Whatever Happened To Legacy Shave After Shark Tank?
With a simple product, Michigan-based entrepreneur Mike Gutow sought to flip an entire industry on its head. The product in question is Legacy Shave, a special brush that attaches to the head of shaving cream cans. Unlike the traditional method that sees people pump out unnecessary amounts of gel and rub it on their faces in a way that actually hinders its functionality, the brush helps dispense an economical amount of shaving cream that can then be applied in a more effective manner. The product comes in a one-size-fits-all design that can be applied to men's and women's shaving creams from any manufacturer and of any bottle size.
Nearly 30 years ago, Mike and his brother Dave Gutow wanted to create a better way for their father to shave his face. Together, they developed a prototype using a traditional shaving brush and a clay putty attachment, which proved effective. After developing some more prototypes, however, they lost interest, fearing that they wouldn't be able to compete in the market. Things stayed this way for 20 years, until the death of their father.
While going through his items in the basement, they discovered that while undergoing chemotherapy, their father had made 3,000 more prototypes and had left a note reading, "Don't wait. Life's short. Take the shot." Encouraged by the message and the potential to be on "Shark Tank," they chose to give the business another go. After that, they managed to produce a successful Kickstarter campaign and received widespread media attention. The only place left to bring their idea was to "Shark Tank," which Mike got the chance to do on Season 14 in 2022.
What happened to Legacy Shave on Shark Tank?
Mike Gutow came onto "Shark Tank" hoping to get an investment of $300,000 for 10% of his business. His bombastic presentation blew the sharks away, with Mark Cuban even cheering, "Best presentation ever!" They also liked Legacy Shave's brush and aloe-infused shaving cream. Unsurprisingly, Gutow's story moved the sharks, even managing to get the usually hard-hearted Kevin O'Leary to shed some tears.
The business' finances weren't the most promising. It had brought in about $1 million in sales over its lifetime. However, its numbers were inconsistent, having gone from $370,000 in 2019 to $96,000 in 2021. Gutow explained that he and his brother were out of money and not skilled enough at marketing to be a direct-to-consumer product. However, he shared that the patent on their product could also be applied to all aerosol cans.
Barbara Corcoran didn't think Gutow would be the best guy to work with, while Mark Cuban didn't like the fact that Gutow had run out of money. O'Leary and Robert Herjavec thought there were too many challenges involved in topping the competition. Lori Grenier, while not an expert on the shaving industry, liked the product and its patents enough to make a royalty offer. She was willing to give Gutow $1 million for the entire business and a lifetime royalty of 3% of net sales. Gutow and Grenier were able to negotiate the deal to allow Gutow to retain 5% of the company, although the investment dropped to $700,000. However, while they were happy with the deal, not everyone thought Grenier made the best call.
Legacy Shave after Shark Tank
Many viewers responded negatively to the deal made with Lori Grenier, with some feeling that she took advantage of Mike Gutow when no other shark was willing to invest. On Twitter, @digimegaphone questioned Grenier's deal, saying, "Do you think they made a good deal with Lori? It seems kind of sad they gave up most of their company."
Similarly, @AndrewCollet condemned Grenier's actions, stating, "He's smart to keep SOME equity for his own legacy. I respect him more for that. Not so much Lori for taking advantage of the situation and giving that much less money though."
Nevertheless, the partnership seemed to work out for Gutow in the show's aftermath. The exposure led to Legacy Shave experiencing the "Shark Tank" effect and selling most of its inventory in a week. In November 2022, Legacy Shave made its debut on the holiday gift edition of QVC, with longtime host Jane Treacy commenting, "I've been [on this show] 36 years ... and I have never presented anything like this before!" Within the segment, the company brought on 800 new customers and sold 2,500 units.
In December 2022, Gutow shared a video on TikTok thanking his fans. "Since being on 'Shark Tank,' we have got so much support and enthusiasm, and I just want to take this time to say thank you guys for everything," Gutow said. He also showed off the original prototype from 28 years earlier. Since then, while nothing major has developed, Gutow and the company are still going strong.
Is Legacy Shave still in business?
Legacy Shave is still up and running as of August 2023. Currently, its products seem to be sold entirely on its website. There, customers can find a wide range of items, including the Legacy Shave brush, shaving cream, and razor blades, along with several "Shark Tank" bundle options. It seems that the company has had some issues with keeping its products in stock.
Thankfully, a TikTok video posted in June 2023 saw Mike Gutow announce that Legacy Shave has been able to alleviate this concern. "We appreciate you guys being patient with us," Gutow said in the 34-second clip. "We have been out of stock for a long time. Good news is we are back in stock. We're here ready to rock for Father's Day. This is the third van they've sent us today alone." A video posted later the same day saw Gutow standing in the middle of a room full of orders that he stated would be shipped out later in the day.
TikTok and Facebook are where the company seems to be the most active social media-wise. While it has a presence on Instagram and Twitter, neither of these platforms has been updated since late 2022. The company's net worth as of 2023 is estimated to be $730,000. So how does Legacy Shave plan to grow in the future?
What's next for Legacy Shave?
Legacy Shave may not be one of the biggest businesses to come out of "Shark Tank" yet, but it certainly has left an impression. Mike Gutow's heartwarming story and earnest mission to honor his father's legacy have been enough to help the business gain a steady following. Nevertheless, as with every company, Legacy Shave is always looking for new horizons to conquer, and Gutow is confident that things can only go up from here.
Shortly after his "Shark Tank" episode aired, Gutow hopped onto Facebook to share what an enriching experience the show had been as a whole. In the video, not only did he introduce his mom and brother Dave, but he also showed off the thousands of orders stacked up in their home. Acknowledging the overwhelmed family room, the video's caption offered an optimistic glimpse into the future, stating, "Like Apple starting in a garage we will have to eventually move into something a little bigger."
It may take some time for Legacy Shave to reach its desired scale, but it's bound to happen sooner or later. More than anything, it's safe to say that Gutow's father would be proud of where his family is today.