Sam Koffski saddles a Workhorse deal with Dragons' Den investor
Dragons'-Den millionaire Arlene Dickinson called the Cowichan Legion Wednesday with good wishes for Workhorse II inventor Sam Koffski.
Her call followed Dickinson investing $75,000 in Koffski's adjustable, use-anywhere sawhorse/workbench brackets that could hit hardware stores — beside lumber displayed for Workhorse legs — by Christmas.
"I'm on cloud nine," Koffski, 82, said after Wednesday's national airing of CBC's popular Dragons' Den — where he stated he's from Duncan, B.C.
That's also when Koffski and son, Sid, pitched the Den's five shrewd dragons about breathing cash into his invention.
He struck a deal with Venture-capitalist Dickinson, in exchange for all rights to the Workhorse II, $75,000, plus a five per cent royalty on the wholesale price of units sold.
Considering his previous Workhorse sold about 130,000 units under Black & Decker in the late '80s, Koffski's cranked.
"There are two things I'd love to see: one is seeing the Workhorse II on the market; and if we make some money, that's great.
"Five per cent of the wholesale price would still be substantial."
His dream could come true.
A note on the Den said Dickinson has filed for a patent to take the Workhorse II worldwide.
She's also talking to Home Depot brass about exclusively harnessing the Workhorse II for a certain period, noted Koffski.
Drawings and a prototype have been sent to Chinese manufacturers for testing, he said.
After tool-and-die work, the Workhorse would head to production.
That's the goal of Dickinson who saw merits of Koffski's locking-bracket invention.
"You guys don't know anything " she quipped to the other four dragons who passed on investing Wednesday.
Snarky mutual-fund boss Kevin O'Leary was most leery of Koffski's invention without a patent.
"You have a problem accepting reality," he told Dickinson. "You're getting on my nerves. No patent — I'm out."
But Boston Pizza czar Jim Treliving was tempted to invest — realizing the Workhorse's huge potential U.S. market — but he backed away, with his blessing.
"You've got a good deal with Arlene who can help with Home Depot," he told the Koffskis.
"I'm happy to accept," Koffski told Dickinson.