Free Villy in the Shark Tank

By Bob Cox

My wife Diana and I just finished watching another inspiring episode from one of our favorite TV shows called Shark Tank. This is a reality television series that features aspiring entrepreneurs that make business presentations to a panel of five extremely wealthy "shark" investors. The show debuted in August 2009 and has averaged over 6 million viewers an episode, so I guess Diana and I aren't the only people watching this program.

After watching a recently recorded episode, my curiousity got the best of me as I wondered what happened to one of the contestant’s after the show. An entrepreneur named Fleetwood Hicks appeared on the program with his faithful companion Deville (his dog). Together, they successfully convinced not one, but two “sharks” to invest $500,000 into his company called Villy Custom.

Villy Custom is a company that offers people a way to build and create their own custom bicycles through an interactive website. During a recent interview with Rob Merlino, Hicks shared his experiences before and after his 10 minutes of fame on Shark Tank.

Before his swim in the Shark Tank, Hicks got his inspiration from renting a cruiser bicycle along the coast of Southern California while on a business trip. Hick’s idea was to modify a classic cruiser bike with stylish, colorful and personalized accessories. This concept transformed into a reality in 2008. In just two years from opening up his first store in Dallas Texas, Hicks was featured in Entrepreneur Magazine as one of the 100 Most Brilliant Business Ideas for 2010 and his bike sales grew to 350 a year with gross sales of $227,000.

When Hick’s appeared on Shark Tank, Barbara Corcoran and Mark Cuban bit into his idea, hook, line and sinker (pun intended)! They teamed up by co-investing $500,000 for 42% of Hick’s company. They absolutely loved the product and were convinced that the difference between the average sticker price of $650 per bike was reasonable and the average cost per bike ($250) would produce a strong profit margin.

What’s business been like after Shark Tank? “Shark Tank has really stayed with the company as seven out of ten customers tell us they heard about us because of Shark Tank. We've sustained about five times the business we had before we aired and we’re becoming a nationally known brand. We’re in negotiations with a high-end, national sporting goods retailer. We’re going to give them an exclusive to sell the bikes. It was a group business decision, we know we’ll give up some margin, but we think it will be good for branding. As long as Villy Custom continues to grow and make money, it’s all good!”, explained Hicks.

When asked what it was like working with Mark and Barbara, Hick’s replied: “Barbara is much more ‘hands on’ than Mark. I've visited her in New York and at her home. We speak on the phone regularly too. I deal with a team when it comes to Mark. He’s super busy, but very responsive. Both of them continue to be very involved, they’re ‘on it’ all the time and they continue to push me. Barbara has two bikes and she loves them. I offered Mark a couple and he said ‘I don’t have much time for biking, save them for our customers.'”, replied Hicks.

If you have a great idea that you feel passionate about, don’t allow fear and self doubt to stop you in your tracks. Take a page out of Fleetwood Hick's book, dive in headfirst and explore ways to turn your dream into a reality. What’s Hick’s Secret to Success: “I have a passion for making people happy. We make happy bikes for happy people!” said Hicks.