In this episode, Jake chats with the Founder of PRx Performance, Erik Hopperstad, and Brian Brasch. They discuss starting the company, the infamous Shark Tank visit, present times, the future, and the benefits of building within the USA.
This episode can be watched on Spotify or YouTube and listened to on Apple, Anchor, or wherever you typically listen to podcasts.
(0:37) Before we get into the PRX, what are some other things people should know about you outside of business? Interests, hobbies, family, etc. Brian and Erik are both parents and very committed to PRX these days. Both had corporate careers before starting PRx.
(1:27) How did you guys meet? They met through their wives and eventually started working out together.
(1:58) On the PRx website, it says that back in 2013, Beers + Bonfires = Big Ideas, and that’s where the profile rack was born. When did the original idea behind PRX originate, and how long did it take until you first started working on it? They discussed how the equipment wasn’t made for the way they’re used these days at a bonfire. For example, many bars couldn’t be dropped over the head. The Talon Barbell Collars was the first idea, but they ultimately looked into other products.
(3:54) What was the first year of business like? “It was evil,” but they did see a market when most of their competition believed in street parking.
(5:44) Where was your business when you decided to enter the Shark Tank, and why did you go for it? It was just after their first profitable month, and they could say on Shark Tank that they were profitable, but it wasn’t planned. It just so happened that auditions would be going on close in timing to them being in Miami for Wodapalooza.
(7:00) How were your roles different during the early days? Both complimented each other well. Brian worked primarily with the numbers while Erik focused on operations, new product development, etc.
(11:26) We all know you ended up getting a deal, but what was the whole experience like? Brian and Erik ultimately made it on the big stage after passing the preliminary rounds. The on-set experience was extremely intimidating, and it is a “shark tank” with a number of them yelling at you simultaneously. While the video is only 7 minutes, they were on set for about 50 minutes.
(16:02) Were there any key reasons that some of the sharks decided not to invest? Installation was the most significant issue most had. They thought it was much more complicated than it needed to be.
(17:48) Can you explain what the process looks is like after the deal is made? Proper due diligence goes into it, and they explain how happy they’ve been with the general partnership over the years.
(20:45) How has your business evolved since Shark Tank, and what does it look like today? It’s grown quite a bit. We discussed earlier how it was challenging to make it from month to month initially, but they’ve been on a crazy trajectory. They moved eight times in nine years but are now in their official headquarters and will be there for a very long time.
In addition, they’ve evolved into different brands. For example, they now offer a “Murphy Rack” and the Grind Fitness line.
(24:09) Have you had many issues with your patent being violated over the years? Yes, but they “hit them hard, and they hit them fast,” as advised by Kevin.
(25:55) There seems to be a heavy focus on the new Build Limitless line. Can you explain why you decided to add something like this to your lineup? And, what’s the future look like for this type of rack? This is just one of many items in their pipeline. This rack is something that can grow with you, starting with a squat stand and then ultimately having the ability to expand it to something like a six-post rack. They’ve done a soft launch, but much more to come with this line is in the works.
(28:00) Many of the listeners of these interviews are “product junkies” and always keep an eye out for new products. Could you share any new products or ideas you think will be released in 2022? They mentioned an extensive pipeline and “some cool stuff coming out,” but they didn’t end up sharing too much. They’ve had an issue with competitors stealing designs when teasing a product in the past.
With that being said, Brian discusses a fitness app (MVMT) that is highly advanced. This is something that they’ve been working on for a few years and should be launched this summer. They’ve had VCs state, “you guys are probably two years ahead of everyone.”
(31:25) Where will PRx be in 5 years? And how does it evolve as the home gym industry does? They believe that the home gym trend will continue and that the hardware/software mix will add to the experience and ultimately make it a convenient experience for all.
(40:32) How does the 500% increase compare to the prior years before Shark Tank? They’ve been on the list for numerous years and had a strong trajectory even before COVID. In addition, they’re one of the top-selling products on Shark Tank ever.
(41:50) Any product failures or “other general failures” you could share? There have been many. The wall-mounted plyo box was the first that came to mine. The foldaway GHD/Reverse Hyper is one of their favorites, but it just didn’t really sell, so they didn’t create more than 50.
(44:37) Can you explain the benefits of doing much of your work within America? “Proximity to all of the resources” and the quality difference is noticeable, and it’s easier to do here in the United States. In addition, they can develop and prototype products within just a few days in the US.
(49:47) How many people work for PRx now, and how does it feel to provide a job for so many different Americans? Right now, there are likely 77 people working for PRx. Erik and Brian raved over their employees and team many times over the call, and they take great pride and see it as an honor to have such a great staff.
