Shaving is part of every man’s grooming routine, but the way shaving cream is usually applied is cumbersome. Legacy Shave aims to provide the “ultimate shaving experience” with its shaving foam can and brush combination. Founder Mike Gutow appeared on Shark Tank Season 14 and struck a deal with Lori Greiner. Currently, Legacy Shave is valued at $1 million. The deal with Lori was never completed, and the company has been struggling with inventory issues.
Mike Gutow’s Background
Mike Gutow is from St. Clair Shores, Michigan and holds a Bachelor of Science in Business from Michigan State University. Mike is the only one who appears on TV, but he is not the only founder.
There is also his brother Dave Gutow and their late father. However, not much is known about either of them. Mike, on the other hand, worked in the business world for many years before becoming an entrepreneur.
His most significant business venture is the real estate company Gutow Management. In 2014, he created a charity called Save Lake St. Clair to try to save Lake St. Clair and prevent it from further pollution.
Founding Heritage Exhibition
While in college, Dave and Mike came up with the idea for a shaving brush with an attached can of shaving foam. They pitched the idea to their father, who helped build a prototype.
Initially, the brothers didn’t launch the product because they were busy with work. When their father died of cancer, the Gusteau brothers discovered that he had secretly hidden 3,000 brushes in his basement.
They took this as a sign and eventually launched the product in 2016, naming it Legacy Shave in honor of their father. In 2019, they redesigned it, launched a Kickstarter campaign, and surpassed their goal in less than a day.
Appeared on Shark Tank
Over the years, the startup has received widespread recognition from major media outlets including The View, Good Morning America, and Today. However, the founders needed more than just exposure.
They hope to raise funds to meet growing demand and expand the business. Mike applies to the show and is accepted by the producers of Shark Tank. Lori agrees to invest $700,000 for 95% of the business, with Mike wanting to keep 5% as “fools insurance.”
After Shark Tank
The episode was a tear-jerker, and the exposure helped them sell most of their inventory. Shortly after Shark Tank aired, the company appeared on QVC and sold 2,500 units. Due to strong sales, they ran into inventory issues before Christmas, which took several months to resolve.
When we checked in April 2023, the products were out of stock, but are now available again. Fans of the shaving tools can purchase them on Amazon, Walmart, QVC.com, and their official website, LegacyShave.com. They also sell to wholesale partners, who can purchase a box of 24 for $37.19.
The product has a strong reputation on Amazon, with an average rating of 4.3 stars from 217 customer reviews. This number is expected to grow along with its valuation, which is estimated at $1 million.
Having Lori as a partner meant a lot to the company, but unfortunately they gave up a lot of equity and Lori would need to invest a lot of time and resources to make it a success. Despite this, the deal with Greiner doesn’t appear to be done yet. This is surprising considering the way Lori promoted the product on Twitter after it aired.
Categories: Shark Tank
Source: dut.edu.vn
