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.
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.