When Mike Gutow came on Shark Tank to make a deal for his company, Legacy Shave, his heartwarming story made the judges cry, and he scored big. Based on the Japanese format Dragon's Den, Shark Tank is an Emmy-winning reality series in which aspiring inventors pitch their business ideas to a panel of successful entrepreneurs called the Sharks. These Sharks include Mark Cuban, Lori Greiner, Kevin O'Leary, Barbara Corcoran, and Robert Herjavec, and they're not afraid to pull any punches if they don't like a product or business plan.
But what makes Shark Tank compelling are the contestants who go on the show to make their dreams come true. Many of these ambitious business owners come from humble backgrounds and have put lots of work and money into their products but need the help of the Sharks to take them to the next level. Over 16 seasons, hundreds of contestants have made deals, and many Shark Tank products have gone on to be wildly successful. Legacy Shave is one of those success stories, but his compelling backstory is what made his episode so memorable.
Legacy Shave Is A Brush That Provides "The Ultimate Shaving Experience"
Mike Gatow's Deceased Father Left A Note Urging Him To Continue With The Company
Legacy Shave is a shaving brush that attaches to any shaving cream can. The brush helps exfoliate the skin while the shaving cream lathers on your face, preventing you from wasting the product. It gives you the luxurious feel of getting a shave at a barbershop and resembles the old-fashioned method of shaving.
"Don't wait. Life's short. Take the shot."
Mike Gatow appeared with Legacy Shave on Shark Tank season 14, episode 7. What made his product such a fan favorite is his emotional backstory. Mike and his brother developed the product with their father, ordering 3000 units. However, the boys soon lost interest after assembling only 200 and put their business on hold. Seventeen years later, their father unfortunately died from cancer. When Gatow and his brother cleaned out his home, they discovered he had assembled all 3000 units of their product while going through chemotherapy. He left a note saying, "Don't wait. Life's short. Take the shot."
The Legacy Shave Shark Tank Deal Explained
Lori Gave Mike Gatow $700,000 For 95% Of The Company
Mike went on Shark Tank hoping to get $300,000 for 10% of his company. After giving a great presentation, the Sharks were impressed and loved that Mike had a patent. But it was his backstory that won everyone over. It even made the normally tough Kevin cry. However, the lifetime sales numbers for the product were concerning to the panel. While Mike had made over a million dollars in sales and moved 100,000 units, the sales had been dropping, and the company was almost completely out of money. Mark Cuban even told him, "The trend is not your friend."
The members of the panel began to drop out. Mark didn't like that Mike was out of money, Kevin didn't have interest in the shaving industry, and Robert had many concerns as well. But Lori liked that the nozzle could work with many other products and thought her background in consumer markets could help the product.
Lori offered to buy the company for $1 million and give Mike a three percent royalty of net sales for life. Mike countered and asked to keep five percent of the company. Lori accepted but was only willing to give $700,000 for 95% of the company. Mike agreed and accepted the deal.
Where Legacy Shave Is Now
The Company Is Now Worth $6 Million
Legacy Shave is still around today and is thriving. The company had its products on QVC four days after its Shark Tank episode and completely sold out of its inventory. The net worth of the company is $6 million as of 2024, and its annual revenue is around $1.9 million (via Geeks Around Globe).
Lori Greiner has done well on her investment of 700 thousand and has made around $5.7 million from the product. Legacy Shave secured a partnership with Dollar Shave Club in 2023, one of the biggest players in the shaving industry. This has been a very successful collaboration and has contributed to significant sales increases.
Several successful investors and financial moguls sit in on pitches from professional and amateur American entrepreneurs in Shark Tank. This reality television series sees a group of five "sharks" who give hopeful people with a dream a chance to secure funding and support from some of the most well-known figures in the business world. Products and services come from all over as the sharks judge and try to determine if the pitches are investable.
Release Date August 9, 2009
Seasons 16
English (US) ·