Legit Kits is a business that appeared on Shark Tank Season 16, offering beautiful artistic quilt kits. These kits include different shades, color maps, fabric lists, and instructions. The price of a quilt kit ranges from $279 to $419.
Entrepreneur Mike O’Dell asked the Sharks for $150,000 for 5% equity at a $3 million valuation. The best part is that he successfully signed a deal with Kevin O’Leary for $150,000 for 5% equity and a $10 royalty per unit sold in perpetuity.
| Company Name | Legit Kits | |
| Founder | Mike O’Dell | |
| Founded | Feb 2020 | |
| Product | quilt kits | |
| Asked For | $150k for 5% equity | |
| Final Deal | $150K for 5% equity + $10 per unit royalty forever. | |
| Shark | Kevin O’Leary | |
| Episode (Shark Tank USA) | S16 E9 | |
| Air Date | Jan 24th, 2025 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Oklahoma City, Oklahoma, USA | |
| Lifetime Worth (Sales) | $3M *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Who Is The Founder Of Legit Kits?
Mike O’Dell enjoys quilting, but he is also a full-time registered nurse anesthetist. Currently, he is running Legit Kits as a side business. He believes that the business has great growth potential.
How Was The Shark Tank Pitch Of Legit Kits?
Mike asked the Sharks for $150,000 in exchange for 5% equity in his business. To convince them, he gave a product demonstration and provided complete information about the business’s scalability.
He shared some key business data, stating that the customer acquisition cost is $17 on Facebook. The manufacturing cost of a large quilting kit is $125, and it is sold for $399.
The company was launched in 2020, generating $30,000 in sales that year. In 2021, sales increased to $140,000, followed by $400,000 in 2022. In 2023, sales surprisingly reached $1 million, with a net profit of 8.7%. So far in 2024, the business has already generated $825,000 in sales.
Kevin O’Leary was highly interested in the business, so he made a royalty deal offer: $150,000 for 5% equity and a $10 royalty per unit sold in perpetuity. Without delay, Mike accepted the offer.
Breakdown Sharks Offer
Note: Here’s a quick summary of the offers and counteroffers between the Sharks and Mike:
| Sharks | Offers |
| Kevin O’Leary | $150K for 5% equity + $10 per unit royalty forever |
| Barbara Corcoran | No Offer |
| Mark Cuban | No Offer |
| Lori Greiner | No Offer |
| Jamie Kern Lima | No Offer |
| Founder’s (Countered) | No Counter |
| Final Deals | $150K for 5% equity + $10 per unit royalty forever |
Legit Kits Shark Tank Update
After the episode aired and Mike received the offer from Kevin, his quilting business gained significant limelight. Thousands of people visited the website at once. Many of these visitors, especially those interested in quilting, likely made a purchase.
For more information, when we explored the company’s official website, we noticed that the design is simple and lacks a professional look. However, the website offers a variety of quilt kits that are being sold at different price ranges.
In our opinion, if the website’s design were more professional, the conversion rate could significantly improve.
What Is Legit Kits Net Worth?
After analyzing the sales and assets, we believe that Legit Kits’ net worth is estimated to be around 3.6 million at this time. If the company’s market cap continues to grow, its worth may increase as well.
