Legacy Shave Net Worth Shark Tank Update 2025

Shaving can often be a messy hassle, especially with the traditional methods that involve brushes, bowls, and a lot of cleanup. Many men feel frustrated by this because they tend to waste cream and find the process outdated. Mike Gutow decided to tackle this issue by creating Legacy Shave’s Evolution Brush, which is a modern version of the classic shaving brush.

The unique feature of this brush is that it connects directly to shaving cream cans, which simplifies and tidies up the whole shaving experience.

Mike’s journey to create this product wasn’t straightforward. Initially, the idea for the Evolution Brush came from his father many years ago, but the business didn’t take off at that time. Later, after discovering a touching note from his late father urging him to pursue the idea, Mike and his brother relaunched the company. 

In Shark Tank Season 14, Mike sought $300,000 in exchange for a 10% stake in his business to help it grow. The Sharks had varied opinions: some were enthusiastic about the product, while others were skeptical about its market potential. Ultimately, Lori Greiner made a surprising offer: $700,000 for 95% ownership, which would leave Mike with only a 5% stake in the company. 

Legacy Shave Net Worth Shark Tank Update 2025

Mike was looking for an investment of $300k in exchange for 10% equity in the company. At the time of the episode, he valued his company at $3 million. Mike successfully secured a deal with Lori for an investment of $700k for 95% equity in the company. The investment adjusted the company’s net worth to around $737k. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Legacy Shave in 2025 is around $1 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Barbara Corcoran	Out	N/A	N/A
Lori Greiner	$1M + 3% royalty of net sales in perpetuity for 100% of the company$700 + 3% royalty of net sales in perpetuity for 95% of the company	$1M + 3% royalty of net sales in perpetuity for 95% of the company	Yes
Kevin O’Leary	Out	N/A	N/A
Robert Herjavec	Out	N/A	N/A
Mark Cuban	Out	N/A	N/A

Mike Gutow Backstory + Their Initial Pitch 

Mike Gutow’s father invented a shaving brush called the Legacy Shave brush, an idea he had dreamed of for years but never pursued during his lifetime. Before he passed away from cancer, he left a note for Mike that simply said, “Take the shot,” which encouraged Mike to bring the shaving brush back to life.

The new product that Mike developed is called the Evolution Brush. It is innovative because it attaches to shaving cream cans, eliminating the need for a separate bowl and brush. This design makes shaving quicker, neater, and more luxurious, while also distributing the cream evenly to minimize waste.

Mike created two options for customers:

– A complete set that includes the brush and shaving cream, priced at $24.95

– The brush alone, priced at $19.95

Since it only costs $5.39 to produce each unit, the business has a good profit margin. However, despite this, sales have been slow, and Mike faced challenges with marketing and production delays. By the time he appeared on the show Shark Tank, he needed help to grow the business.

In his pitch, Mike sought $300,000 for a 10% ownership stake in the company, valuing it at $3 million. He aimed to increase production, enhance marketing efforts, and honor his father’s legacy through this venture.

Queries + Shark’s Responses, and Final Deal

Barbara Corcoran: She found Mike’s presentation to be chaotic and felt he didn’t explain his financial situation clearly. She was also concerned that there are too many competitors in the shaving market, which led her to decide not to invest.

Mark Cuban: He liked the product but was worried about the company’s declining sales and Mike’s lack of financial resources for growth. These concerns made him back out.

Kevin O’Leary (Mr. Wonderful): Although he appreciated Mike’s personal story, he viewed the risks as too high because the shaving market is dominated by huge companies like Gillette. Therefore, he chose not to invest.

Robert Herjavec: He saw some potential in Legacy Shave but concluded that the obstacles facing the business were too significant. He didn’t think Mike could grow the company quickly enough, so he also decided to withdraw.

Lori Greiner: Unlike the others, Lori loved the product and called it a “game-changer.” She appreciated that it had a patent, which would protect it from being copied. However, she had some worries about falling sales and Mike’s inexperience in retail. Despite this, she made a substantial offer: $1 million for full ownership of the company, plus a 3% royalty for Mike.

Mike wanted to keep some ownership of the company, so he negotiated for 5% equity, which Lori accepted but reduced her offer to $700,000 for 95% ownership.

Mark Cuban humorously referred to the 5% equity as “schmuck insurance,” implying it was a small amount just to keep Mike motivated.

In the end, Mike agreed to Lori’s revised deal, accepting $700,000 for 95% ownership of Legacy Shave while retaining a small stake in the business.

Product Availability

The Evolution Brush is a unique shaving tool that has been patented, which means it’s been legally recognized for its innovative design. It can be used with any aerosol shaving cream, which adds to its versatility. The brush easily attaches to the shaving cream can, so you don’t have to worry about spills or mess while you shave.

It has soft bristles that make for a comfortable and smooth shaving experience. You’ll use less shaving cream compared to using a traditional brush, which can help you save on costs over time.

You can purchase the Evolution Brush from their official website and Amazon. If you buy the Brush + Shaving Cream Set, it costs $24.95. If you prefer just the Brush, it’s $19.95.Overall, the Evolution Brush aims to provide a convenient and luxurious shaving experience while saving you money on shaving cream.

What Happened To The Legacy ShaveAfter Shark Tank?

After appearing on the TV show “Shark Tank,” Legacy Shave quickly became very popular. Shortly after their episode aired, Legacy Shave’s products became so popular that they couldn’t keep enough stock on QVC, and they sold out within just a few days.

In early 2023, the demand for their products was so high that they struggled to keep enough inventory on hand to meet customer needs. To capitalize on their popularity, they launched new products, including special gift sets for Father’s Day that included a shaving brush, razor, and shave balm. By 2024, Legacy Shave has made a significant amount of money, generating $1.9 million in sales.

The overall value of the business is now estimated at $1 million. While the deal with Lori Greiner, one of the investors on the show, wasn’t officially completed, the exposure from “Shark Tank” helped the company grow significantly. Today, Legacy Shave continues to thrive and succeed in the market.

Conclusion 

Mike Gutow’s experience with his company, Legacy Shave, is a heartwarming tale of determination and purpose. He wanted to fulfill a dream that his father had, and that drove him to create his business. During a pitch on the TV show “Shark Tank,” he faced skepticism from the investors, but Lori Greiner, one of the sharks, saw promise in his idea. She offered him a significant investment of $700,000 for 95% of the company.

Although the deal ultimately didn’t happen, the exposure from “Shark Tank” had a huge positive impact, leading to a massive increase in sales. Today, Legacy Shave is successful, generating around $1.9 million in revenue annually.

This story highlights how a straightforward idea combined with enthusiasm and hard work can lead to success. If you’re looking for a more efficient and pleasant shaving experience, the Legacy Shave brush could be just what you need for your grooming routine.