Legacy Shave appeared on ABC’s Shark Tank in its 14th season, with entrepreneur Mike Gutow presenting his innovative shaving product. Gutow sought a $300,000 investment in exchange for a 10% equity stake in his company. Legacy Shave offers a modern shaving cream brush that easily attaches to shaving cream cans, eliminating the need for a separate brush to lather shaving cream on the face.
The company’s unique dispensers work with all types and sizes of shaving cream containers, making it a versatile product for anyone who shaves regularly. Since its appearance on the popular reality show, many people are curious about the outcome of Legacy Shave’s pitch to the sharks and its progress after the show.
In this article, we will dive into the details of Legacy Shave’s presentation on Shark Tank, the response from the investors, and the company’s status after leaving the Tank. Stay with us to learn more about Legacy Shave’s journey and its impact on the shaving industry.
Legacy Shave’s Journey on Shark Tank
Pitch to the Sharks
Legacy Shave, founded by brothers Mike and Dave Gutow, presented their modern shaving cream brush to the sharks in the 14th season of Shark Tank. The product is designed to easily attach to a shaving cream can, eliminating the need for a separate brush to apply cream to the face.
Investment and Negotiation
During their pitch, the brothers sought a life-changing investment from the likes of Mark Cuban, Robert Herjavec, Lori Greiner, Barbara Corcoran, and Kevin O’Leary. The sharks listened intently as the entrepreneurs outlined the benefits of the Legacy Shave brush, including its ability to stimulate and raise hair follicles for an exceptionally close shave with reduced irritation and fewer instances of razor bumps.
After a period of deliberation, the sharks began making their offers and negotiating with the Gutows for a stake in their business. Some sharks opted not to invest, leaving others to continue discussions with the brothers.
Shark Backers
Ultimately, it was Lori Grenier who made a deal with Legacy Shave, investing in the company and its unique product. This partnership raised eyebrows among some viewers who felt Lori took advantage of the situation, given that no other sharks were willing to invest.
Despite any controversy, the partnership between Lori and Legacy Shave has continued, and the company’s innovative shaving brush has found a place in the everyday grooming routines of many consumers around the world.
Product Evolution and Impact
Shaving Cream and Supply
Legacy Shave is a company that manufactures the Evolution Brush, a product designed to attach to shaving cream and gel cans. By using this brush, it helps prevent wastage of shaving cream. The company offers a variety of custom designs for their premium quality brushes.
Since its feature on Shark Tank, Legacy Shave has continued to evolve their products, focusing on improving the shaving experience for users. Their patented brush designs have made a significant impact on the shaving cream supply industry.
Patented Safety
A key aspect of Legacy Shave’s product evolution is the focus on patented safety features. The company’s unique designs aim to provide a smoother and safer shaving experience. The Evolution Brush ensures that users of all ages can shave with ease, without worrying about nicks, cuts, and skin irritation due to uneven distribution of the shave cream.
By combining innovation with user safety, Legacy Shave has successfully carved out a niche for itself in the shaving industry, with their Evolution Brush becoming popular among consumers seeking a better, safer, and more efficient way to apply shaving cream.
Financial Success and Growth
Sales and Equity
Legacy Shave, a company founded by Mike Gutow, made its appearance on Shark Tank Season 14 Episode 7. The entrepreneur pitched his unique product, the Evolution Brush, seeking a $300,000 investment for a 10% equity stake in the business, setting the valuation at $3 million.
Stake and Valuation
During the negotiations on Shark Tank, Lori Greiner presented a counteroffer to Mike Gutow. She proposed investing $700,000 for 95% equity, plus a 3% royalty on net sales for life. This revised deal resulted in a final valuation of $760,000 for the company.
Annual Revenue
While exact annual revenue figures are not available publicly, Legacy Shave’s business has likely benefited from the exposure and investment secured on Shark Tank. The Evolution Brush, which can be attached to shaving cream or gel cans, helps to reduce waste, offering convenience and a range of personalized patterns.
With Lori Greiner’s backing and expertise from the show, the company has the potential to experience growth in sales and overall financial success in the grooming industry.
Legacy Shave’s Entrepreneurial Journey
Aspiring Entrepreneurs
The journey of Legacy Shave, a shaving brush that attaches to any shaving cream can, began with entrepreneurs and brothers Mike and Dave Gutow. They came up with the idea when they discovered their father had secretly assembled 3,000 units of their product before he passed away from cancer. After appearing on Shark Tank, their business has grown and they secured a deal with Lori Grenier.
Browndages and Circadian Optics
Legacy Shave’s entrepreneurial journey also reflects the stories of other aspiring entrepreneurs they met during their time on Shark Tank. For example, Browndages is a company that creates bandages in various shades for people of color. Similarly, Circadian Optics is an innovative business that produces light therapy lamps to help regulate sleep patterns. Both of these companies have used their time on the show to successfully pitch their ideas and grow their businesses.
Pavlok and Diaper Dust
In the same vein, Pavlok and Diaper Dust are two other companies that have made significant strides after their appearances on Shark Tank. Pavlok is a device that uses electric shock to help users break bad habits, while Diaper Dust is a revolutionary product that helps parents clean up after their babies more efficiently. Just like with Legacy Shave, these entrepreneurs have used their time on the show to further develop their businesses and bring their innovative products to the market.
Legacy Shave in the News
ABC and CNBC Coverage
Legacy Shave made an appearance on ABC’s popular show ‘Shark Tank’ in Season 14 Episode 7. Entrepreneur Mike Gutow presented his company in hopes of securing a life-changing investment from the Sharks. The Evolution Brush by Legacy Shave is a standout product designed to be attached to shaving cream and gel cans to prevent wastage and ease the process of lathering shaving foam. CNBC later followed up with some coverage on Legacy Shave after their Shark Tank appearance, keeping their audience up to date with the company’s progress.
Dallas Business Journal Features
The Dallas Business Journal also took notice of Legacy Shave and its innovative product. The Journal featured founders Dave and Mike Gutow, discussing how the brothers developed their unique shaving brush to meet a specific need in the market. The Gutow brothers’ story is one of persistence and creativity, and their feature in the Dallas Business Journal highlights the potential success Legacy Shave holds for its future.
Market Response and Future Plans
Consumer Reactions
Legacy Shave has encountered a mix of reactions from consumers since its appearance on Shark Tank. While many users praised the innovative design for making the shaving process more convenient, there were some who felt that the product lacked quality or longevity. However, as Legacy Shave continues to grow its customer base and address user feedback, it retains a loyal following of consumers who appreciate the ease with which they can use the shaving brush.
Innovations and Future Goals
Fueled by its success in the market and investor support, Legacy Shave has been proactive in refining its product line and expanding its reach. The company is dedicated to enhancing its current offerings, including adding various types of shaving cream containers to its range of compatible designs.
Legacy Shave also has plans to explore the high-end segment of the shaving market. By providing impeccable service and products, the brand aims to become a trusted choice for customers seeking premium shaving experiences.
In the long term, Legacy Shave hopes to further solidify its position within the industry, capitalize on consumer trends, and continue delivering innovative solutions that simplify the shaving process. With a strong foundation and forward-thinking mindset, the company is poised to make strides in the years to come.
