Shaving is an essential part of many people’s daily routines, helping to maintain a clean and polished look. However, traditional shaving methods often result in wasted cream and unnecessary effort. Legacy Shave is here to change the game with its innovative approach, making the shaving experience more efficient, convenient, and mess-free.
Key Takeaways
- Innovative Product: Legacy Shave combines a shaving cream dispenser with an attached brush for effortless application and reduced waste.
- Shark Tank Success: Mike Gutow secured a deal with Lori Greiner for $700,000 in exchange for 95% equity and a 3% royalty.
- Business Growth: Despite challenges in 2023, Legacy Shave continues to expand, with a projected net worth of $820,000 by 2025.
- Future Plans: The company aims to improve supply chain management, expand product lines, and secure retail partnerships.
What is Legacy Shave?
Legacy Shave is a first-of-its-kind shaving cream dispenser that comes with an attached brush. With just a single pump, the brush releases the perfect amount of shaving cream, eliminating waste and ensuring an even application. The best part? This dispenser is designed to fit onto nearly any shaving cream bottle, making it universally compatible. It’s also a gender-neutral product, catering to both men and women alike.
The key benefits of Legacy Shave include:
- Reduces Waste: Dispenses just the right amount of cream with each pump.
- Mess-Free Shaving: Prevents unnecessary spills and excess cream buildup.
- Easy Application: The built-in brush ensures smooth, even coverage for a better shave.
- Universal Compatibility: Works with most shaving cream brands and bottle sizes.
- Travel-Friendly: Compact design makes it easy to carry and use anywhere.
The Inspiring Story Behind Legacy Shave
Entrepreneur Mike Gutow turned his late father’s dream into a thriving business. He and his brother initially wanted to gift their father a classic shaving brush nearly 30 years ago, but he wasn’t a fan of it. Determined to create something better, they began working on an upgraded version. Unfortunately, their early attempts ended up in storage, forgotten.
Years later, after their father passed away from cancer, they discovered 3,000 handcrafted Legacy Shave dispensers in his garage. Their father had been assembling them during his chemotherapy treatments. Along with the dispensers, he left a heartfelt note encouraging them to pursue the business idea. Inspired by their father’s determination, the Gutow brothers took the leap and brought Legacy Shave to life.
Legacy Shave’s Shark Tank Pitch
Mike entered the Shark Tank, seeking a $300,000 investment for 10% equity, valuing the company at $3 million. He captivated the Sharks with his engaging pitch, demonstrating how Legacy Shave reduces shaving cream waste while providing a smoother shaving experience. Even Mark Cuban stood up and applauded, calling it “the best presentation ever.”
The Sharks were given samples to try, and they were impressed by the product’s effectiveness. Robert Herjavec asked about pricing, and Mike shared that each unit retails for $24.95, with a production cost of $5.39. The sales history, however, raised concerns.
Mike revealed that Legacy Shave had sold 100,000 units over five years, generating $1 million in revenue. The breakdown of sales was as follows:
| Year | Sales ($) |
|---|---|
| Year 1 | 70,000 |
| Year 2 | 370,000 |
| Year 3 | 390,000 |
| Year 4 | 96,000 |
| Year 5 | 42,000 + $63,000 purchase order |
The declining sales trend worried the Sharks. Mike admitted that they had invested $400,000 into the business but struggled to maintain growth due to limited resources and supply chain challenges.
Did Legacy Shave Convince the Sharks to Invest?
One by one, the Sharks opted out:
- Barbara Corcoran praised Mike’s sales skills but felt he struggled with communication, so she declined.
- Mark Cuban didn’t see the financial viability and stepped out.
- Kevin O’Leary found the shaving industry too competitive and opted out.
- Robert Herjavec saw too many challenges and also passed.
Lori Greiner, however, saw potential in the product’s adaptability and its patented design. She initially offered $1 million for 100% equity with a 3% royalty on total sales. Mike countered with an offer to retain 5% ownership for $1 million with the same royalty. After some negotiation, Lori revised her offer to $700,000 for 95% equity with a 3% royalty, which Mike gladly accepted.
What Happened After Shark Tank?
After the episode aired, Legacy Shave saw a significant boost in website traffic and sales. The company sold out of its remaining stock within a week and had 800 customers with 2,500 units sold by November 2022.
However, 2023 presented challenges due to inventory shortages. Despite this, the company remained committed to expanding its product line and improving operations.
Legacy Shave Net Worth 2024
With an estimated 5% annual growth rate, Legacy Shave’s net worth in 2024 is approximately $780,000. The company has continued to refine its business strategy, focusing on better supply chain management and marketing expansion.
Legacy Shave Net Worth 2025
As the company continues to recover from supply chain issues and expands its reach, Legacy Shave is projected to grow steadily. Based on its current trajectory, improved marketing strategies, and retail expansion, the estimated net worth of Legacy Shave in 2025 is around $820,000. The company aims to increase revenue by launching new product variations, securing retail partnerships, and leveraging digital marketing to enhance its brand visibility.
Product Availability and Future Plans
Legacy Shave continues to operate as an online business, offering its unique shaving cream dispensers and expanding into razor blades. Customers can purchase products directly from their website, where discounts are available for bulk orders.
To further improve its business model, Legacy Shave is focusing on:
- Expanding its Product Line: Introducing more grooming accessories and bundles.
- Improving Supply Chain Management: Ensuring a steady stock to meet growing demand.
- Enhancing Marketing Strategies: Leveraging digital advertising, social media influencers, and online partnerships to increase brand awareness.
- Exploring Retail Partnerships: Expanding into brick-and-mortar stores and major online marketplaces like Amazon and Walmart.
Final Thoughts
Legacy Shave’s journey on Shark Tank Season 14 was filled with ups and downs. While the company’s sales history raised concerns, Lori Greiner’s investment provided the boost needed to scale production and reach more customers.
This innovative product is changing the way people shave, reducing waste, and making the process smoother and more efficient. Mike Gutow’s dedication to fulfilling his father’s vision is a testament to perseverance and passion. The future looks bright for Legacy Shave as it continues to grow and innovate in the grooming industry.
