The internet is split because Lori Greiner makes a deal with Mike Gutow, founder of Legacy Shave | Wbactive

shark tank Season 14 aired episode 7 on Friday in which Mike Gutow, founder of Legacy Shave, captures hearts with his backstory.

Mike’s Legacy Shave business was the last straw shark tank Season 14, Episode 7. His presentation included a backstory on 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 had tears in his eyes during the pitch.

However, none of the sharks were willing to offer a deal except for Lori Greiner. But she was after royalties, which has fans wondering if she took advantage of Mike with the offer.

He’s smart about keeping SOME equity for his own legacy. I respect him more for that. Not so much Lori for taking advantage of the situation and giving so much less money. #shark tank

However, some fans were happy that at least Lori made the Legacy Shave founder a deal.


shark tank Fans had a mixed reaction to Lori’s offer

After all the sharks were out, Lori Greiner decided to offer Legacy Shave founder Mike Gutow a deal. He came into the tank with an offer of $3,00,000 for 10% equity.

He and Lori went through a few counter offers, but Mike decided to stick with Lori’s original offer, which was “$700,000 + a 3% perpetual royalty on net sales for 95% of the company.”

Since the company held a deeper meaning for Mike and his brother, he decided to keep the 5% of the business.

shark tank Fans had a mixed reaction to Lori’s offer as some felt she was taking advantage of Mike and cheating on him. However, some felt the Shark had done well in offering Mike a deal.

Check out the reactions from the fans:

Am I the only one really mad at Lori tonight? #shark tank

And then there was Lori. The patent and interchangeability caught their attention! #shark tank

#shark tank Thanks Lori for taking the risk… he really needs a shark’s help to put his business in order and make it his own! The royalty deal isn’t that bad…he should do the deal!

Mike mentioned that Legacy Shave has products for both men and women. It also offers travel-size products, and in addition to shaving cream, the company also sells room fresheners, sunscreen spray, and more.

The founder went into the tank to seek money and marketing help. Mike and his family have invested around $4,000,000 but haven’t turned a profit yet. Her last year’s sales were $96,000.

After his pitch, the panel of sharks, including Barbara Corcoran, Mark Cuban, Kevin O’Leary, Lori Greiner and Robert Herjavec, was ready to render their verdict.

Barbara pointed out that Mike is not a good communicator and that he shouldn’t have told his investors that he was running out of money. For these reasons she was out. Mark also didn’t offer a deal for the same reason.

Kevin mentioned that bringing money into a shaving business is a challenge as there are many competitors. He and Kevin also backed away, leaving the ball in Lori’s court.

Lori gave Mike a licensing deal, which he gladly accepted.


What was the backstory of Legacy Shave?

Legacy Shave founder Mike revealed that he and his brother came up with the business idea 20 years ago. Together with her father, the family decided to start the company, 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 into their father’s basement, they saw 3,000 prototypes of their product and a note from their father saying they only had one chance. So the brother started the business again.

Although they profited nothing and ran out of money, they did not stop. For financial help, Mike decided to appear on shark tank. His story melted the hearts of sharks and left most of them with tears in their eyes.

Viewers can catch the latest episode Saturday on Hulu. shark tank New episodes of Season 14 air Fridays at 8 p.m. ET on ABC.

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