Lisa Binderow had her life transformed when she decided to walk away from a $100,000 offer on the show ‘Shark Tank.’ Critics judged Binderow for her choice, yet years later, Binderow and her business ‘Nice Pipes’ have amassed a $4 million dollar net worth.
What is Nice Pipes?
In this Nice Pipes shark tank update, the first thing that you need to understand is nice pipes. This athletic apparel brand focuses on yoga wear, with arm and leg warmers being the key product. According to her website, Lisa notes, “I was inspired to make the first pair of pipes on a chilly morning walking to the studio.” Lisa began to create the pipes for her yoga students and other teachers at her studio, beginning as a micro-level project, Lisa’s niche and unique idea filled a gap in the business marketplace.
The Journey of Nice Pipes
Lisa Binderow started Nice Pipes to address a problem. She wanted to provide arm and leg warmers that were yoga-friendly for her workout community. As her idea gained traction, Binderow’s warmers started selling well. By the time she decided to go on Shark Tank, she had already earned $80,000 in revenue.
Lisa proposed a $100,000 investment for a 10 percent stake in her company. At first, the nice pipes shark tank showed little interest in her offer. It was Barbara Corccoran that offered her the initial investment prize of $100,000 but a 40 percent stake and shares within the business.
Nice Pipes continues to maintain a strong presence in the marketplace, with products selling out on the brand’s website and Amazon.
Nice Pipes Appearance on Shark Tank
Lisa appeared on Nice Pipes hoping to expand her business, the yoga teacher passionately marketed her product to the sharks. Handing out samples of both the leg and arm warmers, she explained how she sold them for $42 dollars a pair. while her production cost was only $7.50 . Although her products were already selling in at least 40 yoga studios. This made the investors not to believe her business worth the $1 million valuation.
Lessons Learnt From Nice Pipes
When Binderow rejected Barbara’s offer, this decision caused widespread question and concern. The main concern was that why would a small-scale entrepreneur reject the mentorship and investment of a successful CEO? The answer, according to Binderow, was balance. As a mother and small-scale yoga instructor, Binderow’s goal was never to build some untouchable empire.
Lisa explained her decision to reject by stating, “my life would change overnight and would create this life where I’d almost have a boss.” She explained further that “my business would be catapulted into a level of success and a level of intensity, which I wasn’t sure I wanted.”
By maintaining full control of her business and turning down a large investment, Lisa could define her own success. She noted,
“Success was showing up and doing my best; success is staying authentic to myself and my goals.”
