Detroit entrepreneur Mike Gutow appeared on “Shark Tank” to present Legacy Shave, a shaving brush attachment designed to fit any shaving cream can. The product is aimed to solve common shaving problems while honoring a meaningful family legacy.
The entrepreneur not only walked away with a deal, but he did what seemed impossible: got the toughest shark to shed a tear.
During the season 4, episode 7 presentation that aired on Nov. 22, 2022, Gutow effectively demonstrated how his product worked compared to traditional shaving methods.
“Hi, Sharks, my name is Mike. I’m from metro Detroit, Michigan, and I’m seeking a $300,000 investment for 10 percent equity in my company,” Mike began confidently. “We have patented technology set to disrupt a $50 billion-a-year global industry — the shaving industry.”
He went on to explain that shaving creams are typically dispensed in a way that isn’t ideal. Instead of exfoliating the skin, they close pores and mat down hair follicles. Legacy Shave was created as the first universal pendant shave brush dispenser, delivering the perfect amount with a single pump.
Mark Cuban said it was the best presentation ever. Rob Herjavec leaned forward and asked, “How does it work, Mike?”
After demonstrating the product’s functionality, Mike shared the deeply personal story behind Legacy Shave.
“Twenty-eight years ago, we gave my dad a gift for Father’s Day. My dad was a daily shaver, and he always complained about razor bumps and burns.”
He explained how he and his brother had developed a prototype decades ago but hesitated to move forward with it.
“That’s where it sat for literally 20 years,” he said.
Gutow’s voice softened as he said, “Sharks, unfortunately, my dad passed away from cancer. Years after, my brother and I went down to his basement, and there sat 3,000 of our original prototypes from 28 years ago. And my dad had assembled them during his chemo treatments to keep himself busy.”
“He knew we would eventually see this,” he continued. “And, Sharks, he left one more thing for us.”
“A message beyond the grave that said: ‘Don’t wait. Life’s short,’” the son said.
Mike revealed that Legacy Shave had sold over 100,000 units and generated more than $1 million in sales over five years. However, the company had been operating at a loss, with his family investing over $400,000 of their own money.
Barbara Corcoran was direct in her assessment, “You’re a phenomenal salesman, but you’re not a clear communicator. You’re all over the map… For that reason, I’m out.”
Mark Cuban also dipped out.
At one point, after listening to the story, O’Leary started wiping his eyes. The notoriously ruthless investor, often the first to shut down hopeful entrepreneurs with cutting remarks, was undeniably moved.
This particular shark has built a reputation with his blunt, often ruthless critiques of entrepreneurs.
Many know he is quick to dismiss pitches with harsh remarks like “You don’t have a real business, you have a fantasy.” He has even reduced countless hopeful founders to tears.
Once, he referred to Black women as “cockroaches” and seems to enjoy his role as the show’s most feared investor.
But something about Gutow’s story had pierced through that hardened exterior. The message from beyond the grave — a father’s final words urging his sons not to wait, to seize life’s opportunities — had touched a rare vulnerability in O’Leary that few had ever witnessed.
Despite being moved, O’Leary returned to business.
“The shaving category… is incredibly crowded and dominated by behemoths,” Lebanese & Irish Canadian said. “I’m not going to take that journey with you.”
Lori Greiner, however, saw something special. “I really like the interchangeability of this cap onto anything — and that you have a patent.”
She added, “I’m going to take a real flier on you, Mike.”
She offered $1,000,000 for 100 percent of the company with a 3 percent royalty for life. After some negotiation, they settled on $700,000 for 95 percent equity, allowing Mike and his brother to retain 5 percent ownership.
“Mike, what would your dad think of this moment?” When Corcoran asked as the deal was sealed.
Gutow said, “I think he’d be damn proud. I even wore his ring here today so he could be with me. I know he’s standing next to us right now, saying, ‘Way to go, you two knuckleheads! Let’s go!’”
The impact of his “Shark Tank” appearance was immediate. Legacy Shave products sold out on QVC within days of the episode airing, according to Geeks Around Globe.
Under Greiner’s guidance, the company’s net worth skyrocketed to $7 million by 2025, with monthly revenue climbing to $170,000. It was just a great situation for the founder. The shark’s $700,000 investment turned out to be one of her most successful “Shark Tank” ventures, earning her nearly $5.7 million by 2025.
