Are you tired of shaving with the old-world technology of a shaving brush?
Imagine being able to combine the done-and-dusted shaving technique with modern technology. Sounds appealing, doesnāt it?
Well, the Legacy Shave is here to satiate this exact need and provide you with the cleanest after-shave glow. The legacy shaveās Brush lathering technology lifts and stimulates hair follicles for the cleanest and closest shave possible. It provides an All-in-one solution for all shaving needs while keeping the theatrical charm intact.
Legacy Shave at a Glance:
| Idea | Legacy Shave provides an All-in-one solution for all shaving needs while keeping the theatrical charm intact. |
| Founders | Mike and Dave Gutow |
| Asked For | $300,000 For 10% |
| Accepted Deal | $700,000 For 95% |
| Sharks | Lori Greiner |
| Business status | In Business |
| Episode No. | Season 14, Episode 7 |
| Buy on Amazon | Buy Now! |
Index:
What is Legacy Shave?
Legacy Shave is a company that produces grooming products for men with a focus on shaving solutions. Their flagship product is the āLegacy Shave Canā which is a shaving foam dispenser with a brush attached to it.
The brush Lathering Technology lifts and stimulates your hair follicles for a clean and close shave as claimed by the company. They also sell products such as nail trimmers, bathing soaps, etc. besides the flag-ship.
Founder Story:
Legacy Shave was founded by the brothersā Dave and Mike Gutow that aims to provide an ultimate shaving experience for all types of facial hair. Ā The idea of Legacy Shave was born about two decades ago when the brothers were still in college.
With help from their dad, the brothers produced a working prototype which although was of crude design, yet thatās how the idea clicked to them. They manufactured 200 samples, assembled and attached them fully yet they never sold them, each pursued their own careers after graduation.
Life took an unexpected turn for them when they lost their father to cancer and found nearly a dozen boxes with around 3000 shave brush samples, that their dad, on his death bed, termed as a ātrue legacy left behindā for his sons to discover and pursue.
Finding meaning to their life, the brothers set on a mission of fulfilling their fatherās long-lost dream and ended up patenting their new and sleek design, which we now know as Legacy Shave.
Did Legacy Shave get a deal on Shark Tank?
Dave and Mike Gutow took their startup Legacy Shave to Shark Tank, America where they won hearts with their backstory. His presentation won a standing ovation from Ā Shark Mark Cuban, while Shark Kevin OāLeary was left teary-eyed.
However, none of the sharks deemed it as an area of their expertise and hence were unwilling to make an offer except Lori Greiner. Mike came with an offer of $300,000 for a 10% equity.
After undergoing various counteroffers, Mike accepted Loriās offer of $700K + a royalty of 3% of net sales in perpetuity for 95% of the company. As the company had a deeper meaning to the brothers, they decided to keep 5% of the business stakes with themselves.
What happened to Legacy Shave after Shark Tank?
After a successful pitch on Shark Tank, Legacy Shave got quite the hype created around themselves as the audience found their story to be heart-rendering and their product to be of reasonable daily use.
Since the show aired in November 2022, there have not been many updates on Legacy Shaveās progress after Shark Tank. However, it is expected that Lori Greiner will finalize her deal with the startup founders soon.
While there are not many updates on Legacy Shaveās presence in the market scene, it is reported that the company has secured additional funding and partnerships from a number of interested buyers.
Product Details:
- The product is a shaving foam dispenser with a brush attached to it which efficiently spreads the foam on the face with minimum wastage.
- Brush Lathering Technology lifts and stimulates hair follicles for a clean and close shave.
- This patented shave brush allows the users to bring back that old-world heritage charm that shaving instills in all of us, reminding us of our grandparentsā age of shaving.
- It minimizes the wastage of water and shaving foam.
- The shaving cream also is of very high quality.
- The product is currently priced considerably higher than its alternatives.
What is the net worth of Legacy Shave?
At the time of Shark Tank, Legacy Shave had a net worth of around $3 million as per the founders, although at the end of the pitch valued the business at around $736,000.
Over five years, the startup had produced more than 1 million dollars in gross revenue resulting in around 100k unit sales around that time period. Post Shark Tank pitch, the company has been performing great on the business turf which has led to the company now being at an estimated net worth of more than $730k USD as of 2023.
Who are the competitors of Legacy Shave?
One of the main reasons why a lot of sharks on the show did not deem Legacy Shave as investable was the abundance of competition that the product would face in the local markets. Keeping that in mind, letās take a look at the main competitors of the startup.
The main competing companies in the shaving business are The Razer Co., Original Shave Co., Viking Blade, Howi Inc., Pomade, and Super Safety Razors, while many other startups keep brewing and coming up in this arena.
Out of all these startups, Super Safety Razors is one of the oldest brands starting in 2006 and has a first-mover advantage over Legacy Shave.
Apart from this, the startup also faces competition from up-and-coming ventures and needs to keep innovating with the style and the features of the products.
Is Legacy Shave still in business?
The Legacy Shave started in 2016 is still in business. The company has seen quick sales growth right from the time it entered the market arena, with around $70k in its first year to sales revenue of $370k and $390k in the consecutive two years.
Before coming in Shark Tank the company suffered some major losses which made the company hit a bottom revenue of $96k.
The family-owned business has invested around $400k since the start of Legacy Shave, and though the company still hasnāt returned any operating profits yet, it still has a lot of potential in it that needs to be explored.
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FAQs:
What is Legacy Shave ?
The legacy shaveās Brush lathering technology lifts and stimulates hair follicles for the cleanest and closest shave possible. It provides an All-in-one solution for all shaving needs while keeping the theatrical charm intact.
What's the net worth of Legacy Shave ?
At the time of Shark Tank, Legacy Shave had a net worth of around $3 million as per the founders, although at the end of the pitch valued the business at around $736,000.
