As per the latest update from Shark Tank, Legacy Shave has a net worth of $6 million. Lori Grenier bought 95% equity in the company for an $700k investment.
Legacy Shave Net Worth
|Net Worth||$6 Million|
|Annual Revenues||$1.9 Million|
|Lifetime Sales||$4.8 Million|
|Investment||$700k for 95%|
Legacy Shave Revenues
During the first two weeks after the episode aired on Shark Tank, Legacy Shave sold out it’s inventory and generated $150,000 in revenues.
Later on, Lori took the product to QVC and this gave a huge boost to the sales. For the 12-month period after the Shark Tank episode, the company generated $820k in total sales.
Lori also secured many licensing deals with Aerosol companies. As on today, Legacy Shave makes $170,000 every month in revenues, including the Licence Fee. Barbara Corcoran Net Worth
Profits for Lori
To this date, Lori has withdrawn $1.3 million as profits from the business, which means she already recovered doubled her investment. Emma Grede Net Worth from Shark Tank
Net Worth Timeline
|Legacy Shave Net Worth 2023||$6 Million|
|Legacy Shave Net Worth 2022||$2.9 Million|
|Legacy Shave Net Worth 2021||$1 Million|
|Legacy Shave Net Worth 2020||$720,000|
|Legacy Shave Net Worth 2019||$400,000|
Legacy Shave Shark Tank Pitch
In Season 14 of Shark Tank, Mike Gutow made his debut, presenting Legacy Shave, his company that specializes in crafting distinctive dispensers tailored to accommodate various shaving cream container sizes and styles.
Cost of the Product
Following an emotional account of how Mike’s late father played a pivotal role in establishing Legacy Shave and encouraged him to embark on this entrepreneurial journey, the sharks transitioned to the financial details.
Mike’s production cost for a standard-sized dispenser amounts to approximately $5.40. He strategically opted for a price tag of $24.99 for the same unit, ensuring favorable profit margins.
Sales Before Shark Tank
Throughout a span of five years, Legacy Shave had generated gross revenues exceeding $1 million, achieving an impressive sales volume of over 100,000 units during that period.
Furthermore, Mike had secured a patent safeguarding his design, which also demonstrated compatibility with various other aerosol cans, further enhancing its versatility.
Shark’s Dropped Out
Barbara Corcoran couldn’t see herself investing, so she dropped out first. Mark Cuban shared a similar opinion, so he also dropped out of the negotiations.
Kevin O’Leary opted to withdraw from the negotiations due to the highly competitive nature of the industry.
Following suit, Robert Herjavec also exited, leaving Lori Greiner as Mike’s final opportunity to strike a deal.
Offer from Lori Grenier
Initially, Lori Greiner proposed acquiring the entire company for $1 million and offering Mike a 3% royalty on all sales indefinitely.
Although it was a generous offer, Mike expressed his desire to retain a small ownership stake.
They eventually settled on a deal where Lori would invest $700,000 in exchange for 95% ownership of Legacy Shave, allowing Mike to maintain a 5% ownership share.
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