If you are willing to know about Legacy Shave net worth 2023 then you are in the right place. In this particular blog post, we are going to cover Legacy Shave net worth including history.
Legacy Shave net worth: A unique shaving cream brush called Legacy Shave was created. On November 18, 2022, it was featured in Shark Tank season 14 episode 7. Mike Gutow, the founder of Legacy Shave, and his brother Dave entered the competition hoping to win $300k for 10% equity.
But how did Legacy Shave get to this point in its financial standing after Shark Tank? Let’s learn more about Legacy Shave net worth, the story of Legacy Shave, the founders of Legacy Shave, and the business. Must check Scrubbie’s Net Worth.
Story of Legacy Shave
Legacy Shave was created by brothers Dave and Mike Gutow in 2016. The idea for the product came to them over 20 years ago, when they were in college. They were inspired by their father, who was a master craftsman and woodworker. He helped them to produce a working prototype of the Legacy Shave brush, which was a primitive design but it actually worked.
The brothers had grand plans for the product, but life got in the way. They graduated from college, got married, and started families. The Legacy Shave brush was put on the back burner for many years.
In 2016, Dave and Mike’s father passed away after a long battle with cancer. While cleaning out his basement, they found a dozen boxes of the Legacy Shave brushes that their father had been storing. They decided that it was time to finally launch the product in honor of their dad.
The Legacy Shave brush is a patented product that allows users to go straight from the can through the brush to the face/body. It is a more traditional way to shave, and it is said to be more effective than using a cartridge razor. The brush also helps to reduce waste, as it requires less shaving cream.
Legacy Shave summery
| Company Name | Legacy Shave |
| Founder | Mike Gutow and Dave Gutow |
| Establish | 2016 |
| Product | Shaving Cream can and attachable shave brush |
| Asked equity | $300K for a 10% equity |
| Final Deal | $700K + 3% of net sales in perpetuity for 95% of the company’s revenue |
| Shark | Lori Greiner |
| Episode | Season 14 Episode 7 |
| Date | 7 Friday, November 18, 2022 |
| Headquarters | Royal Oak, Michigan, USA |
Shark Tank Appearance
Shark Tank’s Appearance is a great contribution to Legacy Shave net worth. The CEO and founder of Legacy Shave, Mike Gutow, entered the Tank and requested $300k in investment for 10% of his high-end shaving brush company.
They presented their product, the Legacy Shave brush, which is a patented shaving brush that attaches to any can of shaving cream. The brush is designed to exfoliate the skin, lift the hair follicles, and create a richer, thicker lather. This results in a closer, more comfortable shave. Also, check Mason Gooding’s Net Worth.
The Sharks were initially skeptical of the Legacy Shave brush. They questioned whether it was really necessary and whether it would be successful. However, they were eventually won over by the brothers’ enthusiasm and the product’s potential.
Lori Greiner was particularly impressed by the product. She saw the potential for Legacy Shave to be a major success and she was willing to invest a significant amount of money in the company. Lori offers to pay $1 million for 100% of Mike’s company and, on top of that, to pay him a 3% royalty on net sales every year going forward.
The Gutows were initially hesitant to accept Greiner’s offer, as they wanted to retain more equity in their company. The other Sharks appear to think that Lori was taking advantage of Mike after she modifies her offer to $700k for 95% of the business. However, Mike continued, “I’m ready to take a $300k risk. I still want to own stock in this business with my brother. I’ll take that deal, Lori, for $700k, and we keep 5% of our company.
Here is a transcript of the conversation between the Gutows and the Sharks:
Mike Gutow: We’re here today to talk about a product that’s going to change the way you shave.
Lori Greiner: Oh, really?
Mike Gutow: Yeah. It’s called the Legacy Shave brush. It’s a patented shaving brush that attaches to any can of shaving cream.
Robert Herjavec: So, what does it do?
Mike Gutow: It exfoliates the skin, lifts the hair follicles, and creates a richer, thicker lather. This results in a closer, more comfortable shave.
In response to Robert Herjavec’s initial query, Mike states that their cost is $5.35 and that they charge $24.95 for the premium shaving brush and a can of their branded shaving cream. The brush is also available separately for $19.95.
Kevin O’Leary: So, it’s basically a shaving brush?
Mike Gutow: It is, but it’s more than that. It’s also a dispenser. You can put any shaving cream in it and it will dispense it evenly.
Mark Cuban: So, why do I need this?
Mike Gutow: Because it’s better than a regular shaving brush. It’s more efficient, it’s more comfortable, and it gives you a closer shave.
Barbara Corcoran: How much do you sell it for?
Mike Gutow: We sell it for $24.95.
Kevin O’Leary: That’s a little steep.
Mike Gutow: It’s worth it. It’s a great product.
Legacy Shave Net Worth 2023
According to available online information, Legacy Shave net worth exceeds $730k in 2023. The company allegedly generated approximately $96k in sales during the year it appeared on the show. Furthermore, it is stated that Mike and his family initially invested around $400k to establish the company.
Additionally, the sources suggest that Legacy Shave managed to sell over 100k units and generate around $1 million in revenue within the five years leading up to its appearance on the show.
However, since the episode recently aired, there is limited information regarding the specifics of the deal that took place in April 2023.
As for the founders, Mike Gutow and Dave Gutow, it is claimed that Legacy Shave net worth as of 2023 is $50k.
Is legacy shave still in business?
Based on available online records, Legacy Shave remains operational as of April 2023. The company experienced success through a Kickstarter campaign, garnering significant attention and receiving positive responses. It achieved further exposure by being featured on popular shows such as Good Morning America, Today Show, and QVC following its appearance on Shark Tank.
After the Shark Tank episode, Legacy Shave introduced a special product related to the show. While their social media presence is not regularly updated, their official website still offers the product for sale.
Given the recent airing of the Shark Tank episode, details about the deal and the company’s most recent revenue update are not yet available.
Conclusion
We have done Legacy Shave net worth and now it’s your turn to know about what happened between shark tank and legacy shave net worth. In this blog post, we have covered some unknown facts that you should know.
If you have any questions then feel free to comment down your thoughts.