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Legacy Shave is a shaving product that appeared on episode 07 of season 14 of Shark Tank. It is a company based in Detroit, Michigan that manufactures shave brushes designed to attach directly to shaving cream cans.
The Legacy Shave brush is the world’s first shave brush and dispenser. It offers a convenient and time-saving solution for a smooth and comfortable shave.
Legacy Shave brushes are compatible with cans of shaving cream from any brand. This means that users can easily attach the brush to their preferred shaving cream can, eliminating the need for a separate brush and saving valuable time during the shaving routine.
The brush is designed to be of premium quality, with soft bristles that provide a pleasant and comfortable experience while applying the shaving cream.
The Legacy Shave brush also ensures that the shaving cream is applied evenly, helping to open up pores and lift hair follicles for a closer shave while reducing the risk of bumps and burns.
Legacy Shave has received positive customer reviews, with many praising its barbershop-quality performance and its convenience. The product has an overall rating of 4.3 out of 5 stars on Amazon, with two-thirds of reviewers giving it a 5-star rating.
Customers appreciate the softness of the brush, the ease of use, and the pleasant scent of the shaving cream. Legacy Shave is a shaving product combining a shave brush and dispenser.
Its compatibility with any shaving cream can, premium quality brush and positive customer reviews make it an excellent choice for those looking for a convenient and effective shaving experience.
| Company Name | Legacy Shave |
| Entrepreneur | Mike Gutow and Dave Gutow |
| Product | A shaving brush attached to a shaving cream can be 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 |
| Shark | Lori Greiner |
| Episode | Season 14, Episode 7 |
| Business Status | In Business |
| Website | Visit Website |
| Net Worth | $1 Million |
What Is Legacy Shave?
Legacy Shave is a company that offers a unique and innovative shaving experience for men. Legacy Shave Brush combines traditional shaving brush technology with modern shaving cream to enable users to apply shaving cream directly from the can.
The Legacy Shave Brush is patented for its brush-lathering technology, which lifts and stimulates hair follicles, resulting in a clean, close shave. It brings back the charm of old-world shaving and evokes nostalgia for traditional grooming. Legacy Shave aims to make shaving enjoyable again.
Legacy Shave also markets a variety of custom hydro-dipped brushes, including camo, carbon fiber, and wood grain designs. These accessories enhance the overall shaving experience and provide a personalized touch.
Legacy Shave Brush customers praise its effectiveness in preventing ingrown hairs and rashes. The brush is durable and long-lasting, making it a worthwhile investment.
Legacy Shave offers men a modern take on traditional shaving, providing the ultimate shaving experience through its products.
Who Is The Founder Of Legacy Shave?
The founders of Legacy Shave are brothers Dave and Mike Gutow. They conceived the idea of creating Legacy Shave while in college. Their father played a crucial role in assisting them in creating a functional prototype for their innovative shaving brush concept.
Initially, the brothers made a prototype that proved an encouraging proof of concept. However, due to their young age and imminent graduation from college, they were not quite ready to start a business then. They ordered 3,000 unassembled units but only assembled 200 units without actively promoting the product.
Tragically, their father passed away after a long battle with cancer. Dave and Mike discovered their father had secretly assembled all 3,000 units and stored them under his workbench while cleaning their parents’ basement. This discovery inspired the brothers to revive the idea and turn it into a reality.
After making product improvements, securing design and utility patents, and paying tribute to their late father by naming the company Legacy, the brothers launched a Kickstarter campaign to raise initial seed money. The campaign was a resounding success, surpassing its funding goal within 24 hours.
Before appearing on Shark Tank, Legacy Shave had already established itself as a thriving business with a range of premium shaving products. Their Legacy Shave Brush, which combines an old-fashioned shaving brush with a modern shaving cream can, has gained popularity among customers.
The brush dispenses premium shaving cream through its bristles, allowing for easy lather creation without the mess of a traditional brush and bowl.
Legacy Shave offers a superior shaving experience with less irritation and fewer razor bumps and contributes to reducing landfill waste. Their products, including the shaving brush and premium shaving cream, are designed to last four times longer than traditional shaving cream cans.
Legacy Shave had laid a strong foundation before its appearance on Shark Tank, thanks to the determination and ingenuity of its founders, Dave and Mike Gutow.
How Was The Shark Tank Pitch Of Legacy Shave?
In the Season 14 Shark Tank pitch, Legacy Shave founder Mike Gutow presented his company’s unique dispensers for shaving cream containers. The pitch began with a touching story about how Mike’s late father inspired him to start the business.
Mike requested a $300,000 investment in exchange for a 10% equity stake in Legacy Shave. He explained that the cost to produce a standard-sized dispenser was around $5.40, while the retail price was $24.99, providing decent profit margins.
Barbara Corcoran and Mark Cuban expressed their lack of interest in investing, followed by Kevin O’Leary, who dropped out due to the competitive nature of the industry.
Robert Herjavec also opted out, leaving Lori Greiner as the last chance for a deal.
Surprisingly, Lori offered to buy 100% of the company for $1 million and give Mike a 3% royalty on all sales in perpetuity. However, Mike desired to retain a small percentage of ownership in the company.
Ultimately, Mike and Lori agreed that Lori would invest $700,000 for a 95% equity stake in Legacy Shave, allowing Mike to retain 5% ownership.
The table below summarizes the investment offers and final deal:
| Shark’s Name | Investment Offered | Counter Offer by Founders | Final Deal Accepted |
| Barbara Corcoran | N/A | N/A | N/A |
| Mark Cuban | N/A | N/A | N/A |
| Kevin O’Leary | N/A | N/A | N/A |
| Robert Herjavec | N/A | N/A | N/A |
| Lori Greiner | $1 million for 100% equity and 3% royalty on all sales in perpetuity | $700,000 for 95% equity, allowing the founder to retain 5% ownership | $700,000 for 95% equity, with the founder retaining 5% ownership |
Ultimately, Legacy Shave’s Shark Tank pitch resulted in an investment offer from Lori Greiner. The founders initially received an offer to sell the entire company for $1 million, but they negotiated a deal where Lori invested $700,000 for a 95% equity stake while allowing the founder to retain 5% ownership.
Did Legacy Shave Get a Deal on Shark Tank?
Yes, Legacy Shave did get a deal on Shark Tank. Founder Mike Gutow appeared on Season 14 of Shark Tank, seeking a $300,000 investment for 10% equity in the company.
After negotiations, Lori Greiner acquired 95% equity in Legacy Shave for $700,000 plus a 3% royalty on net sales for life. This means that Mike retained a 5% equity stake in the company.
The deal with Lori Greiner and Robert Herjavec increased exposure and recognition for Legacy Shave’s innovative product, the Evolution Brush.
What Happened To Legacy Shave After Shark Tank?
After appearing on “Shark Tank,” Legacy Shave, a Michigan-based company that developed a brush attachment for shaving cream cans, received mixed responses from the sharks.
Lori Grenier offered $1 million for the entire business and a lifetime royalty of 3% of net sales. The deal was negotiated, allowing Mike Gutow to retain 5% of the company, but the investment dropped to $700,000.
Following the show, Legacy Shave experienced the “Shark Tank” effect and sold most of its inventory within a week. In November 2022, the company debuted the holiday gift edition of QVC and gained 800 new customers, selling 2,500 units.
Legacy Shave is still in business and sells its products primarily through its website. The company has had some issues with product availability in the past but has been able to address them.
Legacy Shave remains active on social media platforms like TikTok and Facebook, with a presence on Instagram and Twitter. The company’s estimated net worth in 2023 is $730,000.
Looking ahead, Legacy Shave aims to continue growing its customer base and expanding its product offerings. Mike Gutow is confident in the business’s future success and is optimistic about moving into larger premises.
Legacy Shave Shark Tank Update
After appearing on Shark Tank, it experienced significant business developments. The company, founded by Mike and Dave Gutow, showcased their innovative product, the Evolution Brush, on the show, attracting the attention of the Sharks and securing a deal.
Lori Greiner, known for her expertise in marketing, acquired 95% equity in Legacy Shave for $700,000 plus a 3% royalty on net sales for life. This investment allowed the company to grow and expand its operations.
Legacy Shave’s appearance on Shark Tank resulted in a surge in product sales, with most of their inventory selling out within a week. The company also gained exposure through appearances on QVC Tonight Show and media features.
The Evolution Brush, priced at $24.95, received positive reception on platforms like Amazon, where customers rated it 4.3 out of 5. Legacy Shave’s net worth was estimated to be between $0.1 million and $0.4 million before Shark Tank, and it has generated $1 million in sales over five years.
Despite initial stock shortages, Legacy Shave continued to gain new customers and receive positive feedback for its integrated brush and cream products. The company continues operating, selling its products through its official website and platforms like Amazon.
In summary, after appearing on Shark Tank and securing a deal with Lori Greiner, Legacy Shave experienced growth and continued its operations.
The company’s exposure on various media platforms and positive customer reception contributed to its progress in the shaving product market.
Is Legacy Shave Still In Business?
Yes, Legacy Shave is still in business. Founded by Mike and Dave Gutow, Legacy Shave offers a unique shaving experience with its combination of a shaving foam can and brush.
After appearing on the popular TV show Shark Tank in 2022 and securing a deal with investor Lori Greiner, Legacy Shave saw a significant increase in orders.
Although they experienced temporary stockouts in April 2023, their products are currently available on various platforms, including Amazon, Walmart, QVC.com, and their official website, LegacyShave.com.
They also cater to wholesale partners who can buy their products in bulk. Legacy Shave has received positive customer feedback, with an average rating of 4.3 stars on Amazon. The company is estimated to be worth $1 million.
Despite Lori Greiner’s promotion of the product on Twitter, it is unclear whether the deal with her has been finalized.
What Is the Net Worth Of Legacy Shave?
According to our research, Legacy Shave’s net worth is estimated at $1 million. The valuation of Legacy Shave was $736,842 after securing an investment from Lori Greiner on season 14 of Shark Tank.
Also, read about other businesses that appeared in episode 07 of season 14 of Shark Tank:
