"I just can't wait to celebrate" When Shark Tank's Lori Greiner bought out Legacy Shave for $700,000

Mike Gutow’s reaction after landing a life-changing deal on Shark Tank was nothing short of a testament to an entrepreneur’s dream come true:

"I just can't wait to celebrate with my mom, my brother. It’s come full circle and here we are. We’re ready to move forward as a family and we’re gonna take that next step and I know this is going to become something even greater than imagined."

The entrepreneur from St. Clair Shores, Michigan, stepped into the tank hoping to score a $300,000 investment for 10% equity in his company, Legacy Shave. What he walked away with was a completely different deal—one that saw Lori Greiner buy out his business for $700,000 while allowing him to retain 5% equity.

Shark Tank has seen its fair share of ambitious entrepreneurs pitching innovative products, but few stories have struck an emotional chord like this one. Gutow’s product—a shave brush that attaches directly to any shaving cream can—wasn’t just a business venture. It was a family legacy that had been years in the making.

What happened during Legacy Shave’s Shark Tank pitch?

When Gutow entered the tank, he wasted no time diving into his pitch.

"I’m from Metro Detroit, Michigan and I’m seeking a $300,000 investment for 10% equity of our company that has patented technology that’s set to disrupt a $50 billion a year global industry. Sharks, I’m talking about the shaving industry."

He demonstrated his product on Shark Tank by applying shaving cream with his hand, explaining how traditional methods push hair down and can cause razor bumps. Then, he pulled out his invention—a modernized shaving brush that dispenses cream directly onto the face, exfoliating the skin in the process. The Sharks were intrigued.

“What do you sell it for?” Robert Herjavec asked.

Gutow responded:

“We sell it for $24.95. It costs me $5.39 to make. Just the brush we sell for $19.95”

The numbers sounded promising, but there was a catch—Legacy Shave had been in the red every single year. Sales had exceeded a million dollars over five years, but they had slowed down in recent years, and the company was out of money.

Then came the emotional sucker punch. When Shark Tank's Lori Greiner asked about the origin of the idea, Gutow shared a story about his late father.

Decades earlier, Gutow and his brother had come up with the concept and started working on it with their dad. However, after assembling 200 units, they lost interest. Seventeen years later, after their father’s passing, they found out that he had continued working on the project, assembling 3,000 units while undergoing chemotherapy. He left them a note:

“Don’t wait. Life’s short. Take the shot.”

Kevin O’Leary, the notoriously tough "Mr. Wonderful," was visibly moved. "That is one of the most emotional stories I’ve ever heard on this show."

But Shark Tank isn’t about emotions—it’s about business. And the numbers didn’t add up for most of the investors.

Barbara Corcoran was the first to bow out:

“My large concern with you is that you’re a phenomenal salesman, but you’re not a clear communicator. You’re all over the map and I don’t think we’d be great partners. For that reason, I’m out.”

Mark Cuban followed suit, saying:

“It’s not a good set of circumstances that you’re out of money, right? So, it’s not a fit for me. I wish you guys the best.”

O’Leary, despite being moved by the story, also passed, quipping:

“The shaving category that you’re competing in is incredibly crowded and dominated by behemoths. I’m not going to take that journey with you.”

Herjavec, who had initially shown interest, backed out as well. That left Gutow with one last hope on Shark Tank—Lori Greiner.

Greiner, known as the “Queen of QVC,” saw potential in the product.

“I really like the interchangeability of this cap onto anything and I like the thought of, that there are other things you can do with it and that you have a patent,” she said.

Elaborating:

“All that being said, you don’t have many sales. You haven’t proven this, but I also look at it as your family and you don’t have a lot of experience in the consumer product world.”

Then she dropped a bombshell offer: $1 million for 100% of the company, with a 3% lifetime royalty for Gutow.

Gutow hesitated.

“Would you be willing to do that offer where we can have 5% equity of our company still? That guarantees us we can carry on our legacy.”

Mark Cuban called it “schmuck insurance.” Greiner adjusted the offer—$700,000 for 95% of the company, allowing Gutow to keep a small stake. He accepted.

What happened to Legacy Shave after Shark Tank?

The Shark Tank effect is real, and it worked wonders for Legacy Shave. Following the episode’s airing, the company saw a massive surge in sales, with their product selling out almost instantly. The partnership with Greiner opened up new retail opportunities, expanding reach beyond what Gutow could have done alone.

More importantly, the deal ensured that the dream Gutow’s father worked so hard for lived on.

“I just can’t wait to celebrate,” he said in the end, knowing that Legacy Shave’s journey was only beginning.

Legacy Shave’s Shark Tank journey was a reminder that business isn’t just about numbers—it’s about passion, perseverance, and taking the shot when the opportunity arises. Gutow walked in, looking for an investment. He walked out with a deal that secured his company’s future and honored his father’s legacy.

Not a bad way to celebrate.

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View Shark Tank on ABC every Friday at 8 PM ET, with streaming available on Hulu.