contestant ultimately chooses not to close a deal with one of the investors, they will still be bound by any contractual obligations entered into during negotiations.
Useful Video: Daymond Offers Half a Million Dollars But Gets No Reply
References:
- https://sharktanktalks.com/max-pro-shark-tank-update
- https://biznewske.com/maxpro-fitness-shark-tank-update
- https://geeksaroundglobe.com/maxpro-fitness-what-happened-after-shark-tank
- https://sharktankrecap.com/max-pro-fitness-update-shark-tank-season-13
- https://humblerise.com/maxpro-shark-tank-update/
- https://thecinemaholic.com/maxpro-fitness-shark-tank-update-where-is-maxpro-fitness-now