Legacy Shave Net Worth, Business and Source of Income

What is Legacy Shave Net Worth? Legacy Shave is a skillfully designed shaving cream brush. It was first shown on November 18, 2022, in Shark Tank season 14, episode 7.

Mike Gutow and his brother, Dave Gutow, are the founders of Legacy Shave. They appeared on the show with an intention of $300,000 for 10% equity but fate would have it, a deal of $700,000 for 95% was hit by Lori Greiner instead. Presently, the company has a net worth of $700,000.0

In this article, we will look into Legacy Shave’s biography, founder of the company, products, net worth, Partnership, and source of income.

Profile Summary

Name : Legacy Shave by Mike and Dave Gutow
Date of Creation: 2016
Product : Shaving Cream can and attachable shave brush
Location : Royal Oak, Michigan
Initial deal: $300,000 for a 10% Equity
Final deal: $700K + a royalty of 3% of net sales in perpetuity for 95% of the company
Net worth: $1.2 million

Legacy Shave Net Worth — Photo Credit: Google Image

Founder of the company

The company “Legacy Shave” came into existence in 2016 with an idea derived from “The Ultimate Shaving Experience” by a couple of people.

This company, Legacy Shave, was created by two brothers, namely Mike and Dave Gutow, in 2016 but did not gain recognition until 2022. It is important to note that their father played an important role in the existence of the company.

The brothers joined their father in his business of manufacturing shaving brushes after their education at the university.

They came up with the name “Evolution Shave Brush,” but sadly, they did not realize that the product needed a manual for assembly until they had produced 3000 units.

Mike revealed on Shark Tank that they gave up on the idea after they had assembled 200 units. Later on, Mike deemed it fit to start up a management firm of his own; he started one, named it Gutow Management and also ran “Save Lake St. Clair Organization” from 2014 until 2017.

17 years after their previous attempts to set up the “Evolution Shave Brush,” they lost their father to cancer.

Sad and confused, they planned to give up on their dreams but became encouraged when they discovered the 3000 units their father had assembled on his own while cleaning the attic. They once again got encouraged and started up in 2016.

Products

Legacy Shave is a popular and trendy shaving cream brush with a shaving can. It is a modern one that combines technology.

This newly developed tool helps stimulate the hair follicles, leaving an ultimate shaving impression on the user.

Because of the fantastic technology behind this idea, everyone is curious about the company’s founder.

The brush is a combination of the olden days shaving brush and the new age’s shaving cream. The brush is produced in such a way that it is both face- and body-friendly.

Patnership

Mike and Dave were rewarded for their good work in design and good management after two years of promoting the business their father had left behind.

Because of how well their products turned out, they appeared on Sharper Image in 2017 and were also voted and rated the “top new product” at the ECRM Show 2019 in Florida.

.On November 18, 2022, the founder, Mike Gutow of the Legacy Shave, made his first appearance on “Shark Tank Season 14 Episode 7” on a Friday with their products, which happened to be the last program on Shark Tank.

The aim of the appearance was to seek investment with either Robert Herjavec, Kevin O’Leary, Mark Cuban, Lori Greiner or Barbara Corcoran.

Thankfully, their aim of featuring in the program was accomplished as Shark Mark Cuban was greatly impressed with the way technology played out in their product; he was too overwhelmed with their presentation, so he stood up to applause them.

Also, Kevin O’Leary could not contain his emotions; he was in tears throughout the presentation. Lastly, Lori considered it deserving to strike a deal with “Legacy Shave.”

The auditioners were amazed at Lori’s kind heart; they simultaneously offered $3,000,000 for 10% equity.

However, Mike and Lori sealed up the deal of $700k+, a royalty of 3% of net sales in perpetuity for 95% of the company.”

Source of Income

Legacy Shave’s source of income remains the booming sale of products within the company. Also, the collaboration she gets from ECRM and Lori from Shark Tank.

Another important source of income at the “Legacy Shave” is the deals she gets from other reputable companies.

Legacy Shave Net Worth

As of October 2023, we estimated Legacy Shave net worth to be $1.2 million. The company’s sales were around $96,000 last year when it appeared on the show.

Mike and his family reported that around $400,000 was invested to start the company.