Mike Gutow came onto
Shark Tank Legacy Shave Update
- Entrepreneurs: Mike Gutow
- Business: Grooming / Shaving Brush
- Ask: $300,000 for 10% equity
- Result: $700,000 for 95% equity
- Sharks: Lori Greiner
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.
The days of the traditional shave brush, shave stand, & 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.
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.
However, Barbara Corcoran couldn’t see herself investing, so she dropped out first. Mark Cuban shared a similar opinion, so he also dropped out of the negotiations.
Kevin O’Leary decided to drop out of the negotiations because the industry was too competitive. Robert Herjavec also dropped out, which meant that Mike’s last chance at securing a deal was with Lori Greiner.
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%.
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.
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.
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Jeremy is a regular contributor at Shark Tank recap. He has a ton of passion for the show and enjoys researching information about what all the companies are up to now. His favorite Shark Tank companies are The Cookie Dough Cafe and Kronos Golf!