Legacy Shave is a unique shaving innovation, which includes a brush attachment that fits onto aerosol shaving creams.
Founded by two brothers, Mike and Dave Gatow in Michigan, the idea of Legacy Shave started about three decades ago when they were in college.
However, their innovation stalled after its initial launch, but were given a final push by their late father, who had assembled all prototypes in their basement while he was going through chemotherapy.
Mike Gatow appeared on Shark Tank Season 14, Episode 7, seeking $300,000 for 10% equity in their business. Will he get a deal?
Let’s find out.
Legacy Shave Founder’s story
The idea of Legacy Shave was conceived when Mike and Dave were in college, about 30 years ago. The brothers wanted to create a better less-messy way for their father to save his beards.
They created an initial prototypes of their product that included a traditional shaving brush and a clay putty attachment. Though the product seemed primitive, it proved effective, and they ordered 3000 un-assembled units to kick start their business.
As soon as the unassembled units arrived, they assembled 200 units before losing interest, fearing that they won’t be able to compete in the market. Then, both brothers went on to work in their respective fields.
The idea remained “dead” until after their father passed away. While going through their father’s items in his basement, the two brothers found their dad had assembled about 3000 prototypes of their product while undergoing chemotherapy. Their father also left a note, saying “Don’t wait. Life’s short. Take the shot.”
Inspired by their father’s determination to see idea revived, the duo chose to give the business a second chance. Shortly after, the brothers met a patent attorney to do a patent search, which came back clean. They redesigned the initial prototype to make it sleek and unique, and two years later, they got design and utility patents.
After the patents approval, Mike and Dave launched a Kickstarter campaign, which hit their goal in 24 hours. This campaign gave the product instant media attention, creating an immediate demand for their innovation.
Shortly after, they applied for a spot on Shark Tank, hoping to partner with one of the Sharks to move the business forward, and preserve the family legacy.
Net Worth: How much is Legacy Shave worth today?
Mike appeared on Shark Tank in November 2022, asking $300,000 for 10% of the business, based on a $3 million valuation. However, Mike made a deal with Lori Greiner to acquired 95% of Legacy Shave for $700,000, bringing the valuation to $736,842. As of 2025, Legacy Shave earns about $1.9 million in annual revenue, with an estimated valuation of $7 million.
Legacy Shave Shark Tank Pitch
Mike stepped into Shark Tank with an emotional pitch, hoping to get $300,000 for 10% of his company.
In a passion-fueled pitch, Mike impressed the Sharks with the presentation and the fact that he had a patent for his innovation. Mark Cuban described Mike’s presentation as the “best presentation ever”, and even managed to get Kevin O’Leary to shed a tear.
He demonstrated how the traditional method of applying cream by hand wastes a lot of creams and struggles to lift hairs properly. With Legacy Shave, the brush is attached directly to aerosol cans, lifting hairs for a cleaner shave, while reducing waste by up to four times.
The Sharks get a chance to see and test the Legacy Shaving cream attached to the brush and they are impressed. Asked about the costs, Mike reveals that the can and brush sell for $24.95, and they cost $5.35 to make.
On the revenue side, Mike revealed that they have sold over 100,000 units so far, making over $1 million in sales over five years. Kevin wants a five-year break down of the revenues, and Mike highlights the sales numbers as follows:
Year 1- $70,000
Year 2- $370,000
Year 3- $390,000
Year 4- $96,000
Year 5- $42,000 (plus $63,000 in pending orders)
Mike acknowledges that despite investing over $400,000 into the business, sales have been dropping, and the company was almost out of money. With the company in the red, is any of the Sharks ready to take a gamble?
Barbara Corcoran is the first investor to pass on the opportunity, citing Mike’s overall presentation structure and communication. Mark follows, expressing his worry about the company’s financial health.
Kevin O’Leary a.k.a. Mr.Wonderful is impressed by Mike’s presentation, describing it as the most moving story he has heard on the show, but expressed difficulty in competing in a market dominated by large shaving companies. He also opted out.
Robert noted Legacy Shave’s potential, but opted not to invest due to the many challenges ahead.
With Lori Greiner the only Shark remaining, Mike still has hope of getting a deal. Lori notes the declining sales and the founder’s lack of marketing experience, which could be capitalized to increase the product visibility. She offers to buy Legacy Shave and all its patents for $1 million, with Mike getting a 3% loyalty of net sales for life.
Mike countered Lori’s offer, asking to retain 5% equity in the company to continue his family legacy. Mark interjected, calling Mike’s counter as a clever “Schmuck Insurance”. After a brief negation, Lori revised her offer to $700,000 for 95%, with Mike retaining 5% equity in the company.
Mike agreed to the revised deal, and was happy to partner with Lori to exploit Legacy Shave’s full potential.
So, what happened after Shark Tank? Did Mike close the deal with Lori Greiner? Let’s find out.
What happened to Legacy Shave after Shark Tank?
After Shark Tank aired in November 2022, Legacy Shave reported an immediate increase in sales. Legacy Shave made its debut on the holiday gift edition of QVC, selling 2500 units in record time.
The surge in demand created temporary product shortages, but the items were back in stock by spring 2023. By June 2023, the company had restocked its products, and had introduced a Father’s Day gift set that included a brush, shave cream can, premium razor, and a jar of shave balm.
Legacy Shave also expanded its line of products to include Evolution Shave Brush and extra grooming accessories. In 2023, Legacy Shave partnered with Dollar Shave Club, a California-based company that delivers personal grooming products to customer. This partnership gave the company access to a broader audience and distribution channels.
As of 2024, it seems Legacy Shave closed the deal with Lori Greiner, and it helped turn around the company’s revenues. Geeks Around Globe reported that Legacy Shave earned $1.9 million in revenues in 2024, bringing its valuation to $5.7 million.
Did Lori invest in Legacy Shave?
When Mike appeared on Shark Tank Season 14, he made a deal with Lori Greiner for 95% equity of the company in exchange for $700,000. Mike retained 5% equity in the business.
The offer made on the show is often not final, and is subject to additional due diligence and verification between the Shark and the founders. As of 2024, it seems Lori invested in Legacy Shave, which helped the company boost its revenues from $96,000 in 2021, to $1.9 million in annual revenues as of 2024.
Lori Greiner’s $700k investment has grown to $5.7 million as of 2025, and Legacy Shave continues to experience continued growth.
Where to buy Legacy Shave
You can order Legacy Shave Brush and cream directly from Legacy Shave’s website. You can order Legacy Shave’s Evolution Brush, a Legacy Shave Brush (without cream), and a set of brushes. The products are also available in gift sets that combine additional grooming accessories like balms and razors.
