Lori Greiner made a deal with Legacy Shave founder Mike Gutow

Shark Tank Season 14 Episode 7: Internet Divided Over Lori Greiner Making Deal With Legacy Shave Founder Mike Gutow

shark tank Season 14 aired Episode 7 on Friday, featuring Legacy Shave founder Mike Gutow winning hearts with his backstory.

Mike’s business, Legacy Shave, was the last launch shark tank season 14 episode 7. His presentation included a story about 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 went for royalties, which left fans wondering if she took advantage of Mike with the offer.

It’s smart to keep SOME equity for your own inheritance. I respect him more for that. Not so much Lori for taking advantage of the situation and giving way less money though. #Shark Aquarium

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

shark tank fans had mixed reactions to Lori’s offer

After all the sharks were out, Lori Greiner decided to offer Legacy Shave founder Mike Gutow a deal. He entered the tank with an offer of $300,000 for 10% equity.

He and Lori made a few counter-offers, but Mike decided to stick with Lori’s original offer, which was “$700,000 + a 3% net sales royalty in perpetuity for 95% of the sale.” ‘company”.

As the business had 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 took advantage of Mike and scammed him. However, some felt the shark did the right thing by offering Mike a deal.

Take a look at the fan reactions:

Am I the only one really mad at Lori for tonight #Shark Aquarium

And then there was Lori. The patent and the interchangeability caught his attention! #Shark Aquarium

#Shark Aquarium Thank you Lori for taking the risk… he really needs a shark’s help to straighten his stuff and make it his own! The royalty deal isn’t too bad…it should close the deal!

Mike mentioned that Legacy Shave has products for both men and women. It also offers travel products, and apart from shaving cream, the company also sells air fresheners, sunscreen sprays and many more.

The founder went to the tank to ask for monetary and marketing help. Mike and his family have invested around $4,000,000 but haven’t seen a profit yet. Their sales last year were $96,000.

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

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

Kevin mentioned that it was difficult to bring money to a shaving business because there were so many competitors. He and Kevin also backed off, leaving the ball in Lori’s court.

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

What was the backstory of Legacy Shave?

Legacy Shave founder Mike revealed he and his brother came up with the business idea 20 years ago. Together with their father, the family decided to start the business, but could not find investors and faced many obstacles.

A few years ago, Mike’s father passed away from cancer. When he and his brother went to their dad’s basement, they saw 3,000 prototypes of their product and a note from their dad saying they only got one shot. So the brother started the business again.

Although they didn’t profit anything and they didn’t have any more money, they didn’t stop. For financial help, Mike decided to appear on shark tank. Her story melted the hearts of sharks, leaving most of them with tears in their eyes.

Viewers can watch the latest episode on Hulu on Saturday. shark tank Season 14 airs new episodes Fridays at 8:00 p.m. ET on ABC.

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