Legacy Shave Shark Tank Update – Shark Tank Season 14
Legacy Shave entered the Shark Tank with a deeply personal story and a patented shave brush designed to modernize the grooming experience. Sales were dwindling before the pitch, but a surprise deal from Lori Greiner turned everything around.
Brothers Mike and Dave Gutow didn’t just create a shaving accessory; they revived a family legacy. In Shark Tank Season 14, Episode 7, Mike steps into the Tank with a story that pulls on heartstrings and a product that could revolutionize the way we lather up. Legacy Shave isn’t just about grooming; it’s about honoring their father’s final wish and turning a dusty dream into a fresh start.
Check out other Shark Tank Season 14 Episodes.
About Legacy Shave
| Category | Details |
|---|---|
| Business Name | Legacy Shave |
| Founders | Mike Gutow (with brother Dave) |
| Industry | Personal Care (Shaving Products) |
| Product | Evolution Shave Brush |
| Funding (Pre-Shark Tank) | $300,000 |
| Deal Status | Deal Secured with Shark Lori |
| Investment Asked | $300,000 for 10% equity |
| Deal Outcome | $700,000 for 95% equity |
| Valuation | $3 million (at the time of Shark Tank) |
Mike Gutow hopes to get a deal for Legacy Shave, his patented shaving brush attachment, in the Shark Tank. He started the company with his brother Dave (who doesn’t appear on the show) way back at the turn of the century.
Legacy Shave’s signature product, the Evolution Shave Brush, is essentially a nozzle with a shaving brush that attaches directly to any standard shaving cream or gel can. It brings back the luxurious feel of a traditional shaving brush, while adding modern convenience.
The brush with soft bristles evenly distributes the cream while lifting the hair follicles for a closer, smoother shave, and it helps conserve product along the way. The company also sells shaving cream, razors, bar soaps, and pre-packaged gift sets.
Founding Story
The remarkable thing about this business is how it came to be. Mike and Dave, brothers, developed the product after they graduated from Michigan State. With the help of their father, they ordered 3000 units of their initial product design that needed to be assembled. The boys assembled about 200 units and lost interest.
Over the years, the brothers kept asking each other when they were going to pull the trigger on their business, but they never did. About 17 years after their first product order, their father passed away from cancer.
When they were cleaning out his basement, they made a life-changing discovery. They found that all 3000 units were quietly assembled by their father to pass the time while on chemotherapy treatments. Along with the finished boxes, their Dad left a note, “Don’t wait. Life’s short. Take the shot.”
That was all (an emotional moment) they needed to get going. They did a Kickstarter campaign, secured a patent, and redesigned the original version of the Evolution Shave Brush to be a bit sleeker and a more consumer-friendly version.
The product was featured in The Sharper Image in 2017 and was voted the top new product at the 2019 ECRM Show in Orlando, Florida. An Evolution Brush will set you back $19.95 or $24.95 if you get one of their custom colors. A can of their own branded shaving cream costs $9.95. The brush helps lift hair follicles for a closer shave and makes shaving cream cans last up to 4 times longer.
Mike and Dave likely wanted Shark’s help with inventory. Will a Shark shave out a deal?
Legacy Shave Shark Tank Pitch
Mike entered the Shark Tank seeking $300,000 for 10% equity. He has patented technology and is ready to disrupt the $50 billion global shaving industry. He spread one side of his face with shaving cream from his hand. He’s not exfoliating his skin, and he’s actually pushing the hair down.
In addition, half the product he dispenses gets washed down the drain. He showed an old-school shave brush and said it’s the best innovation in the shaving industry, but “we don’t have time for this.”
Next, he introduced the Legacy Shave – a modern shave brush for modern times. He demonstrated the product on the other cheek and used far less shaving cream. The Legacy Shave fits on any shaving cream can – he has about a dozen and a half different shaving cream brands fitted with his brush system on a table. The Sharks loudly applaud, and Mark says it was the best presentation ever.
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Valuation
The Sharks had samples with Legacy Shave shaving cream attached to the brush. Robert liked the shaving cream. The can and brush sell for $24.95 and cost $5.39 to make. The brush alone is $19.95. Lori asked how he came up with it, and Mike told the story about his father. After they invented it, they got scared, and it sat for 20 years. He tells how they found the 3000 assembled units. Mike said Shark Tank gave him and his brother the courage to take the shot.
Lifetime sales are over $1 million on sales of over 100,000 units. They’ve been selling it for 5 years. Kevin asked for a year-by-year breakdown. 2018 sales were $70,000. The company is in the red and has been every year.
In 2019, sales were $370,000. 2020 sales were $390,000. In 2021, they only sold $96,000. In 2022, they have $42,000 so far and a purchase order for $63,000. Mark said, “The trend is not your friend.” Sales are dropping because they’re out of money. Mike said the family has invested over $400,000 into the business. They want to be a direct-to-consumer product, but Mike and his brother don’t know marketing.
What Makes Legacy Shave Unique?
Legacy Shave didn’t just offer another grooming product; it reimagined the shaving experience. At the heart of its innovation is the Evolution Shave Brush, a patented attachment that fits onto nearly any aerosol shaving cream can.
It combines the classic luxury of a shave brush with modern convenience, helping lift hair follicles for a closer shave while also reducing product waste. It’s the kind of clever, tactile upgrade that makes you wonder why no one thought of it sooner.
Did Legacy Shave Get A Deal on Shark Tank?
Barbara said Mike is not a clear communicator, and he’s all over the map; she was out. Mark didn’t like that Mike was out of money; he was out. At that point, Mike revealed his patent covers all aerosol cans.
Kevin said Mike’s story was the most moving he had ever heard on Shark Tank, but the shaving industry is dominated by behemoths. Kevin wasn’t going to take that journey with him; he was out. Robert saw a lot of challenges; this wasn’t for him – he was out. Lori liked the interchangeability of the product and the fact that it has a patent. She was concerned about sales but understood that he didn’t have a lot of experience in the consumer products world.
Lori said she’s going to take a flyer on this, not because she wants to be in the shaving business, but because she recognizes a good product when she sees it. Lori offered $1 million for 100% equity in the company, and she would pay Mike a 3% royalty on net sales for life.
After a break, Lori explained she would buy out all the patents. Mike asked if she would do the same deal, but Mike retained 5% of the business. Mark calls that schmuck insurance. Lori would do that deal for $700,000. Mike was willing to take that deal! Finally, the deal was secured with $700,000 for 95% equity.
What Happened to Legacy Shave After Shark Tank?
The Shark Tank Blog provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank.
In November 2022, after their Shark Tank appearance, Legacy Shave gained significant traction. The company had their products on QVC (without Lori) 4 days later, and completely sold out of product. This led to some inventory issues right before the holidays that took until the spring of 2023 to sort out.
By June 2023, they were back in stock and shipping regularly. The company introduced a gift set that includes a brush, a can of shave cream, a premium razor and a jar of shave balm just in time for Father’s Day. As of August 2023, the deal with Lori has not closed. Reliable revenue figures are unavailable at that time.
Fast forward to today, and things look dramatically different. As of 2025, the estimated net worth of Legacy Shave is around $6 million, with annual revenue of around $1.9 million, according to Geeks Around Globe. Lori Greiner has reportedly amassed about $5.7 million from her investment in the company.
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From a forgotten basement project to a multi-million-dollar brand, Legacy Shave proves that with the right story, the right product, and the right moment, any business can bounce back.
Read more details about The Legacy Shave Brush on the Shark Tank Blog.
Where Can You Buy It?
You can grab your own Evolution Shave Brush directly from Legacy Shave’s official website or find it on Amazon. The brush is also available in gift sets, and you can pair it with their branded shaving cream, balm, and razors. Keep an eye on their social channels, Facebook and Twitter, for discounts and product drops.
Quick Summary
- Mike Gutow sought to transform the shaving experience with his patented shaving brush attachment, the Evolution Shave Brush.
- Mike entered the Shark Tank seeking $300,000 for 10% equity in his company.
- The business story is deeply personal, stemming from a family legacy and an unexpected discovery that reignited their passion.
More products from this episode! Check out the updates of other businesses that participated alongside Legacy Shave.
