Shaving is a part of every guy’s grooming routine but the normal way of applying shaving cream is messy. Legacy Shave aims to provide the “ultimate shaving experience” with its combination of a shaving foam can and a brush. Founder Mike Gutow appeared on season 14 of Shark Tank and got a deal with Lori Greiner. Right now, Legacy Shave is worth an estimated $1 million. The deal with Lori never closed and the company has struggled with inventory issues.
Mike Gutow’s Background
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 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 college students, Dave and Mike had the idea of making a shaving brush with an attached shaving foam can. The guys told their old man about the concept, and he helped make a prototype.
Initially, the brothers didn’t launch the product because they got busy with work. When their father passed away from cancer, the Gustow brothers discovered that he secretly had 3,000 brushes in his basement.
They took it as a sign to finally launch the product in 2016 and 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 includingThe View, Good Morning America, and Today. However, the founders needed more than just exposure.
They were looking to raise 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. Lori agreed to invest $700,000 for 95% of the business, Mike wanted to keep 5% as “schmuck insurance.”
After Shark Tank
The episode was a tearjerker and the exposure helped them sell out most of their inventory. The business appeared on QVC not long after Shark Tank and sold 2,500 units. Due to strong sales, they ran into inventory issues before Christmas which took months to fix.
When we checked in April 2023, the products were out of stock but are now available again. 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 217 customer reviews. This number is expected to grow along with their valuation. Legacy Shave is worth an estimated $1 million.
Bringing on Lori as a partner will be huge for the company but 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. Despite this, it appears the deal with Greiner hasn’t closed yet. This is surprising considering how Lori was promoting the product on Twitter after it aired.
