Shark Tank Legacy Shave Cream – The Legacy Shaving system also cuts down on landfill waste as it lasts about 4 times as long as a traditional shaving cream can. Legacy’s Premium Shaving Cream is made with reverse osmosis filtered water which removes impurities, and has aloe which will help heal and replenish moisture to your skin.
Legacy Shave also sells premium razors, soaps and shaving accessories. 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. Even better, Mike had a patent to protect his design and it worked on other aerosol cans as well.
Shark Tank Legacy Shave Cream
Since the original Evolution Shave Brush had gotten pretty outdated in 2016, Mike and Dave returned to the drawing board and developed several prototypes to make the product sleeker and more convenient.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 brother managed to perfect the design and launched a successful Kickstarter campaign after getting a patent for the product, which gave them the capital needed to start their company.
Where Is Legacy Shave Today?
Mike and Dave were pleasantly surprised by the positive response their product received right after launch. After a few product improvements, they secured design and utility patents and named their company Legacy in honor of their father.
For initial seed money they launched a Kickstarter campaign and surpassed their funding goal in just 24 hours. With Lori buying out the majority of the company, you’re probably pretty curious about our Legacy Shave update.
While we don’t have any news quite yet, it seems extremely likely that Lori Greiner will finalize her deal with Legacy Shave in the near future. Lori Greiner has bought out 95% of the equity in this shaving company by paying $700k to Mike.
Mike and his brother Dave have been running this business for 5 years, but this business has sold a total of $1 million. In the first year, they did $70,000 in sales and they did not get any profit from this sale.
What Happened To Legacy Shave After Shark Tank?
$70,000 in sales in Year 2, $390,000 in Year 3, and $96,000 in 2021. So far in 2022 they have made $42,000 in sales and have $63,000 in purchase orders. Mike’s business story is an inspiration to many.
Mike and his brother faced a lot of difficulties in starting this business. The founder of this company is not an expert and he had no prior experience of running the business. The emotional legacy and story of this company will likely result in a lot of positive marketing from the public eye.
Once we get more news on a Legacy Shave update, we will be sure to let you know. In the meantime, you can check out its website for more information. The original Legacy Shave Brush was created more than 20 years ago by brothers Dave and Mike Gutow while they were still in college.
Their father assisted them in creating a functional prototype for their idea, which was an encouraging proof of concept despite its simple form. Therefore, after graduating from university, both the brothers got together with their father and came up with the concept of the Evolution Shave Brush.
Is Legacy Shave Still In Business?
However, when they manufactured the first batch of about 3000 units, they realized that the product required manual assembly. While on the show, Mike mentioned that they assembled about 200 units before giving up on their idea.
Subsequently, Mike went on to head his own management firm, Gutow Management, and ran the Save Lake St. Clair Organization from 2014 to 2017. Mike has personally invested $400,000 in this business so far. Barbara Corcoran said that she is not the right investor for this business then she is out.
Mark Cuban says this business is not a fit for him then he is out. Mike and Dave’s father passed away from cancer, it was a sad moment for both the brothers. After this both these brothers started cleaning the basement of their father’s house where their mother and father lived for 40 years.
The Legacy Shave Brush w/ Premium Legacy Shave Cream with Aloe offers “The Ultimate Shaving Experience” by stimulating and lifting the hair follicles allowing the users an enhanced experience with the cleanest, closest shave possible. It also reduces the amount of shaving cream used, saving the users money.
How It Started
Most importantly, it makes shaving fun again. It is the world’s first shaving brush attached to a can of premium shaving cream. It gives a more elegant shaving experience. hands free of foam. Legacy Shave Company is owned by Mike Gutow and co-owned by his brother Dave Gutow.
Mike has run the Save Lake St. Clair Organization for 3 years. Mike earned a Bachelor of Arts – BA in Business from Michigan State University. They worked to refine the design, had product molds professionally made, and ordered the production of 3,000 (unassembled) units.
Despite the fact that the invention was a good one, the brothers ended up assembling only 200 units, and no real attempt was made to promote the product. They were young, about to graduate college, and just weren’t ready to start a business.
The brushes are available in several different patterns and colors but fall within the price range of $19.95 and $44.95. Additionally, the company sells gift sets, bundles, and shaving cream priced between $9.95 to $199.50. It is honestly inspiring to witness Mike and Dave’s success, and we are confident that Legacy Shave will grow even further in the near future.
Who Is The Founder Of Legacy Shave?
The Legacy Shaving Brush stimulates and lifts hair follicles for a super close shave with less irritation and fewer razor bumps. Brushes come in four styles (black, carbon fiber, camo, and wood grain) and can be removed from the can to reuse with Legacy Shaving Cream refills.
In ABC’s ‘Shark Tank’ season 14 episode 7, we witnessed entrepreneur Mike Gutow present his company, Legacy Shave, hoping for a life-changing investment from the Sharks. Anyone who shaves regularly knows how difficult it is to spread the lather around with a shaving brush.
Besides, more often than not, we don’t get to experience real shaving cream and have to do with shaving soap. Mike Gutow came onto Shark Tank during Season 14 to pitch his company Legacy Shave. The company designs unique dispensers for all types and sizes of shaving cream containers.
Let’s see if Mike Guto can secure $300,000 in exchange for 10% equity in his business. We will also provide you with the Legacy Shave update after we get you up to speed with the negotiations.
What Is Legacy Shave Net Worth?
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. Mike and Dave’s father passed away from cancer about 17 years after they had initially planned to bring the Evolution Shave Brush to the market.
By then, the brothers knew that their idea had failed and were ready to put a stop to the business. However, while clearing the attic, they discovered that their late father had put together all 3000 units on his own.
Encouraged and touched by this act, Mike and Dave revisited their plans of starting their own company and co-established Legacy Shave in 2016. Legacy Shave aims to solve those issues through a unique brush with a nozzle inside that can be attached to a shaving cream can for a smoother experience.
How Was The Shark Tank Pitch Of Legacy Shave?
With the product appearing to be quite interesting, we decided to jump in and trace the company’s growth. It has been 5 years in the running of this company in 2022 but this company has not done much good sales.
After doing some analysis, we think this Legacy Shave would be worth $0.1 million to $0.4 million. The growth of this business under Lori can be very good. The company got a deal in Shark Tank at a valuation of $736k.
The Legacy Shave Brush is a combination of an old fashioned shaving brush and a modern shaving cream can. Premium shaving cream is dispensed through the bristles of the brush, making it easy to work up a lather without the mess of a traditional brush and bowl.
Surprisingly, she offered to buy 100% of the company for $1 million and would give Mike a 3% royalty on all sales in perpetuity. Despite the generous offer, Mike wanted to hold onto a small percentage of the company, so they came to an agreement of $700,000 for 95% of Legacy Shave, which would allow Mike to still own 5%.
Legacy Shave Who Are They And What Do They Do?
The days of the traditional shave brush, shave stand, and shave bowl are over! With its award-winning All-in-One design, our evolution shaving cream brush brings together a premium can of shaving cream (with Aloe) and an attachable shave brush.
The Legacy Shave Brush is truly the next evolution in shaving. It combines old world technology of the shaving brush with today’s modern shaving cream cans. In the comforts of their homes or while traveling, “The Legacy Shave Brush” enables the users to go straight from the can through the brush to the face/body.
This allows the users to bring back that old world heritage charm that shaving instills in all of us, reminding us of our grandparents’ age of shaving. Mike Gutow entered Shark Tank with his company Legacy Shave and demanded $300K for a 10% equity from the shark.
Mike pitches the shark very well and also tells that his global shaving industry is worth $50 billion. Moreover, The Sharper Image featured the product on its website in 2017. The brush also earned several awards, including the title of Top New Product at the 2019 ECRM Show.
It has been talked about in several popular shows like ‘Good Morning America,’ ‘The View,’ and ‘Today.” Those interested in getting their hands on the Evolution Shave Brush can purchase one from the company’s official website or the online retail giant.
Amazon. After a moving story about how Mike’s dad helped them create Legacy Shave and encouraged him to start the business after he passed away, the sharks got down to business. A standard-sized dispenser costs about $5.40 for Mike to produce.
He has selected a price point of $24.99 for the standard-sized unit, which means his margins are decent. At its core, the Evolution Shave Brush is a regular shaving brush with a thin nozzle hidden inside the bristles.
The nozzle connects to the hollow handle, which in turn fits the mouth of any shaving cream or gel cans, allowing the customer to use the product directly from the container. Besides, it reduces wastage and helps in a cleaner as well as smoother shave.
Sadly, their father died after a long fight with cancer. After his passing, while Dave and Mike were cleaning up their parent’s basement, they discovered their father had assembled all 3,000 units and tucked them away under his workbench.
This was the inspiration the brothers needed to revive the idea and make the business a reality. The brain behind Legacy Shave, Mike Gutow, completed his Bachelor of Arts degree in Business from the Michigan State University – Eli Broad College of Business in 1998. While Mike had an illustrious professional life and held several prestigious positions for top companies throughout his career,
he was always interested in starting his own business. Sharing that dream was his brother and Michigan State University alum, Dave Gutow, and the two were always on the lookout for new ideas. • Stimulates & Lifts Hair Follicles
• Cleaner, Closer Shaves • Less Irritation/Fewer Razor Bumps • Makes Shaving Fun Again • Shave Can Last Up To 4X Longer • Refreshing & Enhanced Shaving Experience • Less mess, Less Waste • Greener For Earth/Fewer Shave Cans In Landfills
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Emma Nehls is a military writer and historian with a passion for exploring the intricacies of warfare and the human experience within the military. With extensive knowledge and a deep understanding of military strategy, tactics, and historical contexts, Nehls brings a unique perspective to his writings.
