In this article, we delve into the intriguing post-Shark Tank journey of Legacy Shave, a company that entered the popular reality show seeking investment and exposure. Legacy Shave showcased its innovative shaving brush, capturing the attention of both the Sharks and the viewers.
We explore the aftermath of the show, uncovering what transpired for Legacy Shave in the years following their appearance on Shark Tank.
From sales figures and growth potential to the impact on the company’s ownership and competition, we piece together the puzzle to shed light on what happened to Legacy Shave after their noteworthy appearance on the show.
What Is Legacy Shave?
Legacy Shave is an enterprise that produces the Evolution Brush by Legacy Shave. This remarkable brush can be affixed to shaving cream cans as well as gel cans.
The squandering of shaving cream can be averted by employing this brush. This high-end brush offers a multitude of personalized patterns.
Once the brush is connected to the shaving cream can, it necessitates a gentle press, prompting a generous amount of cream to emerge from the brush.
By utilizing the brush to administer the cream onto the face, one can accomplish a shave without excessive froth wastage. This corporation retails shaving blades, nail care products, soap, and a plethora of other items accompanied by bespoke brushes.
The Legacy Shaving Brush excels in its ability to stimulate and raise hair follicles, leading to an exceptionally close shave with reduced irritation and fewer instances of razor bumps. With four distinct styles available (black, carbon fiber, camo, and wood grain), the brushes can be detached from the canister and reused in conjunction with Legacy Shaving Cream refills.
Moreover, the Legacy Shave Brush seamlessly fits atop any standard shaving cream, including gel formulations. By incorporating this brush into your shaving routine, not only will you experience a superior shave, but you’ll also avoid the inconvenience of having shaving cream foam coating your hands.
The Legacy Shaving system goes beyond enhancing the shaving experience; it also contributes to the reduction of landfill waste. Compared to traditional shaving cream cans, Legacy’s innovative brush lasts approximately four times longer.
Additionally, Legacy’s Premium Shaving Cream is crafted using reverse osmosis filtered water to eliminate impurities, while the inclusion of aloe helps to heal and replenish moisture to your skin. In addition to brushes, Legacy Shave offers premium razors, soaps, and an array of shaving accessories to further enhance your grooming routine.
About Founders Of Legacy Shave
The original Legacy Shave Brush came into existence over two decades ago through the ingenuity of siblings Dave and Mike Gutow during their college years. While still pursuing their education, the brothers, along with their father’s invaluable assistance, managed to construct a functional prototype for their concept, which, despite its simplicity, proved to be an encouraging validation of their idea.
Determined to perfect the design, they collaborated on refining it, procured professional product molds, and arranged for the production of a substantial initial batch of 3,000 unassembled units. However, due to their youthful nature and impending graduation, the brothers only managed to assemble a mere 200 units, with little effort made to promote the product. They simply weren’t prepared to embark on a business venture at that time.
Tragically, their father succumbed to a long battle with cancer. It was during the process of tidying up their parents’ basement after his passing that Dave and Mike stumbled upon a remarkable revelation. Hidden beneath their father’s workbench lay all 3,000 units, fully assembled by his caring hands. This discovery served as the catalyst that reignited the brothers’ enthusiasm, transforming their idea into a tangible business.
Following a series of product enhancements, they secured design and utility patents and bestowed upon their company the name Legacy, as a heartfelt tribute to their late father. To gather initial funding, they launched a Kickstarter campaign, exceeding their fundraising target within a remarkable span of 24 hours.
The Pitch Of Legacy Shave At Shark Tank
Mike Gutow entered the Shark Tank showcasing his enterprise, Legacy Shave, and boldly requested a $300K investment in exchange for a 10% stake from the sharks. Mike delivered an exceptional pitch, emphasizing that the global shaving industry holds a staggering value of $50 billion.
With utmost finesse, Mike introduced the Evolution Brush from Legacy Shave, captivating the sharks with a flawless demonstration. Mark Cuban even exclaimed that it was the most outstanding presentation he had ever witnessed.
Priced at $24.95, Legacy Shave’s Evolution Brush incurs a manufacturing cost of $5.39. Mike provided a comprehensive account of how and when the idea for this business was conceived, sharing the poignant tale of how his late father assembled 3,000 units, a revelation that came to light after his passing.
In November 2022, the company achieved remarkable sales, surpassing the mark of 1,000 units and generating revenue in the millions of dollars. This significant milestone was attained over a span of five years.
To date, Mike has personally invested a substantial $400,000 in this venture. Barbara Corcoran, realizing it wasn’t the right fit for her, opted out as an investor, followed by Mark Cuban, who felt the business did not align with his investment interests. Kevin O’Leary also expressed his inability to join Mike on this journey, leading him to decline the opportunity. Robert Herjavec, too, concluded that the shaving industry was not within his realm of expertise, resulting in his withdrawal.
However, Lori Greiner made an offer of $1 million for a complete 100% equity stake, in addition to granting Mike 3% royalties on all future sales for life. This enticing deal encompassed the purchase of Mike’s company’s patents, products, and all associated assets.
In a shrewd move, Mike countered Lori’s offer, proposing $1 million alongside a perpetual royalty of 3% on net sales in exchange for retaining 95% ownership of the company. Mark Cuban couldn’t help but acknowledge Mike’s astuteness, remarking on his intelligence.
In response, Lori adjusted her offer, reducing the monetary component to $700K while retaining the 3% royalty on net sales in perpetuity, with the condition of acquiring a 95% ownership stake in the company.
Finally, Robert Herjavec stepped in and sealed the deal, investing $700,000 to acquire the entire company, while allowing it to retain a 5% equity share.
Legacy Shave After The Shark Tank
Lori Greiner has acquired a significant 95% majority stake in this shaving enterprise, investing $700k in the process. Mike and his brother Dave have diligently operated this business for a span of five years, yet the total sales figure stands at a modest $1 million.
The relatively low sales of $1 million over a period of five years can be attributed to the founders’ limited expertise in effective marketing strategies.
Mike himself has personally injected $400,000 into the business as an investment. Recognizing Lori’s prowess in marketing, he anticipates her efforts will propel the growth of the company.
Mike highlighted that the global shaving industry boasts an impressive market size of $50 billion. Should Lori steer their company towards a valuation of one billion dollars, Mike’s equity share would stand at 5%.
Twitter has witnessed a surge in opinions regarding this business, with the majority expressing great admiration for Mike’s compelling story.
Following the airing of the Shark Tank episode, Legacy Shave experienced a remarkable surge in product sales, with inventory being completely depleted within a mere week. The product also made a notable appearance on the QVC Tonight Show in November 2023.
The airing of the “QVC” Tonight Show subsequent to Shark Tank resulted in the sale of 2500 units and the acquisition of 800 new customers for the company.
During Mike’s well-executed pitch on Shark Tank, he shared the touching story of his father’s battle with cancer, evoking a deeply emotional response from Kevin O’Leary.
Mike’s entrepreneurial journey serves as an inspiration to many. He and his brother encountered numerous challenges when establishing this business. As the founder, Mike lacks expertise in the field and had no prior experience in running a company.
After the initial release of the outdated Evolution Shave Brush in 2016, Mike and Dave recognized the need for a revamp. They returned to the drawing board, diligently working on multiple prototypes to enhance the brush’s aesthetics and user-friendliness. Eventually, the brothers achieved perfection in their design, leading to the launch of a highly successful Kickstarter campaign.
Securing a patent for their innovative product provided the necessary capital to establish their company. Mike and Dave were pleasantly surprised by the overwhelmingly positive reception their product received right from the moment it hit the market.
In 2017, The Sharper Image featured the Evolution Shave Brush on its website, amplifying its visibility. The brush garnered recognition through various accolades, notably earning the prestigious title of Top New Product at the 2019 ECRM Show. Its popularity soared as it became a topic of discussion on popular shows like “Good Morning America”, “The View” and “Today”.
For those interested in acquiring the Evolution Shave Brush, it is conveniently available for purchase on the official website of the company as well as the renowned online retailer, Amazon.
Following its appearance on Shark Tank, a surge of consumers is anticipated to purchase Legacy Shave’s Evolution brush, subsequently sharing their experiences on various social media platforms.
Those interested in acquiring the brush can find it conveniently available on Amazon, accompanied by shaving cream. With an impressive rating of 4.3 out of 5 on the Amazon platform, this product has managed to pleasantly surprise a considerable number of customers.
The company’s headquarters is situated in Royal Oak, Michigan, United States, and it currently operates with a workforce consisting of 2 to 10 employees.
As of November 2022, Legacy Shave remains an active and ongoing business endeavor.
The Net Worth Of Legacy Shave
With Lori Greiner now holding a dominant 95% equity stake in the company following her investment of $700k, Mike’s ownership has been reduced to a mere 5%. As of November 2022, the company’s cumulative sales stand at approximately $1 million.
For the past five years, this company has been operational; however, its sales performance has been lackluster. Upon conducting thorough analysis, our assessment indicates that Legacy Shave’s valuation falls within the range of $100,000 to $400,000. With Lori’s involvement, the potential for significant business growth is promising. The company secured a deal on Shark Tank, with an evaluated worth of $736,000.
The brush is offered in a diverse range of patterns and colors, with prices ranging from $19.95 to $44.95. Additionally, the company presents gift sets, bundles, and shaving cream, which are priced between $9.95 and $199.50. Witnessing the remarkable success achieved by Mike and Dave is undeniably inspiring, and we hold the utmost confidence that Legacy Shave will continue to thrive and expand in the foreseeable future.
Alternatives To Legacy Shave
- Aveda Shave Cream: Aveda is renowned for its natural and sustainable approach to beauty products. Their shave cream offers a rich and moisturizing lather, ensuring a smooth and comfortable shave. With ingredients like aloe vera and essential oils, Aveda’s shave cream provides nourishment and protection for your skin;
- Harry’s Razors: Harry’s has gained popularity for its high-quality razors and affordable pricing. Their precision-engineered blades offer a close and precise shave, while the ergonomic handles provide excellent grip and control. With options for subscription-based deliveries, Harry’s makes it easy to maintain a consistent shaving routine;
- The Art of Shaving: If you’re seeking a luxurious shaving experience, The Art of Shaving might be the perfect alternative. Their products feature exquisite scents and premium ingredients to create a personalized and indulgent grooming ritual. From pre-shave oils to shaving creams and after-shave balms, The Art of Shaving offers a comprehensive range of products to elevate your shaving routine;
- Bevel Shave System: Designed specifically for people with coarse or curly hair, the Bevel Shave System aims to reduce razor bumps and irritation. Their products include a unique single-blade safety razor, priming oil, shaving cream, and restoring balm. With a focus on reducing skin irritation, Bevel offers a specialized shaving solution for individuals with sensitive skin;
- Cremo Shave Cream: Cremo takes a different approach to shaving cream by focusing on a concentrated formula that allows for a smooth and comfortable shave with minimal product usage. Their shave creams are infused with moisturizers and essential oils, ensuring hydration and protection for your skin. Cremo’s innovative approach results in a rich lather that lasts longer than traditional creams;
- OneBlade Razor: For those seeking a premium shaving experience, the OneBlade Razor offers exceptional craftsmanship and precision. Made from high-quality materials, this single-edge razor provides a close shave while minimizing irritation. The OneBlade’s attention to detail and commitment to quality make it a standout alternative in the market;
FAQ:
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Who are Legacy Shave’s competitors?
Legacy Shave has competitors in the shaving and grooming industry. Some potential competitors may include established brands such as Gillette, Harry’s, Dollar Shave Club, The Art of Shaving, Bevel, Cremo, and others. These companies offer a variety of shaving products and may have different approaches to shaving solutions, marketing strategies, and target demographics.
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Can I shave without shaving cream?
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Is it okay to shave dry?
Shaving dry, without any lubrication or moisture, is generally not recommended. Dry shaving can cause significant discomfort, skin irritation, and an increased risk of cuts. It is advisable to use a shaving cream, gel, or foam to provide lubrication and protect the skin during the shaving process.
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Is it okay to shave with just water?
While shaving with just water is better than dry shaving, it is still not ideal. Water alone does not provide sufficient lubrication and protection for the skin during shaving. It is recommended to use a shaving cream, gel, or foam along with water to ensure a smoother and more comfortable shaving experience.
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What is the number one shaving brand?
Determining the number one shaving brand may vary depending on factors such as market trends, consumer preferences, and geographical location. Popular shaving brands include Gillette, Harry’s, and Dollar Shave Club, among others. The perception of the number one brand can also vary based on individual experiences and preferences.
- Is cold water better for shaving with Legacy Shave device?
The temperature of the water used for shaving is a matter of personal preference. Some individuals may find that using cold water during shaving can help reduce irritation and inflammation, while others may prefer warm or hot water to soften the hair and open up the pores. It is advisable to experiment with different water temperatures to determine what works best for your skin and shaving experience with the Legacy Shave device.
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Should I shave with oil or water?
Shaving with oil or water depends on personal preference and the specific shaving routine. Some individuals choose to use shaving oils as an alternative to traditional shaving cream or gel. Shaving oil provides lubrication and can help soften the hair, making it easier to shave. However, others may prefer the traditional approach of using water along with shaving cream, gel, or foam. It is recommended to try both methods and determine which one suits your skin and shaving needs better.
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Can I shave without showering?
Yes, it is possible to shave without taking a shower. Showering before shaving can have benefits such as softening the hair and opening up the pores, making shaving more comfortable. However, if showering is not feasible or preferred, you can still achieve a good shave by wetting the face with warm water before applying shaving cream or gel.
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Can I shave with conditioner?
In a pinch, conditioner can be used as a makeshift shaving cream or gel substitute. Conditioner provides some lubrication and can help soften the hair for shaving. However, it is important to note that conditioner is not specifically formulated for shaving, and its consistency may not be ideal for creating a thick lather or providing optimal protection. It is recommended to use dedicated shaving products for the best shaving experience.
Useful Video: Take the Shot | Legacy Shave Shark Tank
References:
- https://allsharktankproducts.com/shark-tank-products-health/legacy-shaving-cream-brush/
- https://sharktanktalks.com/legacy-shave-shark-tank-update/
- https://thecinemaholic.com/legacy-shave-shark-tank-update/
- https://www.sportskeeda.com/pop-culture/legacy-shave-shark-tank-founders-dave-mike-came-business-idea-20-years-ago
- https://meaww.com/did-lori-greiner-scam-legacy-shave-founder-mike-gutow-heres-why-shark-tank-fans-are-upset-with-the-700-k-deal
- https://legacyshave.com/our-story/
- https://humblerise.com/legacy-shave-shark-tank-update/