Legacy Shave Shark Tank Episode 7 Update & Net Worth
Legacy Shave Shark Tank Episode 7 Update & Net Worth Legacy Shave, founded by Mike Gutow, is a grooming company known for its innovative shaving brush that attaches directly to shaving cream cans. This design not only improves the shaving experience but also minimizes waste. Mike appeared on Shark Tank Season 14, Episode 7, seeking…
Legacy Shave Shark Tank Episode 7 Update & Net Worth
Legacy Shave, founded by Mike Gutow, is a grooming company known for its innovative shaving brush that attaches directly to shaving cream cans. This design not only improves the shaving experience but also minimizes waste.
Mike appeared on Shark Tank Season 14, Episode 7, seeking $300,000 for 10% equity. After an emotional pitch and intense negotiations, he struck a deal with Lori Greiner for $700,000 in exchange for 95% equity plus a 3% royalty on all future sales.
Lori’s investment has since propelled the company to new heights, although Mike retains a small stake in the business.
What is Legacy Shave? How Does it Work?
Legacy Shave offers a modern twist on the traditional shaving experience. The company’s flagship product is the Evolution Brush, which attaches to any standard aerosol shaving cream can. This attachment allows users to apply shaving cream directly to their face with the brush, providing a smoother and more consistent application.
The brush not only improves the efficiency of shaving but also reduces the amount of shaving cream wasted, making it both an eco-friendly and cost-effective solution.
The Evolution Brush is easy to use. Once attached to the can, a simple press dispenses the cream through the brush, which is then applied to the face.
This eliminates the need for separate bowls and brushes, streamlining the shaving process. Legacy Shave also offers other grooming products, including custom-designed shaving brushes, blades, and shaving creams.
Legacy Shave Shark Tank Episode 7 Season 14: What Happened at Shark Tank Pitch?
During his Shark Tank pitch, Mike Gutow shared the touching story of how his late father inspired the creation of Legacy Shave. He explained that his father had initially assembled 3,000 units of the Evolution Brush before passing away, which motivated Mike and his brother Dave to continue the business.
Mike sought $300,000 for 10% equity in his company, valuing it at $3 million. He demonstrated the product’s functionality and shared that the Evolution Brush costs about $5.39 to produce, while it retails for $24.99. Over the course of five years, the company had generated over $1 million in sales, but had struggled with profitability and scalability.
While most sharks were moved by Mike’s story, they were hesitant to invest. Barbara Corcoran, Mark Cuban, Kevin O’Leary, and Robert Herjavec all dropped out, citing concerns about the competitive nature of the grooming industry and the company’s slow growth.
Lori Greiner, however, saw potential in the product and offered to buy 100% of the company for $1 million, with a 3% royalty on all future sales. Mike countered, asking to retain 5% equity, and they ultimately agreed on a deal of $700,000 for 95% equity plus the 3% royalty.
Legacy Shave Shark Tank Pitch Summary
| Company Name | Legacy Shave |
| Founder | Mike Gutow and Dave Gutow |
| Product | Shaving Brush Attached to Shaving Cream Can |
| Amount Asked For | $300,000 for 10% equity |
| Final Deal | $700,000 for 95% equity + 3% royalty |
| Investor | Lori Greiner |
| Season & Episode | Season 14, Episode 7 (Shark Tank USA) |
| Lifetime Sales | $1 Million estimated |
| Business Status | In Business |
| Current Net Worth | $736,000 estimated |
What Happened To Legacy Shave After Shark Tank?
Following its appearance on Shark Tank, Legacy Shave experienced a significant surge in sales, with many of the company’s products selling out within a week. The company also featured on the QVC Tonight Show in November 2023, where it sold 2,500 units and gained 800 new customers.
The partnership with Lori Greiner has provided the company with valuable marketing and distribution channels, helping to scale the business. Despite the challenges in the grooming industry, Lori’s expertise in product marketing has been instrumental in driving the company’s growth.
How Much Is Legacy Shave Worth?
As of 2024, Legacy Shave is estimated to be worth around $736,000. This valuation takes into account the company’s sales history, the equity deal made on Shark Tank, and its current market position.
With Lori Greiner’s involvement, the company has the potential to grow significantly, potentially increasing its value further in the coming years.
Is Legacy Shave Still in Business?
Yes, Legacy Shave is still in business as of January 2024. The company continues to operate out of Royal Oak, Michigan, and has expanded its product line under Lori Greiner’s guidance. The Evolution Brush remains the flagship product, and it has gained popularity among consumers for its innovative design and practicality.
Which Episode Number was Legacy Shave Shark Tank?
Legacy Shave was featured on Shark Tank Season 14, Episode 7, which aired on November 18, 2022. The episode showcased Mike Gutow’s emotional journey in building the company and highlighted the unique design of the Evolution Brush.
