As of August 2023, the estimate net worth of Legacy Shave is $700,000.
Legacy Shave is a specially designed shaving cream brush. It appeared in the Shark Tank season 14 episode 7 on November 18, 2022. Legacy Shave founder, Mike Gutow and his brother Dave entered the show with the hope of $300,000 for 10% equity. However, he accepted a historical deal of $700,000 for 95% of the equity with Lori Greiner. And the company now has $1 million in gross revenue while having a net worth of $700,000 in 2023.
But how does Legacy Shave reach this much net worth after Shark Tank? Let’s find out more.
- 1. How much is Legacy Shave’s net worth in 2023?
- 2. How is the Legacy Shave doing now?
- 3. What is Legacy Shave?
- 4. Who owns Legacy Shave?
- 5. What happened to Legacy Shave in Shark Tank?
- 6. Legacy Shave Shark Tank Update- What Happened After the Shark Tank?
- 7. Legacy Shave Product Review
- 8. Who are the competitors of Legacy Shave?
- 9. FAQs
How much is Legacy Shave’s net worth in 2023?
According to online sources, Legacy Shave has a net worth of over $700,000 in 2023. The company made around $96,000 in sales in a year when it appeared on the show. However, Mike and his family invested around $400,000 to start the company.
Also, the company has sold over 100,000 units and earned around $1 million within five years before appearing in the show.
However, as the episode officially aired recently, there are few details on how the deal went through in April 2023.
|Legacy Shave’s Net worth before appearing on Shark Tank||3 Million USD (business valuation)|
|Legacy Shave’s Current Net worth (2023)||700,000 USD|
|Episode||Season 14 Episode 07|
|Company name||Legacy Shave|
|Product||Shaving Cream can and attachable shave brush|
|Founder||Mike Gutow and Dave Gutow|
|Asked for||$300K for a 10% Equity|
|Final deal||$700K + a royalty of 3% of net sales in perpetuity for 95% of the company|
|Business status||In Business|
|Location||Royal Oak, Michigan|
Legacy Shave’s founders, Mike Gutow and Dave Gutow have a net worth of 50,000 USD as of 2023.
But knowing how the company is doing in 2023 is important.
How is the Legacy Shave doing now?
According to online records, Legacy Shave is still in business in April 2023. It was a successful Kickstarter campaign and got attention from many, with many positive responses.
Also, it was featured in famous shows like Good Morning America and Today Show. And with the popularity of Shark Tank, it was featured in the QVC show.
Followingly the company introduced a Shark Tank Special product after the show. Even though their social media is updated infrequently, the official site still sells the product.
“Because the Shark Tank episode aired recently, there needs to be more information about how the deal went through. And their latest update about their revenue has yet to be released.”
So, everyone wants to know what this particular equipment is.
What is Legacy Shave?
Legacy Shave is a modern shaving cream brush with a shaving can. It comes with brush-lathering technology. So, the technology lifts and stimulates hair follicles, giving the users “The Ultimate Shaving Experience.”
It helps users get the cleanest and closest Shave. Also, it makes it easier to apply shaving cream to the face. And this reduces the waste of shaving cream every day.
Because of the fantastic technology behind this idea, everyone is curious about the company’s founder.
Who owns Legacy Shave?
Mike Gutow is the founder and owner of the Legacy Shave Company. He is a graduate of Michigan State University. And he started Legacy Company in the year 2016.
He had been interested in creating this shaving brand for years, and his first attempt was unsuccessful. And he worked with several big companies, including his management firm Gutow Management. After his father’s death, he launched his new company with his brother Dave. But appearing on Shark Tank is the turning point of his life.
So, what happened to the Legacy Shave in the Shark Tank pitch is interesting to know.
What happened to Legacy Shave in Shark Tank?
Mike Gutow appeared in the Shark Tank, hoping for $300,000 for 10% of equity. Firstly he introduced the product to the Sharks. And the Sharks were touched by his story and inspired to Start the business after his father’s death.
One brush is sold for $24.95, while the production cost is $5.39. Even though the Sharks were impressed with the cost margin, they were unhappy with the decreasing sales rate.
And after some negotiations, Mike accepted the deal for $700K with a royalty of 3% of net sales in perpetuity for 95% of the company.
But what happened after the show is interesting.
Legacy Shave Shark Tank Update- What Happened After the Shark Tank?
Mike accepted the deal of $700,000 from Lori Greiner at the Shark Tank. And Lori received about 95% of the shares of the company. Many fans had a different idea about Loris’s decision to buy the company.
However, Legacy Shave received many new customers soon after the show aired. And the company also got a chance to be featured in a QVC show a week after its Shark Tank appearance.
With that, they sold over 2500 units and gained new customers. However, the company’s social media didn’t have any updates after last December. And the product was out of stock at many stores, including Amazon, by April 2023.
However, the company’s official site is still actively selling the product.
Legacy Shave Product Review
Legacy Shave received lots of positive feedback from the beginning for its convenience. And they love the idea of incorporating the brush and the cream.
Also, many customers received the product as a gift and left many positive comments. Not only that, many praised the pleasant scent of the shaving cream.
However, because the brush can be detached from the can and is reusable, customers can use it for longer periods. But some were concerned about the company going out of stock too soon.
Who are the competitors of Legacy Shave?
According to online records, Mike Gutow owns the Legacy Shave now. The company still needs to update other information after the deal with Lori Greiner.
The legacy shave was on Shark Tank season 14, episode 7.
The Legacy Shave is a shaving brush that comes with shaving cream. The brush can be separately attached to the can.