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 a $700k investment.
How Much is Legacy Shave Worth?
| Net Worth | $6 Million |
| Annual Revenues | $1.9 Million |
| Profits | $550,000 |
| Lifetime Sales | $4.8 Million |
| Investor | Lori Grenier |
| Investment | $700k for 95% |
Legacy Shave Revenues
In the initial fortnight following the Shark Tank episode’s broadcast, Legacy Shave achieved inventory sell-out and revenue of $150,000. Later, Lori brought the product to QVC, which greatly increased sales.
The company’s total sales for the year following the Shark Tank episode came to $820k. Lori also obtained numerous license agreements from Aerosol businesses. As of right now, Legacy Shave’s monthly revenue, including the License Fee, is $170,000.
Lori has already doubled her investment and recovered $1.3 million in profits from the company as of this writing.
Shark Tank Pitch
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 $5.60. He strategically opted for a price tag of $25.99 for the same unit, ensuring favorable profit margins.
Throughout 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 Reaction
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.
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.