Boho Camper Vans is a business focused on renting and selling vans that have all the furnishing and facilities of a home. These vans are used mostly for adventure travel and tourism. However, they can also be used for mobile living. The business is the brainchild of David Sodermann and Brett Ellenson, who are Arizona natives and saw a lack of camper van businesses in the state despite receiving a high volume of tourists due to the Grand Canyon.
The camper vans come furnished with a bed, pull-out counter tops, and running water. They even come with an outdoor shower and sizeable storage space, which makes the small van interior a remarkably comfortable living space. The business took off right from the start when the two entrepreneurs finished one van for their use or to rent it out. However, the vans were almost always booked, signaling the need for the business to be expanded.
The business continues to thrive to this date, and despite being struck by the pandemic, they seem to have recovered well. Their online presence shows them having introduced several new builds and renting programs for the vans. Their sales number was estimated to be around $2 million in 2021, and they are projected to go even further in the coming years.
How Did The Shark Tank Pitch Go?
Sodermann and Ellenson exuded calm confidence in their pitch and did not show the fabricated enthusiasm that is usually the route most people take for their Shark Tank Pitch. They focused on their vans’ adventure opportunities in the average American’s monotonous life with inflexible work routines. By framing their products as an escape from the ordinary, the entrepreneurs caught the Shark’s attention. They asked for $300,000 for 10% of their company.
The duo emphasized that mobile living is not a new concept, and their vans take it a step further and make it comfortable and an experience worth having. They demonstrated all the features of their vans and invited the Sharks to experience the vans for themselves. All the Sharks excitedly bundled into the vans; Lori Greiner specifically showed a lot of enthusiasm for all the vans provided. Mark Cuban was interested in knowing where the shower was and was shown the outdoor shower at the back of the van. The taps had running water, and the pull-out counters were also functional. All in all, the Sharks were considerably impressed with the vans.
After the Sharks had witnessed the quality of the vans, they were curious about the business’s financial well-being, and there was a flurry of questions toward the entrepreneurs. Soderman revealed that their company had done $493,000 in total sales so far in the year and was projected to end the year with $800,000. They further projected to make around $1.9 million in sales the following year. Their profit margins looked healthy, and the cost of furnishing one van was paid in about eight months of rentals. The business was also debt free and was seeing high demands. Barbara Corcoran asked why the company was looking for money from the Sharks as it was doing so well already. Ellenson replied that the money from the Sharks would be put into manufacturing, so the future vans will just be furnished with pre-made fittings.
The Sharks evaluated and saw a great deal, and the haggling began immediately. Mark Cuban congratulated the duo on their success, but he was the first to pull out of negotiations as he did not believe the business was the correct fit for him. All the other Sharks were interested and began to make their offers to the company.
Guest Shark Rohan Oza was the first to make an offer. He believed that the $3 million valuation of the business was optimistic and made the duo an offer that seemed more reflective of their business, in his opinion. He made an offer of $300,000 for 25% of the business. Kevin O’Leary was also very interested in the business and wanted a more significant share to lend his expertise to the company; he offered $300,000 for one-third or 33.3% of the business. Oza and O’Leary both argued about whose offer was feasible for the business.
Corcoran was the next to jump in with her offer. However, her proposition was massively different from the previous offers. Corcoran believed the business was doing well and did not need to give up a considerable share of their company. She felt what the business needed was capital. She offered the duo $150,000 up front and the next $150,000 in a credit line for 10% equity.
Lori Greiner also came forth with an offer as she reminded the duo of her initial enthusiasm about the business. She offered $300,000 for 20%. The duo asked if she could consider doing 15%, and Greiner refused.
After contemplating all the offers, the duo accepted Corcoran’s offer and sealed the deal with hugs.
Our Review of Boho Camper Vans
Boho Camper Vans provides a product intrinsically linked to travel and tourism; however, the current cost of living and shortage of affordable real estate might change it into a lifestyle product. The vans are remarkable feats of engineering as they emulate the cozy feel of a home in a vehicle, and the business’ success affirms its quality. However, there are a few issues that the company can iron out to make its vans even more appealing.
Pros of Boho Camper Vans
- The business provides a conversion service for people. They can bring their vans and get them furnished as a camper van.
- Differently structured rental programs for customer’s financial ease
- You can get your vans custom built according to your needs
- Comparatively affordable price points
Cons of Boho Camper Vans
- The customization aspect makes it not the cheapest option on the market
- Does not provide hot running water
Who Is It For?
Boho Vans are used primarily for travel and adventure; therefore, they are an excellent product for people seeking adventure and looking to explore the country in a different style. However, as mentioned before, with the increasing cost of living, these vans might also be used as accommodation to avoid expensive renting. Therefore, the demographic for these vans might expand to regular people trying to find alternative housing options.
Are There Any Alternatives?
There are plenty of affordable campers vans options on the market that may provide tough competition to Boho. Some of these companies are:
- Off Grid Adventure Vans
- The Outside Van
- The Caravan Outfitter
Boho Camper Vans is an exciting business that provides a whole world of possibilities with its products. It continues to go strong after its Shark Tank appearance, and many signs indicate that these vans might be the future of real estate.