Legacy Shave is a company that manufactures shave brushes that attach directly to shaving cream cans. They’re made by Mike Gutow and his brother Dave, who came up with the idea when they were in college.
Mike and Dave got started on the idea when they presented a shave brush kit to their father for Father’s Day. However, their dad didn’t like the way it was made, so they figured out a better solution.
How did Legacy Shave get started?
In a recent episode of Shark Tank, entrepreneur Mike Gutow presented his company, Legacy Shave. He hopes to get a life-changing investment from the sharks for his patented shave brush.
Mike explains that his brush is a modern version of a traditional shaving brush. He says that it stimulates and lifts hair follicles for a close shave with less irritation. He also mentions that it can be used to shave any type of razor.
He also explains that he uses far less shaving cream than other people. He says that he can fit a dozen and a half different types of shaving cream cans with his brush system. He says that the cans can last up to four times as long as traditional shaving cream cans.
The idea behind the product came about when Mike and his brother Dave were cleaning out their father’s basement after his death. They found a box that had 3,000 shave brushes inside it.
This was their first product, and they began working on it to make it better. They soon secured design and utility patents for the product.
Once they had the shave brush finished, they started to market it. They were able to raise a lot of money from their Kickstarter campaign, but they needed more capital to grow the business.
They started looking for investors and decided to apply to be on Shark Tank. They got accepted and appeared on an episode that aired in November of 2022.
In the episode, the sharks listened to Mike’s presentation about the product and liked it. Mark Cuban commended him and said that it was one of the best presentations that he had ever seen. Kevin O’Leary and Lori Greiner also praised him.
After the show aired, Mike was able to raise over $300,000 from investors. He plans to continue growing the business and expanding the product line.
The shave brush is currently only available in the United States, excluding Hawaii and Alaska. It retails for $24.
The shave brush is a great way to save money and cut down on waste. It’s easy to use, and it’s also effective. It also helps reduce your skin irritation and redness.
What happened to Legacy Shave after Shark Tank?
In Shark Tank season 14 episode 7, Mike Gutow pitched Legacy Shave to Mark Cuban, Lori Greiner, Kevin O’Leary, and Barbara Corcoran. He told them about the death of his father and the idea behind their company, which combines old world technology with modern shaving cream to create the ‘ultimate shaving experience’.
He also explained that the product was designed to help reduce wastage of foam and to provide a cleaner and smoother shave. The brush attaches to the nozzle inside the shave cream can to prevent foam from being wasted.
Mike Gutow said that he and his brother had been working on their company for over 20 years, but they were struggling to find investors. He and his brother finally decided to create the Evolution Brush, which would fit any shave cream can and help to reduce wastage of foam.
The Evolution Brush is a unique shave brush that attaches to the nozzle of any shave cream can and can save the user up to 75% of foam. The brush can be used on both the face and body, and it comes with a variety of different custom designs to choose from.
After the episode aired, Legacy Shave started offering ‘Shark Tank Specials’ on their website and it was reported that they had a lot of traffic. They had also launched a new line of shave cream that was praised by many customers.
However, the Sharks were not impressed and decided to walk out of the pitch without investing in the business. This left Mike Gutow with only 5% of the business.
Lori Greiner then came into the Shark Tank and offered Mike an equity deal. She wanted to invest $700k for 95% of the company, and she would give him a royalty of 3% on all future sales in perpetuity.
Despite this generous offer, Mike was not able to accept it. Instead, he held on to 5% of the business and continued to run the company with his brother Dave.
Mike and his brother have since been focusing on their company’s marketing strategy and have had success in this area. They have recently launched a new line of shave brushes and a new shave cream. They are hoping to grow their brand in the coming years. They also plan to continue to expand their distribution network and increase their revenue.
Is Legacy Shave still in business?
Founders Mike and Dave Gutow started Legacy Shave in 2016. They have a patented attachment that attaches directly to shave cream cans. It is a way to get a better shave without the mess. The company also manufactures premium shave cream, razors, and soaps.
The product is a unique invention that helps you save money and the environment. It prevents the wastage of shaving cream and fits most shave cream cans on the market. It’s also easy to use and can be used anywhere.
A few years ago, brothers Dave and Mike Gutow came up with the idea for Legacy Shave. They worked with their father to come up with a prototype. It was a primitive design, but it actually worked. They had molds made for the product and manufactured 3,000 unassembled units.
However, they never really got the ball rolling with marketing or selling their product. It wasn’t until their father passed away from cancer that the brothers started putting things together again.
They found a dozen boxes under their father’s work bench and opened it up. They found around 3,000 shave brushes that were assembled by their father. They decided to take their father’s death as a sign to get back on track and launch the Evolution Shave Brush in 2016.
After they had gotten the business up and running, they wanted to find funding to grow it. They applied to appear on Shark Tank.
Their pitch went well on the show and they were able to secure a deal with Lori Greiner. She offered $1 million for 100% of the company and would give them 3% royalties on their sales for life.
Since then, the Gutow brothers have been able to expand their business and they are now based out of Detroit, Michigan. They have also secured additional funding and partnerships that have helped them grow their business.
In 2019, they launched a Kickstarter campaign and surpassed their goal in just 24 hours. Their patented Evolution Shave Brush is now available for purchase online.
Besides the Evolution Shave Brush, they have a range of other products including premium shave cream, razors, bar soap and gift packages. The company’s net worth is estimated at $1 million as of November 2022.
How much is Legacy Shave worth?
Legacy Shave is a company that manufactures the Evolution Brush, a shave brush that attaches to any type of shaving cream can and gel can. The Evolution Brush helps prevent wastage of shaving cream and gel while also improving the quality of your shave.
The product has been deemed by many as the “ultimate shaving experience.” It’s a great way to save money and time, as you won’t have to buy any extra cans of shaving cream. Plus, the Evolution Brush can lift your facial hair so you can get a closer shave and reduce your grooming time by a few minutes.
Mike Gutow and his brother Dave Gutow started Legacy Shave over 20 years ago while they were in college. They had an idea for a shave brush that attached to a can of shaving cream. But they had to go through a lot of trial and error before they came up with the final version that’s currently on sale today.
They worked on their design for a few years before they finally had the perfect solution for their customers. Once they had it, they put it to the test and found that it was very successful.
When the brothers pitched their concept to sharks on Shark Tank, they were looking for funding to take their company to the next level. However, they faced a number of challenges that prevented them from getting the funding that they needed.
Initially, they tried to secure a deal with Barbara Corcoran and Mark Cuban, but they both turned down their offers. Kevin O’Leary, who was also a shark at the time, also didn’t offer a deal. Lori Greiner was the only Shark that Mike got a deal with and she agreed to invest $700,000 for 95% of the company.
This was a major boost for the business and it quickly became popular with customers. They have since grown their business and secured additional funding, partnerships, and other opportunities.
As of this writing, Legacy Shave’s net worth is estimated to be $730,000 USD. Founded by Mike and Dave Gutow, Legacy Shave has become a popular choice for consumers who want to cut down their time and costs while still achieving a smooth, comfortable shave. The company has a strong social media following, with over 5,000 followers on Instagram.
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