Shark tank Season 14 Episode 7 aired Friday and featured Legacy Shave founder Mike Gutow, who won hearts with his backstory.
Mike’s business, Legacy Shave, was the final step Shark tank Season 14 Episode 7. His presentation included the story of how his late father was the reason he and his brother started the business. Shark Mark Cuban gave Mike’s presentation a standing ovation, while Kevin O’Leary was in tears during the game.
However, none of the Sharks were willing to offer a deal except Lori Greiner. But she did ask for royalties, which left fans wondering if she jumped at the chance Mike offered.
However, some fans were happy that at least Lori made a deal with the founder of Legacy Shave.
Shark tank fan reaction to Lori’s offer was mixed
After all the sharks were gone, Laurie Greiner decided to pitch a deal to Legacy Shave founder Mike Gutow. He entered the tank with an offer of $3,00,000 for a 10% stake.
He and Lori considered a few counter-offers, but Mike decided to stick with Lori’s original offer of “$700,000 + 3% royalty on net sales forever for 95% of the company”.
Because Mike and his brother had a deeper meaning to the company, he decided to keep 5% of the company.
Shark tank fans had a mixed reaction to Laurie’s proposal, with some believing she was taking advantage of Mike and cheating on him. However, some felt that the shark did a good thing by offering Mike a deal.
Check out the fan reactions:
Mike mentioned that Legacy Shave has products for men and women. It also provides travel-sized products, and in addition to shaving cream, the company also sells room fresheners, sun spray, and more.
The founder went into the tank for money and marketing help. Mike and his family have invested around $4,00,000 but have yet to make any profit. Their sales last year were $96,000.
After his hit, a group of sharks including Barbara Corcoran, Mark Cuban, Kevin O’Leary, Laurie Greiner and Robert Herjavec were on hand to deliver their verdict.
Barbara pointed out that Mike was not a good communicator and that he should not have told his investors that he was short of money. For these reasons she was out. Mark also did not offer the deal, citing the same reason.
Kevin mentioned that it was a challenge to bring money into the shaving business because there were many competitors. He and Kevin also backed off, leaving the ball in Laurie’s court.
Lori gave Mike a fee, which he happily accepted.
What was the history of Legacy Shave?
Legacy Shave founder Mike revealed that he and his brother had the idea for the business 20 years ago. Together with his father, the family decided to start a business, but could not find investors and faced many obstacles.
A few years ago, Mike’s father died of cancer. When he and his brother went to their father’s basement, they saw 3,000 prototypes of their product and a note from their dad saying they only had one shot. So the brother started the business again.
Although they gave nothing and were penniless, they did not stop. In order to get some financial help, Mike decided to come Shark tank. His story melted the sharks’ hearts, leaving most of them teary-eyed.
Viewers can watch the latest episode on Hulu on Saturday. Shark tank New episodes of season 14 will air on Fridays at 8 p.m. ET on ABC.