Despite having a great product, Lisa Rossinger, founder of NicePipes, didn’t get the best deal on her business. Lisa asked Shark Tank investors for a $100,000 investment for a 10% stake in her company. She wanted to take NicePipes to the next level, by selling her products in big box stores. However, her pitch didn’t impress all the Sharks, and she left without a deal.
NicePipes Apparel is an American company that manufactures yoga pants style workout leg warmers. They’re sold online and in yoga studios and fitness gyms. They’re made from supplex, which is a water repellent fabric that also has mild compression. They’re available in a wide variety of colors and patterns. They’re priced at $48 for thigh-high leg warmers and $32 for arm warmers.
Lisa Binderow, founder of Nicepipes, is a yoga instructor who also worked as a manager at Yoga Works. She came up with the idea of Nicepipes while on a chilly walk in her hometown. She wanted to make leg warmers that were comfortable and would wick away sweat. She came up with a plan for making leg warmers from yoga pant fabric.
She wanted her leg warmers to be lightweight and made of a soft, comfortable fabric. She knew that her products would be popular with other yoga enthusiasts and fitness buffs. She also wanted to make sure that her leg warmers would stay on while she was working out.
After she started selling her leg warmers online and at yoga studios, Nicepipes had sold a mere $80,000 worth of clothing. Lisa Binderow then appeared on the popular show Shark Tank, where she tried to convince the Sharks to invest in her business. She wanted a $100,000 investment for a 10% stake, but her offer didn’t impress all of the sharks.
Kevin O’Leary commented that Lisa’s activewear was not unique. Robert Herjavec also commented that Lisa’s business idea was the smallest of them all. She was also criticized for her business model, in which she sold her products for a dollar each.
Barbara Corcoran also liked the NicePipes idea. She offered Lisa a $100,000 investment for a 40% stake in her business. She was impressed by Lisa’s approach to the pitch, though she sounded a little unsure about her offer. She wanted to make sure that the deal would be fair and that Lisa was satisfied with her equity.
Kevin Harrington and Robert Herjavec, however, questioned Lisa’s valuation of her company. Mark Cuban was also concerned about NicePipes’ low sales. Nonetheless, Lisa is still working for Nicepipes today, and has an estimated net worth of over $5 million. She’s also been active in marketing the brand on social media sites, and she’s married and has a healthy family. She’s proud of the success of Nicepipes, but she wants to increase her retail presence. She wants to sell her products in big box stores, and her products are selling very well on Amazon.
The nicer of the two is the fact that Lisa is still running her company today. She is pretty happy with her balance between running the business and teaching yoga.