Legacy Shave, the revolutionary shaving product brand, has an estimated net worth of $6 million in 2025. Co-founded by Mike Gutow, the company gained national recognition after a heartfelt pitch on Shark Tank, where it secured a deal with investor Lori Greiner. What started as a tribute to Mike’s late father has evolved into a thriving business with millions in sales, licensing deals, and retail expansion.
The Origin of Legacy Shave: A Tribute Turned Business
Legacy Shave’s story is more than just about business—it’s rooted in family and legacy. The idea for the product originated with Mike Gutow’s father, who initially encouraged him to pursue the shaving accessory concept years ago. After his father passed away, Mike decided to honor his vision and bring their shared dream to life.
Legacy Shave introduced a unique aerosol can attachment with a built-in shaving brush, offering a smoother, cleaner, and more efficient shaving experience. Mike, currently in his early 40s, poured his energy into refining the product, ensuring it stood out in the crowded grooming industry.
The innovation eventually led to a patent, which not only protected the design but also demonstrated compatibility with various aerosol cans, allowing the product to be used across a wide range of shaving creams and foams.
Shark Tank Deal: Lori Greiner’s Game-Changing Investment
Mike appeared on Shark Tank with an emotional pitch that moved the investors and viewers alike. He laid out impressive numbers—over 100,000 units sold and $1 million in gross revenue over five years before his TV appearance. Despite these accomplishments, most of the Sharks bowed out due to concerns over competition and market saturation.
- Barbara Corcoran, Mark Cuban, Kevin O’Leary, and Robert Herjavec all passed on the deal.
- Lori Greiner, however, saw the emotional and business potential.
Lori first offered $1 million for 100% of the company with a 3% royalty back to Mike. Wanting to stay connected to his late father’s legacy, Mike countered, and they ultimately agreed on a deal: $700,000 for 95% equity, allowing Mike to retain a 5% ownership stake.
This investment was a game-changer for Legacy Shave and opened the doors to larger distribution and marketing channels.
Explosive Growth Post-Shark Tank
Within just two weeks of the Shark Tank episode airing, Legacy Shave sold out of inventory and generated $150,000 in revenue. The exposure gave the brand massive momentum, and Lori’s involvement took it to the next level.
She introduced the product to QVC, where it became a hit with shoppers. Over the next 12 months, Legacy Shave achieved $820,000 in annual sales, solidifying its place in the personal grooming industry. Even more significantly, Lori helped secure multiple licensing agreements with aerosol companies, ensuring consistent revenue and expanded product placement.
As of 2025, Legacy Shave earns $170,000 in monthly revenue, including both direct sales and licensing fees.
Financial Breakdown and Profit Margins
Mike Gutow has managed to build a profitable business with lean production costs. The standard production cost for each dispenser is $5.60, while the retail price is $25.99. These healthy margins allow for strong profits while keeping the product accessible to consumers.
In the year following the Shark Tank deal, Legacy Shave posted $1.9 million in annual revenue and netted approximately $550,000 in profit. As of today, Lori Greiner has already recouped her initial $700,000 investment and earned $1.3 million in profits from the business.
These numbers reflect a rare Shark Tank success story—one where the investor not only gets their money back but also turns a strong profit within a short timeframe.
A Product Built on Innovation and Versatility
Legacy Shave’s patented design is one of its greatest assets. By creating a universal shaving brush attachment that works with most aerosol cans, Mike positioned the product for broad utility and strong consumer demand. It appeals to both men and women and offers a mess-free, luxury shaving experience at a fraction of the typical cost.
The brush head also helps evenly distribute shaving cream and exfoliate the skin, adding functional value that sets it apart from traditional shaving methods. It’s not just about nostalgia—it’s about performance.
Mike Gutow’s Personal Journey and Future Plans
While financial success has been a major part of Legacy Shave’s story, Mike Gutow’s personal journey remains at the heart of the brand. A dedicated family man, Mike’s passion for the product was born from a promise to his late father. His commitment to honoring that promise continues to drive the brand’s mission.
Though Lori now controls the majority of the company, Mike still plays a strategic role and remains deeply involved in its day-to-day operations and long-term vision. His story resonates with entrepreneurs who are driven by both passion and purpose.
Legacy Shave’s Net Worth and Market Outlook
As of 2025, Legacy Shave’s net worth is $6 million, bolstered by strong profits, ongoing licensing income, and expanding sales channels. The company’s patented product, strong margins, and emotional brand story make it a standout in the personal care market.
With continued support from Lori Greiner, more retail expansion, and deeper penetration into international markets likely on the horizon, Legacy Shave is well-positioned for sustained success.
