Legacy Shave Shark Tank Net Worth-What Happened After Shark Tank?
What Is Legacy Shave? Who Founded Legacy Shave?
Legacy Shave is a company that manufactures Legacy Shave’s Evolution Brush, which is an attachment that attaches to any type of shaving cream and gel.
The brush prevents wastage of shaving cream and can be used anywhere. Mike Gutow started the company along with his brother Dave Gutow over twenty years ago while they were in college.
With help from their dad, they produced a working prototype of the Legacy Shave brush. It was a primitive design but it actually worked. This lead to having a mold made and the manufacturing of 3,000 un-assembled units.
Legacy Shave’s founders are Dave and Mike Gutow. They came up with the business idea about two decades ago while they were in college.
Mike started the company in 2016 with his brother Dave. Legacy Shave has been deemed “The Ultimate Shaving Experience” by many people.
In November 2022, Legacy Shave appeared on episode 7 of Shark Tank to pitch their product to investors.
They sought $300,000 for 10% equity in their company and ended up accepting an offer from Lori Greiner for $700,000 for 95% equity in the company.
What Happened To Legacy Shave At Shark Tank?
Legacy Shave appeared on Shark Tank in Season 14, Episode 7, on November 18th, 2022. Mike Gutow pitched his premium shaving brush business to the Sharks and asked for a $300k investment for 10% of his company.
After hearing about Mike’s father’s death due to cancer, Kevin O’Leary became emotional. However, Barbara Corcoran and Mark Cuban dropped out of the negotiations because they couldn’t see themselves investing in the company.
Kevin O’Leary also decided to drop out of the negotiations because he thought that the industry was too competitive.
Lori Greiner agreed to invest $700K + a royalty of 3% of net sales in perpetuity for 95% of the company. Many Shark Tank fans were upset with Lori’s deal and accused her of scamming Mike Gutow.
However, it is unclear why fans felt this way. The emotional legacy and story of Legacy Shave will likely result in a lot of positive marketing from the public eye.
What Happened To Legacy Shave After Shark Tank?
Legacy Shave is a company that appeared on Shark Tank in season 14, episode 7. The owners of the business, Mike and Dave Gutow, created a unique brush with a nozzle inside that can be attached to a shaving cream can for a smoother experience.
The product aims to reduce wastage and help in a cleaner as well as smoother shave. During their appearance on Shark Tank, Mike asked for $300,000 for 10% equity but ended up accepting $700,000 for 95% equity from Lori Greiner.
Since the show aired in 2023, there has been no update on Legacy Shave’s progress after Shark Tank. However, it is expected that Lori Greiner will finalize her deal with Legacy Shave in the near future.
According to sharktanktalks.com, Legacy Shave had produced more than $1 million in gross revenue over five years resulting in more than 100,000 unit sales over that timeframe. As of 2022, the company was estimated to be worth between $0.1 million to $0.4 million.
In conclusion, while there is no recent update on Legacy Shave’s progress after Shark Tank, it appears that the company has made some sales and revenue since its appearance on the show.
Table: Legacy Shave Shark Tank Summary
| TOPIC | INFORMATION |
| What is Legacy Shave? | It’s a company that manufactures Legacy Shave’s Evolution Brush that can be attached to any shaving cream and gel. |
| Founders | Dave and Mike Gutow |
| Shark Tank pitch | Sought $300,000 for 10% equity and accepted $700,000 for 95% equity from Lori Greiner. |
| Sales revenue | Produced more than $1 million in gross revenue over five years resulting in more than 100,000 unit sales. |
| Net worth | $665,000 at the time of Shark Tank pitch and estimated to be $730k USD as of 2023. |
| Business status | Still in business as of November 2022. |
Legacy Shave Shark Tank Net Worth
At the time of the shark tank pitch, Legacy Shave had an estimated net worth of around $665,000.Legacy Shave is a grooming and shaving brush company that appeared on Shark Tank America in November 2022.
The founders, Mike Gutow and Dave Gutow, asked for $300,000 for 10% equity but ended up accepting an offer of $700,000 for 95% equity from Lori Greiner.
Over five years, Legacy Shave had produced more than $1 million in gross revenue resulting in more than 100,000 unit sales over that timeframe.
The company has experienced tremendous growth and success since appearing on Shark Tank. They have secured additional funding and partnerships leading to an estimated net worth of $730k USD as of 2023.
Legacy Shave’s emotional legacy and story will likely result in a lot of positive marketing from the public eye. The future looks bright for Legacy Shave as they continue to grow their business and expand their product line.
Is Legacy Shave Still In Business?
Yes, Legacy Shave is still in business as of November 2022. The company has been selling its product for over five years and has produced more than $1 million in gross revenue, resulting in more than 100,000 unit sales over that timeframe.
In fact, Lori Greiner from Shark Tank bought out the majority of the company for $700,000 for 95% equity.
Legacy Shave Shark Tank Updates
Legacy Shave is a company that manufactures shave brushes which attach directly to shaving cream cans. The brush enhances the user experience and provides the cleanest, closest shave. It is the world’s first shave brush that attaches to a shaving cream can and prevents wastage of foam.
Legacy Shave was founded in 2016, and most of the company’s sales have been direct-to-consumer. The company saw quick sales growth from around $70k in its first year to sales revenues of $370k and $390k in its second and third years of trading.
Legacy Shave appeared on Shark Tank in Season 14, Episode 7, on November 18th, 2022. Mike Gutow, the founder and CEO, pitched to five of the regular Sharks: Mark Cuban, Lori Greiner, Barbara Corcoran, Kevin O’Leary, and Robert Herjavec. He entered the Shark Tank seeking $300,000 for 10% of his company.
After the episode aired, most of the products of Legacy Shave were sold out in just one week. The product also appeared on the QVC Tonight Show in November 2023.
Legacy Shave made a deal with Lori Greiner, valuing the business at a little over $700k. However, it is unclear whether or not the deal went through.
Since the original Evolution Shave Brush had gotten outdated in 2016, Mike and Dave returned to the drawing board and developed several prototypes to make the product sleeker and more convenient.
Ultimately, the brothers managed to perfect the product, reducing wastage and helping in a cleaner as well as smoother shave.
What Was The Outcome Of The Legacy Shave Shark Tank Pitch?
Legacy Shave founder Mike Gutow appeared on Shark Tank season 14 episode 7, seeking a $300,000 investment in exchange for a 10% stake in his shaving brush brand that could deliver a mess-free and clean shaving experience.
After all the sharks were out, Lori Greiner offered a deal to Legacy Shave founder Mike Gutow. She offered $700,000 for a 95% equity.
Kevin O’Leary was moved to tears when he heard the story of how Mike’s father left a prototype for the shaving brush and urged Mike and his brother to pursue their dream of launching the shave brush business.
Legacy Shave is a grooming and shaving brush company that was launched in 2016 by Mike and Dave Gutow to solve the shaving cream waste problem. The company’s brush was featured on Sharper Image and CBS 2 Chicago news.
After the Shark Tank episode aired, most of the products of Legacy Shave were sold out in just one week. The product appeared on the QVC Tonight Show in November 2023, where it sold 2,500 units and gained 800 new customers.
Lori Greiner has bought out 95% of the equity in Legacy Shave by paying $700,000 to Mike. Over five years, Legacy Shave had produced more than $1 million in gross revenue, resulting in more than 100,000 unit sales over that timeframe. Mike still owns 5% of the company.
While there is no news yet on a Legacy Shave update, it seems likely that Lori Greiner will finalize her deal with Legacy Shave in the near future. The emotional legacy and story of this company will likely result in a lot of positive marketing from the public eye.
Did Legacy Shave Get An Investment With Shark Tank?
Yes, Legacy Shave received an investment on Shark Tank. Mike Gutow, the founder of Legacy Shave, appeared on Shark Tank Season 14 Episode 7 and asked for $300,000 for a 10% equity at a $3 million valuation from the sharks.
Lori Greiner offered Mike $700,000 for 95% equity in the company. It is unclear whether Mike accepted the deal, but Lori Greiner has bought out 95% of the equity in the company by paying $700,000 to Mike.
As of November 2022, Legacy Shave had produced more than $1 million in gross revenue, resulting in more than 100,000 unit sales over five years.
