Legacy Shave Net Worth Shank Tank Update

Man JoeFeb 1, 2024

4 minutes read

What is Legacy Shave Net Worth? Shaving is an essential aspect of every man’s hygiene routine, but the traditional method of applying shaving cream by hand is untidy.

Legacy Shave claims to deliver the “ultimate shaving experience” by combining a shaving foam can and a brush. Founder Mike Gutow appeared on Season 14 of Shark Tank and signed a contract with Lori Greiner. Legacy Shave is projected to be valued at $1 million.

Michael Gutow Biography

Mike Gutow is from St. Clair Shores, Michigan, and holds a bachelor’s degree in business from Michigan State University. Only Mike appeared on television, yet he is not the only founder.

There’s also his brother, Dave Gutow, and their deceased father. However, very little is known about the two. Mike, on the other hand, worked in business for many years before becoming an entrepreneur.

Gutow Management, a real estate firm, was his major business initiative. In 2014, he founded the philanthropic group Save Lake St. Clair in an effort to protect the lake from further contamination.

Founding Legacy Show

Dave and Mike came up with the idea for a shaving brush with an attached shaving foam can while they were still in college. They told their father about the idea, and he helped create a prototype.

The brothers initially delayed launching the product due to employment commitments. When their father died of illness, the Gustow brothers learned that he had secretly stored over 3,000 brushes in his basement.

They took it as a sign and launched the product in 2016. They named it the Legacy Shave to honor their father. In 2019, they redesigned, launched a Kickstarter campaign, and exceeded their target in less than a day.

Getting on the Shark Tank

Over time, the startup has attracted a lot of attention from prominent media publications. This encompasses The View, Good Morning America, and Today. However, the founders required more than just exposure.

They wanted to seek funds to keep up with expanding demand and expand the firm. Mike applied to participate in Shark Tank and was accepted by the producers. Lori agreed to contribute $700,000 for 95% of the business, while Mike preferred to preserve 5% as “schmuck insurance.”

After Shark Tank

The episode was emotionally charged, and Shark Tank exposure should have helped them sell over 1,000 copies. The show aired in November 2022, and there was a significant surge in orders in time for Christmas.

Currently, they only ship within the United States, except for Hawaii and Alaska. Their products were out of stock in April 2023 but are now accessible again.

Fans of the shaving tool can get it from Amazon, Walmart, QVC.com, and their official website, LegacyShave.com. They also offer it to wholesalers, who can purchase a 24-case pack for $37.19.

The product has a high rating on Amazon, with an average of 4.3 stars based on 217 customer reviews. This figure is projected to rise alongside their price. Legacy Shave is valued at approximately $1 million.

Bringing Lori on as a partner would be extremely beneficial to the company, but unfortunately, they gave away such a large portion of equity.

Lori will need to commit a significant amount of time and resources to ensure success. Despite this, it appears that the agreement with Greiner has not yet been completed. This is unexpected given how Lori promoted the product on Twitter after it aired.

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Legacy Shave After Shark Tank

Following Shark Tank, Lori paid Mike $700k for 95% of the equity. Their business has been operating for five years, but they have only sold $1 million.

Mike personally invested $400,000 in his business. Lori attempted to grow his business as a marketing specialist. After that, many tickets were sold out in a single week.

Following Shark Tank, the company sold 2500 units and acquired 800 new clients.

Legacy Shave Shark Tank Update

Mike Gutow pitched successfully on Shark Tank and shared his experience with the Sharks. Kevin O’Leary grew emotional after hearing him. Many customers purchased their goods after watching Shark Tank, and all received positive feedback.