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 $6 million with annual revenue of $1.9 million and lifetime sales of over $4.8 million. The deal with Lori never closed after the cameras stopped rolling.
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. 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.
Honoring Their Father’s Legacy
While 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 as they were busy with work. When their father passed away from cancer, the Gutow brothers discovered that he secretly had ordered 3,000 brushes in his basement.
They took it as a sign to finally launch the product in 2016 and named it Legacy Shave to honor their dad. In 2019, they made redesigns, launched a Kickstarter campaign, and surpassed their goal in less than a day.
The Pitch That Won Over Lori Greiner
Mike walked in seeking $300,000 for 10% equity, valuing the company at $3 million. He disclosed that the family had sunk over $400,000 into the business without ever turning a profit. Sales had collapsed from a peak of around $390,000 in 2020 to just $42,000 in 2022.
What kept Lori Greiner interested was the patent. Mike revealed that his patent covered all aerosol cans (not just shaving cream) which opened up a much bigger commercial opportunity.
Lori initially offered $1 million for 100% of the company plus a 3% lifetime royalty on net sales. When Mike asked to retain 5% as “schmuck insurance,” Lori revised the offer to $700,000 for 95%, with the 3% lifetime royalty still attached. Mike accepted the offer.
After Shark Tank
The episode was a tearjerker and the exposure helped them sell out most of their inventory. The business appeared on QVC just four days after the episode aired and sold out of 2,500 units. Due to strong sales, they ran into inventory issues before Christmas which took months to fix and weren’t fully resolved until spring 2023.
The deal with Lori, however, never closed. After standard post-filming due diligence, the investment didn’t go through and Lori holds no equity in the business. Mike and Dave Gutow remain the full owners of Legacy Shave.
That hasn’t stopped the company from scaling. In 2023, Legacy Shave secured a partnership with Dollar Shave Club, one of the biggest players in the men’s grooming industry, which has contributed to meaningful sales growth.
The product line has also expanded well beyond the original brush attachment, now including the Evolution Shave Brush, premium razors, aloe-infused shaving creams, shave balms, and gift sets.
Fans of the shaving tool can purchase it on Amazon, Walmart, Target, QVC.com, and the company’s official website, LegacyShave.com. The complete unit with attached shaving cream can retails for $24.95, while the standalone brush goes for $19.95. The product has a strong track record on Amazon, averaging strong customer reviews for the Evolution Brush.
Despite walking away without Lori as an investor, Legacy Shave has quietly built itself into a multi-million dollar grooming brand on the back of the Shark Tank exposure, the Dollar Shave Club partnership, and steady direct-to-consumer growth. The company’s valuation sits at an estimated $6 million, with annual revenue holding around $1.9 million.
