Legacy Shave is a startup by Mike Gutow to honour his dad. He started the journey after his father struggled with the aftershave burns and rash. The company started almost six years ago with the commercial selling of their products.
Their journey to Shark Tank was inspiring yet emotional. He got the deal with the Shark Lori where he is on a profitable side. Mike started his journey from Michigan and took his products all over the country. Let us have a look at Legacy Shave’s net worth today.
What Is Legacy Shave?
Legacy Shave is a company that deals in creating shaving cream along with a brush fixed on the Nosal of the shaving cream. It allows users to have a comfortable shaving experience. His journey started when he and his brother saw their father struggling with shaving daily.
He saw that his father had razor burns and was never happy waking up and shaving. Thus, they put a brush on the shaving cream tube and kept it on his father’s shaving basin.
His father was extremely happy on that day after using the new type of shave. He was impressed. However, they did not start their company and stopped working on it after 20-30 prototypes. After their father passed away, they found 3,000 prototypes which his father created during his chemo-therapy sessions. He left a note with that prototype which said, “Don’t Wait. Life Is Short, Take The Shot”.
Legacy Shave Net Worth
Legacy Shave has a net worth of $6 Million or you can say it is Mike Gutow net worth. The company’s sales numbers are as follows. During the company’s first year, it made $70,000. The second year, it made $370,000. While the third year goes with $390,000. The fourth year had a fall to $96,000.
Mike mentioned the lack of money as the reason behind lower sales in the fourth year. Mike’s family invested $400k in it in these years.
Legacy Shave Shark Tank Deal
All the sharks except Lori denied investment in the company. Lori took the risk and offered a royalty deal. She felt that the product had a market. It is a good product. She offered $1 Million and a 3% royalty on every sale. However, Mike counter-offered to add a 5% stake in the company.
Lori then reduced the offering amount to $700k. He agreed to the deal of $700k+ 3% royalty of net sales in perpetuity for a 95% stake. Stay tuned for more information. We will be right back with more interesting content, till then stay tuned with us at Networthfinder.