The internet was divided over Lori Greiner striking a deal with Legacy Shave founder Mike Gutto

Shark tank Season 14 broadcast Episode 7 This Friday features Legacy Shave founder Mike Goto winning hearts with his backstory.

Mike’s work Heritage haircut It was the last throw in Shark tank Season 14 Episode 7. His show included a backstory on why his late father and his brother started the business. Shark Mark Cuban gave a standing ovation for Mike’s presentation, while Kevin O’Leary was brought to a tear while on the court.

However, none of the Sharks were willing to offer a deal, with the exception of Lori Greiner. But she did go for the royalties, which made fans wonder if she cashed in on Mike’s show.

He’s smart about keeping some stock for his own legacy. I respect him more for that. Lori isn’t much to take advantage of the situation and be given much less money. #shark tank

Still, some fans were glad Laurie at least gave the Legacy Shave founder a deal.


Shark tank Fans had a mixed reaction to Laurie’s show

After all the sharks are out, Laurie Greener I decided to offer Legacy Shave founder Mike Gutto a deal. He came to the tank with an offer of $3,00,000 for 10% of the shares.

He and Lori go through some countermeasures, but Mike decides to stick with Lori’s initial offer, which was “$700,000 + 3% ownership of net sales in perpetuity for 95% of the company”.

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

Shark tank Fans had a mixed reaction to Laurie’s show with some feeling that she took advantage of Mike and deceived him. However, some felt that the Shark did a good thing to offer Mike a deal.

Take a look at the fan reactions:

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

And then there was Laurie. The patent and interchangeability caught her attention! #shark tank

#shark tank Thank you Lori for taking the risk…he really needs the help of a shark to make his work easier and make it his own! The Kings deal isn’t that bad… He must make the deal!

Mike mentioned that Legacy Shave has products for men and women. It also offers travel-sized products, and aside from shaving cream, the company also sells room fresheners, sunscreen spray, and more.

The founder went to the tank to ask for financial and marketing assistance. Mike and his family invested around $4,00,000 but they are not making any profits yet. Their sales last year were $96,000.

After the pitch, the Sharks, including Barbara Corcoran, waved. Mark CubanKevin O’Leary, Laurie Greener, and Robert Herjavec were ready to pass their verdict.

Barbara indicated that Mike was not a good communicator and that he should not have told his investors that he was out of money. For these reasons, she was out. Mark, too, did not offer a deal, citing the same reason.

Kevin mentioned that bringing money into the barbershop business was a challenge as there were many competitors. He and Kevin also back off, leaving the ball in Lowry’s court.

Lowry gave Mike a royalty deal, which he happily took.


What is the backstory of Legacy Shave?

Legacy Shave founder Mike revealed that he and his brother had the idea for the business 20 years ago. The family along with their father decided to start the business, but they could not find investors and faced many obstacles.

A few years ago, Mike’s father died of cancer. When he and his brother go to their father’s basement, they see 3,000 prototypes of their product, and a note from their father saying they only got one shot. So, the brother started working again.

Even though they didn’t win anything and ran out of money, they didn’t stop. To get financial help, Mike decides to show up Shark tank. His story melted the hearts of sharks, leaving most of them with tears in their eyes.

Viewers can catch the latest episode on Hulu on Saturday. Shark tank Season 14 airs new episodes Fridays at 8.00pm ET on ABC.

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