The internet has split over Lori Greiner striking a deal with Legacy Shave founder Mike Gutow

Shark tank season 14 aired episode 7 on Friday, with Legacy Shave founder Mike Gutow winning hearts with his backstory.

Mike’s business Hereditary shaving it was the last launch Shark tank season 14 episode 7. His presentation included a backstory of how his late father was the reason he and his brother started the business. Shark Mark Cuban gave a standing ovation at Mike’s presentation, while Kevin O’Leary had tears in his eyes during the pitch.

However, none of the Sharks were willing to offer a deal, with the exception of Lori Greiner. But she opted for royalties, which left fans wondering if she took advantage of Mike with the offer.

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

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


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 $3,00,000 for 10% equity.

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

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

Shark tank fans had a mixed reaction to Lori’s offer as some thought she had taken advantage of Mike and conned him. However, some thought the shark was right to offer Mike a deal.

Check out the fan reactions:

I’m the only one really mad at Lori about this tonight #Shark tank

And then there was Lory. The patent and interchangeability got his attention! #Shark tank

#Shark tank Thank you Lori for taking the risk…she really needs the help of a shark to get her affairs right and hers! The copyright deal isn’t that bad…she should seal the deal!

Mike said Legacy Shave has products for both men and women. It also supplies travel products, and in addition to shaving cream, the company also sells air fresheners, sunscreen sprays, and many more.

The founder jumped into the tank to seek marketing and monetary help. Mike and his family have invested about $4,00,000 but have not yet made a profit. Their sales last year were $96,000.

After his speech, the panel of sharks, including Barbara Corcoran, Marco CubanoKevin O’Leary, Lori Greiner and Robert Herjavec, were ready to give their verdict.

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

Kevin said it was a challenge to bring money to a shaving company as there were many competitors. He and Kevin also backed off, leaving the ball in Lori’s court.

Lori offered Mike a royalty deal, which he happily 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 the father, the family decided to start the 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 father saying they only had one shot. Thus, the brother took over the business.

Even though they earned nothing and were out of money, they didn’t stop. For monetary help, Mike decided to appear on Shark tank. His story melted the hearts of the 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 pm ET on ABC.

Quick links

More from Sportskeeda