People always take their kids to the mall while shopping. Their experience always ends up horrific as the kids won’t allow them to shop for their needs properly.
Stan Krozel, and Kevin Ullery, the owners of Fun Time Express, are here to the rescue. They have introduced a train system without tracks to be used as a ride for kids in a mall. This will help parents to get extra time for shopping and kids alternatively will enjoy the ride. Their Fun Time Express can also be used in parks, sports arenas, and private parties to give a fun experience to the kids.
The owners came on Shark Tank to request $125K in exchange for 20% in their company. They came with their train on the set to highlight how it works without tracks. Let’s see if their ride is successful or not.
Fun Time Express Net Worth Shark Tank Update
Stan and Kevin were looking for an investment of $125k in exchange for 20% equity in the company. At the time of the episode, they valued their company at $625k. Stan and Kevin successfully secured a deal with Kevin O’Leary and Lori Greiner for an investment of $125k for 20% equity, with 100% of profits used to repay the investment. The investment kept the company’s net worth at $625k. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Fun Time Express in 2024 is around $0, as the business was sold in 2018 and is no longer operational.
Stan and Kevin met when they were 25 years old and they instantly felt a connection. Stan was in real estate back then but after its crash, he decided to start a business with Kevin.
They invested all their savings in the business and thus started their journey with Fun Time Express.
Initial Pitch
The owners came on Shark Tank to request $125K in exchange for 20% of their company. As the name suggest, their business is a fun ride for those who want to explore the environment around them in a train. Their train service basically works without tracks so can be used anywhere a person wants.
Herjavec asked the first question about their business being a new invention or it came from an already established one. Stan answered that they have five working trains set up while a sixth one was placed online a few weeks back.
Kevin then asked about the source of money in their business. He replied that most of their money comes on Friday and Saturday. They make several hundred dollars, amounting to $500 to $800.
Lori inquired about the cost of a single ride. Stan highlighted that it is about $3.
Kevin then wanted to know the capital expenditure to buy a train. The owner replied that it costs around $37,500. The amount can be paid off in six to eight months as a whole.
Herjavec also asked about the amount they pay the malls to run the train. Stan pointed out that it is negotiated differently for individual malls.
Daymond wanted to know about their net last year. They basically started the business in 2011 and sold almost around 31K tickets. Thus, they make $106K in gross revenues and net profit was $47K.
In 2012, they sold around 62K tickets which is double the amount then in 2011. Gross revenue was around $216K and $80K in profit. In the next year, they have sold around 300K tickets.
Lori then raised her curiosity regarding the $3 ticket price they had decided for a single ride. Stan replied that it’s a business strategy that helps them to sell one ticket for $5, two for $8, and three for $10.
Shark’s Response and Final Decision
Cuban was the first shark out of the deal as per his judgment, the business is not of high scale and it will take a lot of work to grow.
Daymond followed Cuban and backed out too, as he don’t think the business to be appropriate for him to invest.
Herjavec dropped the deal too after relating that the business was too small for an investor like him.
In order to get a deal, Stan revised his offer and pitched $125K for a 20% stake with 100% of profits used to repay the investment.
Lori then offered them half the amount if Mr. Wonderful will partner with her in the business. Kevin O’Leary then accepted the partnership and offered between him and Lori $125K for 20% stake with 100% of profits used to repay the investment.
Following their 2014 appearance on Shark Tank, the company’s website saw a total of 10,000 visitors in just one week. However, a year later, the deal with Lori and Kevin was still functioning. By 2018, they decided to sell the business, ultimately returning to real estate.
Thus, after making an impression on Shark Tank, Fun Time Express got a deal with two sharks and started their ride toward success. However, their interest in real estate made them sell their business, ending their entrepreneurial journey.
Hey there, it’s Andaleb Youns. I am a freelance content writer and am currently pursuing a BS in English Language and Literature. I have expertise in writing Blog Posts, social media content, and copywriting. I know how it feels to be a student and still be dependent on parents to fulfill even basic daily needs. This realization became apparent while watching Shark Tank. Although I started watching this show out of boredom, it proved to be an inspirational show. The show made me realize the importance of hard work, being independent, and of having a business of my own. I still look forward to it for entertaining and inspirational content.
