LeakPro International Inc.

John R. Allen
Kingston, ON

The pitch

John R. Allen from Kingston, ON, pitched LeakPro International Inc. in Season 11, Episode 5, asking the Dragons for $350K for 35% of the company.

Asked for$350K for 35%
Valuation$1Mimplied by the ask
OutcomeDealwith Jim Treliving
Final deal$350K for 50%valued at $700K

Offers in the Den

Dragon	Offer	Result
Manjit Minhas	Took offense to comments about franchisee hiring criteria, went out	Out
Michael Wekerle	Business economics don't work out for him, went out	Out
Joe Mimran	Would be out, no specific offer made	Out
Michele Romanow	No specific offer made, went out	Out
Jim Treliving	$350,000 for 50% of the business	Accepted

John R. Allen of Kingston, Ontario pitched LeakPro International Inc., asking for $350,000 for 35% of his company. LeakPro is a 20-year-old automotive service business that uses ultrasound and thermal imaging technology to find and fix water leaks, air leaks, wind noise, and sunroof issues for new car dealerships, operating as a mobile franchise model with 12 franchisees and 15 trucks on the road, soon expanding to 16. Franchise fees are $60,000 plus a 6% royalty, dealerships are charged between $80 and $400 per leak repair, and the company did $1.8 million in franchise sales last year with a projected $2.2 to $2.5 million this year; John R. Allen takes a $10,000 monthly salary.

Manjit Minhas went out after taking offense to comments made about hiring criteria for franchisees. Michael Wekerle said the business economics did not work for him and went out. Joe Mimran and Michele Romanow also went out without making offers. Jim Treliving offered $350,000 for 50% of the business, which John R. Allen accepted.

Pitch details from CBC’s Dragons’ Den pitch page.