Tuesday, June 27, 2017

The Profit - Overtone Acoustics Update

Tonight on The Profit, Marcus Lemonis is in Orlando, Florida with hopes of making a deal with Overtone Acoustics. Overtone Acoustics is a sound proofing company owned by Brad Turpin which has its share of issues.  The business struggles to pitch their product and cash flow is so low that they are forced to rely on unpaid volunteers.

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

News and Links Related To The Company:
  • Filming for this episode started in December 2016 and went through April 2017.
  • Here is the Overtone Acoustics website which was redesigned and their Facebook Page
  • There are a few reviews of former employees on Glassdoor, which say CEO Brad was a pleasure to work for but the interns were underutilized.
  • Chuck Handy III (The Profit Season 4) wrote a positive review for Overtone Acoustics in April 2017.
  • Founder of Overtone Acoustics Brad Turpin posted this on Facebook regarding the upcoming episode:
 "Back in 2011, Overtone Acoustics was started in a garage when I convinced a group of friends to help me build a pro recording studio in our house. Over the last 6 years, I've given my everything to turn this idea of creating great sounding spaces into a successful business.
The journey has not been an easy one...
In October of last year, I was on the brink of losing it all. I had no money to pay employees and had to move into the showroom of our shop just to keep the doors open. I was at a pretty low point and considered throwing in the towel...
Luckily, I've been blessed to have people in my corner that love me and kept me strong and pushing forward.
I'd been following Marcus Lemonis for some time; taking the lessons he'd teach others and applying them to my business in hopes that it would have a similar impact. Well, I was out of moves and needed to take action - asking "What would Marcus do?" would no longer cut it. This was make or break and too many people have sacrificed to see this business succeed!
I made the call for help and it was answered... In the BIGGEST way possible! I'm so beyond blessed to announce that we'll be featured on The Profit next Tuesday @ 10pm EST on CNBC!!!!
A truly sincere THANK YOU to everybody that's ever shown support over the years and throughout this entire process. To all of my family, friends, mentors, former employees, haters, and naysayers - without you, none of this would have been possible! All of you have kept the drive strong and my passion genuine.
This is for LEGACY. This is for FAMILY. This is for PRIDE.
This is for #TeamOA 🙏🙌💪"
The Deal From The Episode Plus Post-Show Updates (this will be updated continually):

  • The Deal - $200,000 for 50% of the business. The money would be used for wages for Brad and Alex, working capital, and any resources needed.  The other 50% needed to be split between Brad and Alex and they decided on Brad getting 40% and Alex getting 10%.  Marcus then wanted to see Alex get more, so gave 10% to him, making the final split - Marcus 40%, Brad 40%, and Alex 20%.
  • Brad Turpin provided an update to Orlando Sentinel and says business is doing great.  They have moved out of Orlando, but still have a market presence there.  Overtone Acoustics and Brad are now located in Allentown, PA inside the Precise Graphix (The Profit Season 3) facility which has 75,000 square feet. They are developing a full line of products that have been tested for months, but are not yet available to the public.  Alex Merrell who was featured on the show will be deployed to Afghanistan next month, but is still involved in the business.
  • Marcus Lemonis thinks Overtone Acoustics has potential for over $1 million in revenue this year if they expand their customer base. (Link)

*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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