Central Okanagan News
FastRack nets fast cash
A Winfield man and his business partner entered the Dragon's Den and came out with a deal to help continue expanding their business.
Casey Binkley and his partner Mitchell Lesbirel are the creators of an innovative product called FastRack. The stackable empty bottle system aims to make cleaning up empty beer bottles a breeze.
The product, that has been especially popular with bars and hotel chains, got the attention of all the dragons.
“We had a lot of fun, we got the dragons up and did a little race with them for a hands on demonstration," Binkley explained.
"Then we got some pretty sweet offers on it. We had the dragons doing a little bit of fighting over us so we had a lot of fun.”
They received four separate offers, but in the end they settled on one from Jim Treliving.
"The product is a natural fit into the bar and restaurant industry. So his Boston Pizza background is terrific. Overall we thought he was the best partner for us and he also gave the best offer.
The pair went onto the show asking for $50,000 for a 10 per cent stake in their company. Treliving offered them $50,000 for a five per cent royalty, offering nine months without a royalty, and then agreeing to drop the five per cent down to three per cent after recouping his investment.
The product is the brainchild of Lesbirel who has been tinkering with the idea since the duo were both students at Dalhousie University. Binkley has been involved with marketing the FastRack for the past two years.
In that time they've managed to get their product into nearly 900 retail stores in 50 different countries, and they show no signs of stopping.
“We’re just full steam ahead. We’re selling lots of product and doing good. We are trying to launch a more consumer version.”
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