Two New Mexico businesses reflect on ‘Shark Tank’ and life beyond

In recent months, an Albuquerque business made an appearance on ABC’s “Shark Tank,” garnering support from the city of Albuquerque and a boost in national recognition and sales.

But Morrison Outdoors isn’t the only New Mexico business that’s ventured into the tank to pitch the famous group of investors known as “sharks.” Here are two other companies based in the Land of Enchantment that swam with the sharks and survived to tell the tale.

BabyQuip

BabyQuip is a baby gear rental marketplace that delivers cribs, car seats, strollers, high chairs and toys to traveling families in more than 2,000 destinations across North America. The company partners with independent contractors, primarily mothers, who own the gear and rent it out to families visiting their cities.

Fran Maier and Kerri Couillard formed the company, formerly Babierge, in 2016 after Couillard had run the business out of Santa Fe for several years. Maier — who lived in San Francisco at the time but grew up in Santa Fe and lives there now — joined forces with Couillard, who left the company in 2017, after numerous successful business ventures, including the co-founding of Match.com.

In 2019, Maier said a producer from “Shark Tank” reached out with an invitation to apply.

Maier and her son, Joe Maier — BabyQuip’s chief technology officer — made their pitch to investors Kevin O’Leary, Mark Cuban, Robert Herjavec, Lori Greiner and guest shark Katrina Lake on episode 14 of season 11, which aired March 6, 2020. The mother-son duo went into the tank seeking a $500,000 investment in exchange for 5% of the company.

O’Leary, also known as Mr. Wonderful, offered the Maiers $500,000 for 20% equity. Fran Maier countered at 10% but O’Leary didn’t take the bait. The sharks applauded Fran Maier for standing her ground as she ultimately chose to walk away from the proposed deal.

“At that point, I had established myself as an experienced entrepreneur,” Fran Maier told the Journal, adding it was just too low of an offer. “I wasn’t disappointed. I thought we presented ourselves really well and did the best we could, and it was fun.”

While Mr. Wonderful and BabyQuip didn’t strike a deal in the tank, O’Leary later praised the company in a cameo he recorded about a month after the episode aired. Fran Maier said the cameo and episode were exciting times, but it wasn’t long before the COVID-19 pandemic shuttered the nation, travel and much of her business.

Therefore, BabyQuip’s “Shark Tank” appearance did not have much of an immediate impact as far as sales go, but Fran Maier said it did build on the company’s credibility and reputation.

In 2019, the company partnered with about 500 baby gear providers in 1,000 markets. Today, the company works with roughly 3,000 providers in more than 2,000 markets.

“Our business has grown more than six times since 2019,” Fran Maier said. The company’s net revenue in 2019 was a little less than $1 million and in 2024, net revenue was more than $6 million. Despite not getting a deal, Fran Maier said her time on “Shark Tank” showed her the company’s resilience.

“We really worked hard to get aired. It happened, and then immediately the pandemic happened, and we had tons of cancellations,” Fran Maier said. “There was a time where I was sitting there thinking, ‘Oh, my God, will we get through this?’ And we have. With a lot of growth and expansion and strength.”

Parting Stone

Parting Stone is a company that transforms the ashes of humans and pets into a collection of smooth stones for their loved ones. CEO and founder Justin Crowe started the Santa Fe-based company in 2019.

Crowe and his team applied for the show with the hope of introducing people to a new category of solidified remains. They hoped presenting to millions of people on a national stage would help share the company’s mission and “make sure people know that when they choose cremation, they don’t have to receive ashes.”

Crowe pitched the business to O’Leary, Cuban, Greiner, Barbara Corcoran and guest shark Gwyneth Paltrow in episode 19 of season 14, which aired April 7, 2023. He went in seeking a $400,000 investment for 5% of the company.

While the sharks were wowed by Crowe’s pitch — with Paltrow praising Crowe for tackling a topic many find uncomfortable — the company’s numbers were a little more startling. Parting Stone sold $350,000 and lost about $300,000 in 2020, sold $850,000 and lost about $800,000 in 2021, and was on track to make $1.3 million and lose about $800,000 in 2022.

Greiner, who called the idea “genius,” proposed a deal alongside O’Leary of $400,000 for 20%. Crowe didn’t take that deal, but after a few rounds of back-and-forth, Crowe finally agreed to a deal with the two sharks. The deal reached was $400,000 for 10% equity and a slew of royalties in place until the $400,000 is paid back.

All deals made on the show are subject to due diligence off camera, leading to almost half of the deals made on “Shark Tank” falling through afterward. That was the case for Albuquerque’s Morrison Outdoors, which appeared on the show in May. Deals that go through may also differ from what was agreed upon on camera.

For Parting Stone, Crowe said a deal did go through and the two sharks are investors of Parting Stone today.

The TV appearance had a major impact on the company, Crowe said, growing the business significantly since the episode aired and helping from an education standpoint.

“Before ‘Shark Tank,’ we relied almost entirely on the funeral directors to be educating the families about solidified remains,” Crowe said. “Following ‘Shark Tank,’ families started to walk in already knowing about it and even asking for it.”

When the episode was recorded in 2022, Parting Stone was partnered with about 600 funeral homes in the U.S. Today, it’s partnered with more than 1,000 and recently surpassed 10,000 families served since 2019, Crowe said.

The company has also raised its prices since the episode aired, a recommendation by the sharks. In 2022, the cost was $995 for humans, $595 for dogs and $495 for cats. Today, it is $2,495 for humans, $995 for dogs and $795 for cats.

Crowe said raising prices helped stabilize the company financially to a point where it is profitable today.

“Lori and Kevin have been amazing partners,” Crowe said. He said the investors and their teams have provided Parting Stone with support and suggestions that have grown the pet side of the business and optimized the website and the company’s communication with families — all goals Crowe expressed during his “Shark Tank” appearance.

Crowe said his “Shark Tank” experience reinforced to him “just how powerful of an idea this is.”

“To be able to stand on the stage in front of some of the most well-known or iconic investors in the country, and see them moved in the same way that I feel moved was really powerful,” Crowe said.