What is Legacy Shave?
Legacy Shave is a company that innovated the shaving process by creating an attachment known as the Evolution Brush. This brush can be directly attached to any can of shaving cream or gel, making the application process simpler and more efficient. The device aims to modernize the traditional shave brush, offering portability and reducing shaving cream waste.
Who are the Founders of Legacy Shave?
Legacy Shave was founded by brothers Mike and Dave Gutow in 2016. Their journey began in the basement of their late father’s home, where they decided to innovate in the realm of men’s grooming. Inspired by their father and driven by the ambition to reduce shaving cream waste, they created the Evolution Brush. Despite facing numerous challenges in the initial stages, the duo persevered.
What Happened to Legacy Shave After Shark Tank?
Following their appearance on Shark Tank, Legacy Shave received an investment from Lori Greiner, who acquired 95% of the company for $700,000. The company also gained substantial media attention, appearing on shows like Good Morning America and Today. This exposure has contributed significantly to their success, with sales reported to be over $1 million as of November 2022.
What is Legacy Shave’s Net Worth in 2023?
As of 2023, the estimated net worth of Legacy Shave exceeds $730k, with online sources stating that the company made $96k worth of sales when it appeared on Shark Tank. Mike and his wife initially invested $400k to launch the company. Overall, its estimated net worth for its founders, Mike and Dave Gutow is approximately $1 Million.
Is Legacy Shave Still Operating?
Yes, Legacy Shave is still in operation as of April 2023. A successful Kickstarter campaign provided this company with the initial boost it needed to keep growing steadily over time, reaching $1 Million in gross sales over five years and cementing their position within their market.
What Was Legacy Shave’s Pitch on Shark Tank?
On Shark Tank, Mike Gutow sought a $300k investment in exchange for a 10% equity stake in Legacy Shave. He impressed the sharks with a compelling pitch, estimating the global shaving market at $50 billion. Mark Cuban even praised his presentation as one of the best he had ever seen. Mike explained that the Evolution Brush sells for $24.95, with a production cost of $5.39, further validating the business model.
What are the Key Factors Contributing to Legacy Shave’s Success?
Legacy Shave attributes its success to several key factors, including its innovative product, the Evolution Brush. Though not actively present on social media platforms such as Instagram or Facebook, they have leveraged media exposure and strong word-of-mouth marketing to become successful. Appearing on Shark Tank not only gave them financial backing but also dramatically broadened their consumer base – setting them on the road towards long-term success.
Legacy Shave and Social Media
Interestingly, Legacy Shave doesn’t focus much on social media. However, they maintain an official website where they sell their product. While not a conventional approach to marketing in this digital age, their sales and popularity suggest that their business model is working for them.
Thus, Legacy Shave serves as a classic example of how innovation, perseverance, and the right kind of exposure can turn a basement startup into a million-dollar business.
