Mike Gutow, an entrepreneur from Michigan, wanted to turn an entire business on its head with a simple product. Legacy Shave is the product in question.
It’s a unique brush that fits on top of shaving cream cans. The old way of doing things involves pumping out too much gel and rubbing it on their faces in a way that makes it less effective.
The brush helps to spread a more useful amount of shaving cream that can then be used more effectively. The product is designed to fit all shaving creams for men and women, no matter what brand they are or what size bottle they come in.
Legacy Shave Net Worth in 2024
Shaving is an important part of every guy’s habit, but the way most people use shaving cream is a mess. With its shaving foam can and brush, Legacy Shave wants to give you the “ultimate shaving experience.”
Mike Gutow, the founder, went on season 14 of “Shark Tank” and made a deal with Lori Greiner. Legacy Shave is thought to be worth $1 million right now, as per reports of Techie Gamers. The deal with Lori never went through, and the business has had trouble with its supplies.
Founding Legacy Shave
Dave and Mike came up with the idea for a shaving brush that had a shaving foam can attached to it when they were in college.
The guys told their grandfather about the idea, and he helped them make a model. The brothers didn’t sell the product at first because they were too busy with work.
The Gustow brothers found out that their father had hidden 3,000 brushes in his basement after he died of cancer. They saw it as a sign to finally release the product in 2016.
To remember their dad, they called it the Legacy Shave. They redesigned it in 2019, started a Kickstarter effort, and in less than a day, they got more than they asked for.
Getting on Shark Tank
The startup has gotten a lot of attention from big news sites over the years, such as The View, Good Morning America, and Today. But the founders needed more than just attention. They needed to get more money to grow the business and keep up with rising demand.
Mike applied to be on the show, and the makers of Shark Tank said yes. Mike planned to keep 5% of the business as “schmuck insurance” and Lori agreed to put $700,000 into the company to get 95% of it.
After Shark Tank
The show made people cry, and the publicity helped them sell most of their stock. Not long after Shark Tank, the business went on QVC and sold 2,500 units. Because of lots of sales, they had problems with their stock before Christmas that took months to fix.
The items were sold out when we checked in April 2023, but they are now back in stock. People who like the shaving tool can buy it on Amazon, Walmart, QVC.com, and LegacyShave.com, which is their main website.
Another group that buys from them often can get a 24-case pack for $37.19.The item has a good history on Amazon, with 217 reviews giving it an average of 4.3 stars. This number is likely to go up as their value does.
Legacy Shave is thought to be worth $1 million. Getting Lori as a partner will be great for the business, but it’s too bad they gave away so much stock. Lori will have to put in a lot of time and effort to make it work. Even so, it looks like the deal with Greiner is still open.
This is strange because Lori was tweeting about the product after the show played. Final Words: Legacy Shave went from being a simple plan to a successful business thanks to the hard work of its founders and the strength of not giving up.
Legacy Shave is ready to keep growing and succeeding in the grooming industry thanks to its new and unique product, its touching story and the backing of Shark Tank backer Lori Grenier.
No matter what challenges or chances come up in the future, the company is still dedicated to honoring the founders’ father’s memory and giving customers the best shaving experience possible.
If you’re eager for more celebrity news and insights, check our previous posts, which provide detailed examinations.
Is Legacy Shave still in business?
Legacy Shave is still in business as of August 2024. The company, which gained attention from its appearance on “Shark Tank,” continues to sell its products primarily through its website. These include the Legacy Shave brush, shaving cream, and various bundle options.
Despite facing some challenges with inventory, the business has successfully restocked its products and is actively fulfilling orders. The company was founded by brothers Mike and Dave Gutow, inspired by a personal family story involving their late father, and it has been growing since its launch.
As of 2024, Legacy Shave’s estimated net worth is around $730,000, and it has generated significant revenue since its inception.
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