Shaving is a part of every guy’s grooming routine but the normal way of applying shaving cream by hand is messy. Legacy Shave claims to provide the “ultimate shaving experience” as it’s a combination of a shaving foam can and a brush. Founder Mike Gutow, recently appeared on season 14 of Shark Tank and got a deal with Lori Greiner. As of 2022, Legacy Shave is worth an estimated $1 million.
About the Founder
Mike Gutow hails from St. Clair Shores, Michigan and has a bachelor’s degree in business from Michigan State University. Only Mike appeared on television but he’s not the sole founder.
There’s also his brother, Dave Gutow, and their late father. However, not much is known about the two. On the other hand, Mike had a long career in business before becoming an entrepreneur.
The most significant venture he launched in his career was Gutow Management, a real estate firm. In 2014, he created a charitable organization called Save Lake St. Clair in an attempt to save the lake from more pollution.
Founding Legacy Show
While they were still college students, Dave and Mike had the idea of making a shaving brush with an attached shaving foam can. They told their old man about it, and he helped make a prototype.
Initially, the brothers didn’t launch the product because they got busy with their work. When their father died from cancer, the Gustow brothers discovered that he had secretly had around 3,000 brushes in his basement.
They took it as a sign to finally introduce the product to the public in 2016. They named it the Legacy Shave to honor their dad. In 2019, they made redesigns, launched a Kickstarter campaign, and surpassed their goal in less than a day.
Getting on Shark Tank
Over the years, the startup has received a lot of recognition from major media outlets. This includes The View, Good Morning America, and Today. However, the founders want more than just exposure.
They need capital to keep pace with growing demand and expand the business. Mike applied to appear on the show and got accepted by Shark Tank producers. Having a story to share always helps as the producers want to keep viewers engaged.
After Shark Tank
The episode was a tearjerker and the exposure from Shark Tank should help them sell well over 1,000 units. With Christmas around the corner, it’s no doubt Legacy Shave’s brush will be in a lot of stockings. For now, they only ship to the United States excluding Hawaii and Alaska.
Fans of the shaving tool can purchase it on Amazon, Walmart, QVC.com, and their official website, LegacyShave.com. They also sell to wholesale partners who can buy a 24 case pack for $37.19.
The product has a strong track record on Amazon, averaging 4.3 stars from 203 customer reviews. This number is expected to grow along with their valuation. Currently, Legacy Shave is worth an estimated $1 million.
Bringing on Lori as a partner will be huge for the company and she’s one of the most successful investors on Shark Tank for a reason. Although it’s a pity they gave away a huge chunk of equity, Lori will need to invest a lot of time and resources to make it a success.
