Mini Pallets Net Worth 2022 – What Happened After Shark Tank Australia
72-year-old Peter Kuhlmann, pitched his back-saving business, Mini Pallets, to the Sharks. He asked for a $200,000 investment for 20% equity. Most of the sharks were enamoured with Peter and his business idea.
Peter got his deal on the show with the backing of two sharks. Unfortunately, the deal fell through. However, the business got the boost it needed from its appearance on the show, and the Sharks continued to support Peter and give him advice.
Mini Pallets was valued at around $1 million when it arrived on the show and with the attention it has received that number has grown to an estimated $10 million in the time since recording completed and the episode was aired.
What Are Mini Pallets?
Mini Pallets are the answer to bad lifting practices. Delivery of heavy boxes and loads leads to 50 000 back accidents a year, according to Kuhlmann.
The Mini Pallet removes the issue of double lifting. Delivery products are placed on the mini pallet to raise the product off the floor enough to fit a delivery trolley.
Garden pallets perform the same function but for pot plants. A pot is placed on the Garden Pallet once and moving it around afterwards is no longer a problem. The slightly raised pot also allows for root aeration.
Who Is Owner?
Peter Kuhlmann was 72 years old when he appeared on Shark Tank Australia.
Kuhlmann saw his friends retiring but did not feel ready to do so himself.
He invested $250 000 of his own money and came out with Mini Pallets.
What Happened During The Pitch?
Kuhlmann pitched his idea for an investment of $200,000 for 20% equity. He had already sold 100,000 units for $12 retail and they had only cost $5 to make each. His largest client had been the postal service.
Andrew Banks jumped in early and offered the $200,000 for 25% along with the benefit of his American contacts.
Glen Richards matched Bank’s offer of $200,000 for 25% and added in his extensive experience in the supply chain industry.
The Investment
Naomi Simson offered $300,000 for 40% on the condition that she would split the offer with Andrew for 20% each.
Kuhlmann was happy with the 40% offer but wanted a bigger investment and countered with $400,000 for the 40%.
Andrew re-countered for $350,000, but Peter was not budging. They settled on the $400,000 for 40%. Watch it all unfold here.
Unfortunately, the deal did not go through as the business did not pass due diligence.
However, Andrew and Naomi continued to offer support and advice to Peter and maintained open negotiations to look to the future.
Conclusion
Peter Kuhlmann sought to end the problem of back issues caused by poor lifting practices with his Mini Pallets. The Sharks loved the idea and Kuhlmann’s enterprising nature.
Kuhlmann left the Tank with his original offer met by two Sharks who were willing to work together.
Unfortunately, the deal fell through but the trio remained on good terms. You can find your own Mini Pallets on their website!
