Legacy Shave is a company that appeared on Season 14 of Shark Tank, offering a unique solution to enhance the traditional shaving experience. The company, founded by brothers Mike and Dave Gutow, is known for its flagship product, Legacy Shave’s Evolution Brush.
Legacy Shave brush revolutionizes the conventional shaving method by directly attaching to any can of shaving cream or gel, ensuring a seamless and efficient shaving process.
One of the defining features of the Evolution Brush is its ability to prevent the waste of shaving cream. Traditionally, the shaving cream or gel is applied with the hands, leading to substantial product waste and an inconsistent spread on the face.
However, with the Evolution Brush, the cream or gel is directly dispensed onto the bristles, allowing a uniform application and eliminating unnecessary waste. The brush also aids in providing a clean, close shave by lifting the facial hair, making it easier for the razor to glide smoothly.
This brush is not only functional but also boasts a premium quality build, offering a variety of custom designs. With an affordable price point of $24.95, it caters to a broad audience that appreciates an upgraded, old-fashioned shaving experience.
Customers can complete their shaving regime with Legacy Shave’s cream, priced at $9.95. Legacy Shave’s products are excellent for those who value a thorough and luxurious shaving experience.
The product has garnered positive reviews, earning a 4.3 out of 5 on Amazon, indicating high user satisfaction. Additionally, the company’s commitment to reducing waste and innovating a daily grooming routine is commendable.
Following their Shark Tank appearance and deal with Lori Greiner, Legacy Shave is poised for further growth, offering an inventive product in the vast $50 billion global shaving industry.
|Company Name||Legacy Shave|
|Entrepreneur||Mike Gutow and Dave Gutow|
|Product||A shaving brush attached to a shaving cream can is the first of its kind in the world|
|Investment Asking For||$300,000 for 10% equity in Legacy Shave|
|Final Deal||$700,000 for 95% equity in Legacy Shave + a royalty of 3% of net sales in perpetuity|
|Legacy Shave Episode||Season 14, Episode 7|
|Legacy Shave Business Status||In Business|
|Legacy Shave Website||Visit Website|
|Legacy Shave Net Worth||$1 Million (As of 2023)|
What Is Legacy Shave?
Legacy Shave is a revolutionary product within the men’s grooming industry that epitomizes convenience and sophistication. The product, rooted in tradition yet stimulated by innovation, is designed to offer an elite shaving experience by lending the feel and elegance of a barber’s shave right in the comfort of your home.
Legacy Shave’s flagship invention is the shaving brush that attaches directly to the top of a regular shaving cream can. This enhancement allows the rich, foamy lather to be applied directly from the can, creating an even spread for a comfortable, clean shave.
Legacy Shave aims to bring back the lost art of shaving, highlighting the significance of this daily grooming routine. It assists in improving the skin’s health by exfoliating and ridding away dead skin cells, promoting new skin growth.
Legacy Shave encapsulates an ingenious product and a refined grooming culture, contributing an elevated experience to men’s daily routines.
Who Is The Founder Of Legacy Shave?
Legacy Shave was founded by brothers Mike Gutow and Dave Gutow, both graduates of Michigan State University. Mike, who completed his Bachelor of Arts in Business from Michigan State University’s Eli Broad College of Business in 1998, had a notable professional career and held significant positions in top companies.
He ran his management firm, Gutow Management, and headed the Save Lake St. Clair Organization from 2014 to 2017. However, Mike’s entrepreneurial spirit was always strong, and he shared a dream of establishing his own business with his brother, Dave.
The concept for their company, Legacy Shave, was born out of a unique shaving brush idea they conceived with their father. This product, the Evolution Shave Brush, initially proved challenging to manufacture due to its requirement for manual assembly. The brothers assembled about 200 units before putting their idea on hold.
However, following their father’s passing from cancer, the brothers discovered that he had assembled all 3000 units of the Evolution Shave Brush on his own. This discovery reignited their entrepreneurial passion, leading them to revisit their business plans and officially establish Legacy Shave in 2016.
The Evolution Shave Brush is a notable invention that improves the shaving experience. It incorporates a thin nozzle hidden inside the bristles, which connects to the hollow handle.
This handle can fit the mouth of any shaving cream or gel can, allowing for direct application and reducing wastage. The brush promotes a cleaner and smoother shave.
Before appearing on Shark Tank, Legacy Shave had already enjoyed a positive response from the market. The company had even patented its product and ran a successful Kickstarter campaign, earning the necessary capital to kickstart its business.
The Evolution Shave Brush was featured on The Sharper Image website in 2017 and also garnered several awards, including Top New Product at the 2019 ECRM Show.
Legacy Shave was also discussed on popular shows like ‘Good Morning America,’ ‘The View,’ and ‘Today,’ bolstering the company’s reputation before its Shark Tank appearance.
How Was The Shark Tank Pitch Of Legacy Shave?
When Legacy Shave’s founder Mike Gutow appeared on Season 14 of Shark Tank, he was there to pitch his unique company that designs innovative dispensers for all types and sizes of shaving cream containers.
He was seeking an investment of $300,000 in exchange for a 10% equity stake in his company, valuing Legacy Shave at $3 million.
Mike began his pitch by sharing a moving story about how his father, who had painstakingly assembled the first 3000 units of the Evolution Shave Brush, had inspired and encouraged him to pursue Legacy Shave even after his passing.
The standard-sized dispenser costs Mike approximately $5.40 to produce, and he had selected a price point of $24.99 for this unit, demonstrating solid profit margins.
Over the past five years, Legacy Shave has generated over $1 million in gross revenue and sold over 100,000 units. Mike had also obtained a patent to protect his design, which was also adaptable to other aerosol cans.
Despite these achievements, not all the sharks were convinced. Barbara Corcoran was the first to drop out, stating that she couldn’t envision investing in the company.
Mark Cuban followed suit, sharing a similar sentiment. Kevin O’Leary opted out due to the industry’s competitiveness, and Robert Herjavec also chose to step away from the negotiations.
Lori Greiner was Mike’s last hope for securing a deal, and she surprised everyone by offering to buy 100% of the company for $1 million while promising Mike a 3% royalty on all future sales in perpetuity.
Mike, however, wished to retain some ownership in his company. They finally agreed on a deal wherein Lori would purchase 95% of Legacy Shave for $700,000, allowing Mike to maintain a 5% stake.
Despite the unexpected events, there’s optimism that Lori Greiner will finalize her deal with Legacy Shave soon. Legacy Shave will likely continue to receive a lot of positive marketing attention due to the touching story behind its founding.
What Happened To Legacy Shave After Shark Tank?
After Legacy Shave’s appearance on Shark Tank, Lori Greiner acquired 95% equity in the company by investing $700,000. Mike and his brother Dave had been running the business for five years but had only achieved $1 million in total sales, which was considered relatively low.
It was mentioned that the founder lacked proper marketing skills, which may have contributed to the limited sales growth. Lori Greiner, known for her expertise in marketing, was expected to help grow the business.
With Lori’s involvement, the aim was to expand Legacy Shave and potentially reach a valuation of one billion dollars. As part of the deal, Mike retained a 5% equity stake in the company, giving him a potential share in future success.
The episode of Shark Tank featuring Legacy Shave resulted in a surge in product sales, with most of their inventory selling out within a week.
Legacy Shave also appeared on the QVC Tonight Show in November 2023, where it sold 2,500 units and gained 800 new customers. This exposure and increased customer base were positive indicators for the business.
Legacy Shave’s net worth was estimated to be between $0.1 million and $0.4 million in 2022, considering its sales performance up to that point. However, it was anticipated that under Lori Greiner’s guidance, the business had the potential for significant growth.
As of 2023, Legacy Shave was still in business, with its headquarters in Royal Oak, Michigan, United States. The company had a presence on Amazon, where customers rated their Evolution brush and shaving cream 4.3 out of 5.
Despite the founder’s initial lack of experience, Legacy Shave persevered, and their story inspired many.
Legacy Shave Shark Tank Update
Legacy Shave, a company founded by Mike and Dave Gutow, appeared on Shark Tank and experienced significant developments in its business. After showcasing their innovative product, the Evolution Brush, on the show, Legacy Shave attracted the attention of the Sharks and secured a deal.
Mike Gutow sought a $300,000 investment on Shark Tank for 10% equity in Legacy Shave. After negotiations, Lori Greiner acquired 95% equity in the company for $700,000 plus a 3% royalty on net sales for life.
Additionally, Robert Herjavec invested $700,000 for the entire company, retaining a 5% equity stake. Legacy Shave experienced growth following its appearance on Shark Tank.
Legacy Shave had achieved total sales of $1 million over five years before the show, with a net worth estimated to be between $0.1 million and $0.4 million.
The exposure from the show, combined with appearances on QVC Tonight Show and media features, contributed to the company’s expansion. The Evolution Brush, priced at $24.95, received positive reception on platforms like Amazon.
Legacy Shave’s Evolution Brush gained recognition beyond Shark Tank. The product was featured on The Sharper Image website and earned the Top New Product title at the 2019 ECRM Show.
Legacy Shave also received media coverage on shows like ‘Good Morning America,’ ‘The View,’ and ‘Today.’ Legacy Shave remains in operation after appearing on Shark Tank.
Legacy Shave is headquartered in Royal Oak, Michigan. Customers can purchase the Evolution Brush and other shaving-related products directly from Legacy Shave’s official website or Amazon.
Legacy Shave experienced growth and continued its operations after appearing on Shark Tank. The company secured a deal with Lori Greiner and Robert Herjavec, leading to increased exposure and recognition for their innovative Evolution Brush.
Legacy Shave’s presence on various media platforms and positive customer reception further contributed to its progress in the shaving product market.
Is Legacy Shave Still In Business?
According to our research, Legacy Shave is still in business as of 2023. Legacy Shave, founded by Mike and Dave Gutow in 2016, offers shaving products, including the Evolution Brush, which aims to reduce shaving cream waste and provide a superior shaving experience.
Legacy Shave has experienced significant sales growth after appearing on Shark Tank and receiving investments from Lori Greiner and Robert Herjavec. Legacy Shave continues to sell its products on its official website and platforms like Amazon, where Evolution Brush has received positive customer reviews.
Legacy Shave is headquartered in Royal Oak, Michigan. The company’s net worth is estimated to be between $0.1 million and $0.4 million, and it has generated $1 million in sales.
Despite initial stock shortages, Legacy Shave has gained new customers and received positive feedback for its integrated brush and cream products. Legacy Shave remains in operation and continues to offer its shaving products to customers.
What Is the Net Worth Of Legacy Shave?
According to our research, the net worth of Legacy Shave is estimated to be $1 million as of 2023. Legacy Shave’s valuation was near $725,000 after securing an investment from Lori Greiner on Shark Tank.