Legacy Shave is a company that manufactures the Evolution Brush, an innovative shaving brush designed to attach to any shaving cream or gel can. This premium-quality brush helps minimize waste by efficiently dispensing shaving cream.
Featuring a variety of custom designs, the Evolution Brush is easy to use; users simply attach it to the shaving cream can, press the brush, and a controlled amount of cream is released.
This allows for a more precise application on the face while reducing foam waste. In addition to the Evolution Brush, Legacy Shave offers a range of products, including shaving blades, nail grooming tools, soaps, and more, all with customized brush options.
The Evolution Brush is priced at $24.95, while the Legacy Shave Cream costs $9.95.
| Company Name | Legacy Shave |
| Founder | Mike Gutow and Dave Gutow |
| Founded | 2016 |
| Product | World’s First Shave Brush Attached to A Can of Shaving Cream |
| Asked For | $300K for a 10% equity |
| Final Deal | $700K + a royalty of 3% of net sales in perpetuity for 95% of the company |
| Shark | Lori Greiner |
| Episode (Shark Tank USA) | S14 E7 |
| Air Date | Nov 18, 2022 |
| Business Status | In Business |
| Website | Visit Website |
| Headquarters | Royal Oak, Michigan, United States |
| Go To Amazon | Buy Now |
Another Shark Tank Pitch
Who Is The Founder Of Legacy Shave?
Legacy Shave Company is co-owned by brothers Mike Gutow and Dave Gutow, who launched the business together in 2016. Mike has a background in environmental advocacy, having run the Save Lake St. Clair Organization for three years.
He holds a Bachelor of Arts degree in Business from Michigan State University, where Dave also completed his studies. Together, they leverage their educational and entrepreneurial experiences to develop innovative shaving products.
How Was The Shark Tank Pitch Of Legacy Shave?
Mike Gutow entered Shark Tank seeking $300,000 for a 10% equity stake in his company, Legacy Shave. He presented his innovative product, the Legacy Shave’s Evolution Brush, during an impressive demo that captivated the sharks.
Mike highlighted the vast potential of the global shaving industry, valued at $50 billion, and received high praise from Mark Cuban, who remarked that it was the best presentation he had ever seen.
The Evolution Brush retails for $24.95, with a manufacturing cost of $5.39. Mike shared the story behind the business, detailing how his father had assembled 3,000 units before passing away, leading him and his brother to discover the venture. By November 2022, Legacy Shave had sold over 1,000 units, generating millions in revenue over five years.
Their sales figures included $70,000 in Year 1, $70,000 in Year 2, $390,000 in Year 3, and $96,000 in 2021. As of 2022, they had recorded $42,000 in sales and held $63,000 in purchase orders.
Mike had personally invested $400,000 into the business. However, after evaluating the pitch, Barbara Corcoran decided she was not the right investor for the company and exited. Mark Cuban, Kevin O’Leary, and Robert Herjavec also opted out, citing that the business wasn’t a fit for them.
Lori Greiner then made an offer of $1 million for 100% equity, with a 3% royalty on net sales for life. Mike countered with a proposal of $1 million plus a 3% royalty on net sales in perpetuity for 95% equity.
Mark Cuban acknowledged Mike’s savvy negotiation skills, prompting Lori to adjust her offer to $700,000 plus a 3% royalty on net sales in perpetuity for 95% equity in the company.
Finalize: Robert Herjavec invested $700,000 for the entire company while allowing it to retain 5% equity.
What Happened To Legacy Shave After Shark Tank?
Lori Greiner acquired 95% equity in Legacy Shave by investing $700,000 in the company. Founded by Mike and his brother Dave, Legacy Shave had generated a total of only $1 million in sales over five years, indicating a need for improved marketing strategies.
Despite Mike’s personal investment of $400,000, the sales figures suggested a significant opportunity for growth that Lori, known for her marketing expertise, could potentially capitalize on.
Mike highlighted the vast global market size of the shaving industry, valued at $50 billion, which further emphasizes the potential for Legacy Shave to expand its reach. If Lori successfully scales the business to a billion-dollar valuation, Mike retains a 5% equity stake in the company.
Following the airing of the Shark Tank episode, public interest surged, leading to the quick sellout of Legacy Shave products within a week. The company also appeared on the QVC Tonight Show in November 2023, where it sold 2,500 units and attracted 800 new customers.
We cannot thank everyone enough for this special time in our business and your continued support. Dad, I hope you are watching and seeing what our invention with you 28 years has become. Your Legacy lives on. This is just an amazing journey and we appreciate all of our customers new and old for this special moment.
Instagra/legacyshave
Mike’s heartfelt pitch, which included personal anecdotes about his father’s battle with cancer, resonated with the sharks and viewers alike, particularly touching Kevin O’Leary.
As of November 2022, Legacy Shave’s lifetime sales stood at approximately $1 million. The journey of Lori Greiner and Mike Gutow, along with their evolving business, will be closely followed for further updates.
What Is Legacy Shave Net Worth?
As of 2022, Legacy Shave had been operating for five years, yet it struggled to achieve significant sales during that time. Based on analysis, the estimated worth of the company ranges from $100,000 to $400,000.
Yes, Legacy Shave is still in business as of November 2022.
