Kronos Putter Before Shark Tank
Phillip Lapuz and Eric Williams are two friends who decided to use their knowledge and love of the golf industry to their advantage when they created the Kronos Putter. Both Phillip and Eric wanted to create a great golf putter but wanted to set themselves apart from the big companies such as Titleist, Taylormade or Callaway. For booth Phillip and Eric, they felt that instead of mass producing golf putters, it would be so much better if they brought craftsmanship to the making of each putter. They consider the golf putters to be an important precision club and so for the duo it is much better to manufacture the putter carefully instead of mass producing them. And so the idea of Kronos Putter was born. The Kronos Putter is hand-finished with precision in San Diego, California. Phillip and Eric claim that the Kronos Putter will not guarantee that by using it you will improve your golf game – that can only happen with a lot of practice. What Phillip and Eric want to do is bring the art of craftsmanship to the manufacturing of their putters.
Phillip and Eric created three series of putters – Raw, Refined and Rare. As well as that, Kronos Putter has started to produce and sell on the website and in some golf shops. However, for Phillip and Eric to get the Kronos Putter on the market in a big way, they need some help as well as some extra revenue. Phillip and Eric decided to go to the shark tank in search of some extra capital to expand the business as well as the business expertise and relationships the sharks had to offer. But will one of the sharks be willing to take a shot on Kronos Putter?
Kronos Putter On Shark Tank
Phillip and Eric enter the shark tank, introduce themselves to the sharks and state that they are seeking a $150,000 investment in return for a fifteen per cent equity share in their company, Kronos Putter. Phillip goes on to claim that they manufacture the most precise golf putters in the world. He also explains that more money should go into putters instead of golfers spending all available funds on drivers when putting it just as important. Kronos Putters start with a solid block of steel and are carefully milled for two hours to produce the most precise putter possible. The duo shows the sharks the three stages the putter goes through to transition from a block of steel to the putter that customers buy. Phillip also explains that this way of manufacturing the Kronos Putter is a very slow, labor-intensive process but it is the right way to create the best possible putter. The duo also admits that there is absolutely no putter on the market that will improve your golf game overnight but the Kronos Putter will surely help you put more consistently. It’s up to you to put in the practice though!
Phillip and Eric then invite Kevin to try out the Kronos Putter. What will Mr. Wonderful think of this product? Kevin gets up to take a shot but unfortunately the golf ball falls short of the hole. Robert asks why Kevin was not better with the Kronos Putter and Eric explains that so many people believe that technology will save them in a sport. With Kronos Putter, it will not make you an incredible golfer but if you’re willing to put the time into practicing then Kronos Putter will help you putt more precisely.
Although he had a disappointing shot with the Kronos Putter, Kevin is interested to know where the product is currently being sold. Phillip explains that two years ago at the PGA show, the duo managed to organize distribution of the Kronos Putter to both Japan and Scotland. Kevin is surprised to hear that nobody in the United States was interested in the Kronos Putter. The duo explains that some people in the states were interested but a lot of people are under the illusion that you need approval from a professional golfer to endorse such a product.
Lori asks about sales to which Phillip replies that to date this year their sales have been $260,000, ninety-five per cent of those sales being based in Japan. Robert is interested to know why the brand is so successful in Japan. Eric explains that there is a different mind-set in Japan than in the Unites States. In Japan, the history of creating things that take a long time is ultimately an art. Therefore, the Japanese appreciate the work and precision that goes into producing the Kronos Putter. That is what sets them apart in the market from the United States. Robert then asks how much it costs in comparison to a normal putter. Phillip explains that their cheapest putter sells for $500. The sharks now understand that Kronos Putter are truly going down the premium brands route.
Kevin wants to discuss the name of the brand. Kevin acknowledges that the story of Kronos was not a particularly nice one and wonders what it has to do with a golf putter. Phillip explains that during Kronos’ reign, it was known as the Golden Age. The duo wanted to venture back to the Golden Age of golf.
Robert is very impressed with the product upon taking a closer look. He claims the weight and the feel of it is so much better than a regular putter. Barbara is wondering why the duo could not get distribution in the United States for such a high-end golf product. Eric claims that to get the brand out there it would be incredibly difficult as every professional golf store or every member of the PGA would have to get one to know how good the product was. However, that sort of mass producing of the product completely goes against what Kronos Putter is all about.
Robert wants to know how much the putter costs to make and how much it is sold on to a golf store for. The cost to manufacture such a high-end putter is approximately $120. It is then sold on to a store at between $200-$230. The duo claim they have raised almost no money and have input $100,000. That is why they need some additional help from the sharks.
Mark gets the ball rolling by telling the duo about a golf club in Dallas which he joined ten years ago. However, Mark has never once visited for the simple fact that he hates golf. For that reason, he declares himself out.
Barbara claims that she should love the sport more than any of the sharks as it saved her marriage by getting rid of her husband every weekend. However, she hates the sport and could not imagine supporting it so for that reason, she declares herself out.
Lori acknowledges that if the upscale niche market is working for the duo in Japan, they should continue with that. She claims that Japan obviously love what they are doing. After giving her advice, she declares herself out.
Robert is interested to find out a little more about Eric and Phillip and what exactly made them want to start their own business. Phillip gets quite emotional and tells the sharks about his fiancee who is in Japan and cannot come to the United States unless he and Eric make this business happen. He goes on to explain that he was making good money as a consultant but this business is his dream. Barbara and Lori visibly well up in empathy with Phillip. Kevin asks why his finacée cannot come to the US to which he replies he wants a stable job. Her parents don’t approve now that he has begun to pursue his dream of the Kronos Putter. At this point even tough guy Mr. Wonderful wells up and wipes a tear away.
Barbara advises that there is no better motivation in the world than someone who insults you and commends Phillip for all he has done with his business and for pursuing his dream. Kevin claims he was so moved by the story but now he is back in reality. He can’t let his emotions make a financial decision for him so for that reason, he declares himself out.
So that just leaves Robert who is in two minds what to do because he is very aware that it would take time to earn back the money he invested if he was to make an offer to the duo. After a few moments of consideration, Robert offers the $150,000 that the duo were looking for but for thirty-five per cent of the company – twenty per cent more than what Phillip and Eric were originally willing to give away. The duo takes a moment to discuss the offer and make a counter offer of twenty-five per cent of the company. Robert agrees to meet them in the middle and offers $150,000 for a thirty per cent equity share in the company. Eric claims they have one last question for Robert. He asks if he would like his putter now or later with his name engraved on it as they would love to do a deal. A surprised Robert is delighted that they have come to an agreement. The duo leaves the shark tank extremely happy with all the sharks wishing them the best of luck.
Kronos Putter Now In 2022 – The After Shark Tank Update
As far as we can tell, the deal with Robert went through. They ended up using the money to ramp up the manufacturing process so that they can keep up with their increased demand.
The product has also proved to be a hit in Japan. Since appearing on Shark Tank, they’ve launched an official site in Japan. Not only that but they’ve also gotten their products into dozens of retailers across Japan—including some in Hokkaido. Some are even available on Amazon Japan.
That’s not all, the company has also made strides in the U.S. Currently, they offer more than 20 different types of putters. Some are made from refined carbon while others are made from stainless steel. They also have a collection for left-handed golfers. For those who are interested, you can check out their products here. Depending on what you get, you can expect to pay between $400 to $1000+. Their putters are also available at retailers such as Callaway, Adidas, and Nike.
Take their limited edition Touch model WinMag putter, for example, it retails for $1,500 plus tax. Their Trombone Rare series is also on the higher side at $1,000. And of course, they’re all made in the U.S. You have to be quick if you want them, though—their products sell out fast! For example, the Trombone Rare series is already sold out on their website. However, you can input your email address and they’ll let you know as soon as it’s back in stock.
In addition to putters, they also sell accessories such as leather head covers, putter grips, leather stick back grips, hats, divot tools, and more. Depending on the option that you pick, domestic shipping ranges from $15 to 30. They also ship to Canada for a bit extra.
And for those who are wondering, Philip Lapuz did end up marrying his fiancee Tara. The two tied the knot in a beautiful ceremony in 2017. The company even shared one of their wedding photos on Instagram.
If you want to give them a follow, you can check out their account at @kronosgolf. They also have an official Facebook page (@KronosGolf) that’s updated every now and then and if you click on it, you’ll be able to see some of their reviews. As of 2022, they seem to be doing quite well with a 4.7-star rating.