Mike Gutow is looking to get a deal for his shaving brush attachment on Shark Tank Episode 1407 in the segment called “Shark Tank: The Next Great Idea.” Mike and his brother Dave (who doesn’t appear on the show) developed Legacy Shave, a patented product that fits onto the nozzle of any shaving cream can to create a more luxurious experience.
The brothers say they Legacy Shave Shark Tank by their father’s memory and wanted to create grooming products that made the process less messy and tedious. They created the Legacy Shave brush, a product that attaches to any can of shaving cream, allowing users to apply a rich lather directly to their face with ease.
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When Legacy Shave first appeared on the hit ABC show, the brothers were able to wow the sharks with their bombastic presentation and heart-felt backstory. Mark Cuban gave the Gutows a standing ovation and Kevin O’Leary was even teary-eyed. However, the Sharks didn’t seem too keen on investing in the company. Barbara Corcoran didn’t think Mike was a good communicator and said she was out, while Mark Cuban felt the shaving industry was too competitive and dropped out of negotiations as well. Robert Herjavec also bowed out, leaving Lori Greiner as Legacy Shave’s last hope for a deal.
In the end, Lori decided to take a flier on the business and offered Gutow $1 million for 100% of the company, with a 3% royalty on all future net sales for life. Mike agreed to the offer, but asked if she could retain 5% of the business as a form of schmuck insurance. Lori agreed to this and negotiated a deal.