Shark Tank
When Mike Gutow come onShark Tankto make a mickle for his fellowship , Legacy Shave , his heartwarming story made the judges cry , and he scored big . Based on the Japanese formatDragon ’s Den , Shark Tankis an Emmy - winning reality series in which aspiring inventors toss their business estimation to a jury ofsuccessful entrepreneurs call the Sharks . These Sharks admit Mark Cuban , Lori Greiner , Kevin O’Leary , Barbara Corcoran , and Robert Herjavec , and they ’re not afraid to pull any punch if they do n’t care a product or concern architectural plan .
But what makesShark Tankcompelling arethe contestants whogo on the show to make their dreams amount true . Many of these ambitious business owners descend from lowly background and have put raft of work and money into their products but need the help of the Sharks to take them to the next level . Over 16 seasons , one C of contestant have made deals , andmanyShark Tankproducts have fail on to be wildly successful . Legacy Shave is one of those success story , but his compelling backstory is what made his sequence 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 grazing brushwood that impound to any skimming cream can . The brush helps exfoliate the skin while the sliver pick lathers on your brass , prevent you from neutralize the product . It gives you the luxurious look of acquire a shave at a barbershop and resembles the old - fashioned method of shaving .
" Do n’t await . Life ’s little . Take the shot . "
Mike Gatow appeared with Legacy Shave onShark Tankseason 14 , episode 7.What made his product such a sports fan preferent ishis emotional backstory . Mike and his blood brother developed the mathematical product with their founding father , set up 3000 social unit . However , the son soon lost sake after assembling only 200 and put their byplay on wait . Seventeen old age afterwards , their father alas died from cancer . When Gatow and his comrade clean out his home , they hear he had get together all 3000 units of their product while pass away through chemotherapy . He leave a note read , " Do n’t await . Life ’s short . Take the scene . "
The Legacy Shave Shark Tank Deal Explained
Lori Gave Mike Gatow $700,000 For 95% Of The Company
Mike go onShark Tankhoping to get $ 300,000 for 10 % of his company . After giving a great intro , the Sharks were impressed and jazz that Mike had a letters patent . But it was his backstory that won everyone over . It even made the normally tough Kevin cry . However , thelifetime sales numbers for the product were bear on to the panel . While Mike had made over a million dollars in sales agreement and act 100,000 units , the sales had been dropping , and the company was almost all out of money . Mark Cuban even told him , " The trend is not your friend . "
The members of the panelbegan to dribble out . Mark did n’t like that Mike was out of money , Kevin did n’t have interest in the shaving manufacture , and Robert had many concern as well . But Lori liked that the nozzle could work with many other products and recall her background in consumer markets could help the Cartesian product .
Lori offered tobuy the company for $ 1 million and give Mike a three percentage royal family of net sales for life . Mike countered and asked to keep five percent of the party . Lori accepted but was only willing to give $ 700,000 for 95 % of the company . Mike concord and accepted the deal .
Where Legacy Shave Is Now
The Company Is Now Worth $6 Million
Legacy Shaveis still around today and is thriving . The company had its products on QVC four days after itsShark Tankepisode andcompletely 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 ( viaGeeks Around Globe ) .
Lori Greiner has done well on her investment of 700 thousand andhas made around $ 5.7 million from the Cartesian product . Legacy Shave secured a partnership with Dollar Shave Club in 2023 , one of the biggest histrion in the paring industry . This has been a very successful collaboration and has contributed to significant sales addition .
Several successful investors and financial moguls sit in on pitches from professional and recreational American enterpriser in Shark Tank . This world television serial watch a chemical group of five " sharks " who give hopeful people with a dreaming a probability to secure support and documentation from some of the most well - known figures in the business world . Products and services follow from all over as the shark adjudicate and try out to determine if the pitches are investable .
