Tuesday, September 13, 2016

The Profit - Flex Watches Update

Tonight on The Profit Marcus Lemonis is in Los Angeles, California with hopes of making a deal with Flex Watches.  Flex Watches is a watch company founded in 2011 by Travis Lubinsky and Trevor Jones.  Some of their watches have interchangeable faces and each design is made to support a cause by donating 10 percent of each watch sale to the cause.  They are almost out of cash, have branding issues, and are having trouble staying focused on their mission.

Let's take a look at some information related to Flex Watches as well as what kind of deal was made on the show.

News and Links Related To The Company:

  • Here is the Flex Watches website and Facebook Page which has over 100k likes.
  • The watches are for sale on their website as well as on Amazon
  • Flex Watches has a statement on their website about Marcus Lemonis and The Profit.  They said they reached out to him to take their business to the next level, but can't reveal much until the episode airs.
  • Co-Founder Travis Lubinsky has also written a book called, Just Startup: Motivation and Information for New Entrepreneurs. The description says, "At the age of 29, Travis has made millions of dollars in retail sales and he has never had a “job”. He has turned his passion into income. However, Travis has not always been a successful entrepreneur. Before he decided to dedicate his time to startups he was just a normal guy that followed his passion"
  • In September 2015, there was a Kickstarter for Flex Watches that launched.  It raised $64,500 in 30 days, which was well above their target. (Link)
  • Marcus Lemonis invited fans of the show to a live focus group on the Flex Watches website in April 2016. (Link)
  • Flex Watches appeared on MTV's Real World San Diego in 2011 (Link to video).  After appearing on the show, they couldn't keep watches in stock for more than a couple of weeks. (Link)
  • Flex Watches has had creative partnerships with celebrities such as Tyga, Xzibit and Daymond John. (Link)
  • In July 2016, Marcus Lemonis tweeted, "Something seems funny here @fitbit ? @FlexWatches has trademark on #flex , should be interesting"  This is in reference to the popular activity tracker Fitbit Flex.
  • Trevor was actually on Bravo's Millionaire Matchmaker and went on a date with Stephanie Pratt. (Link)
  • Looking at the LinkedIn profiles of Trevor and Travis, it seems that they are involved in other businesses.

The Deal From The Episode Plus Post-Show Updates (this will be updated continually):

  • The Deal - $400,000 for 40% of the business to help pay off liabilities, build inventory, and provide changes to their process.
  • The website design previewed on the episode is their current website.  It isn't too friendly if you just want to browse watches.

*To see how all of the businesses from The Profit are doing, go to the The Profit Updates page, and also Like us on Facebook or Follow Us on Twitter to stay up to date with all things involving The Profit.

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