Did ABQ’s Morrison Outdoors get a deal on ‘Shark Tank’ after all? Yes and no.

Entrepreneur Tavis Malcolm spent weeks prepping his “Shark Tank” pitch, but nothing could prepare him for watching it play out on the big screen Friday night.

A sense of pride and celebration filled the air at Albuquerque’s Civic Plaza as friends, family and city officials rallied around Malcolm, founder of Morrison Outdoors, to watch him take the national stage and pitch his sleeping bag company for kids to the famous group of investors, also known as Sharks.

The pitch resulted in a deal with not one, but two sharks: Mark Cuban and Barbara Corcoran.

The watch party, hosted by the city of Albuquerque’s Business Resource Center in honor of National Small Business Week, kicked off an hour before the episode aired at 7 p.m. with food trucks, music and remarks from Malcolm and Max Gruner, the city’s economic development director.

“I think the timing is fantastic,” Gruner told the Journal, adding that Malcolm has been a mentor and guide to the city in recent conversations and initiatives to grow the local outdoor recreation sector.

Gruner said seeing Malcolm and his company be successful on “Shark Tank” is “absolutely fantastic.”

“I’m so happy for him, and I hope it gives him that bump that he really deserves,” Gruner said.

Also in attendance was Sarah Candelaria, founder and executive director of Nature Niños. Candelaria’s nonprofit, which works to get kids outdoors, is one of the rotating recipients that Morrison Outdoors donates 1% of net sales to every quarter. But she’s also a major “Shark Tank” fan.

“We watch it on the regular,” Candelaria said, adding she was “proud” of Malcolm for making it on.

Proud summed up the response from the crowd, too, as applause and whistles ensued the moment Malcolm appeared on the big screen. The crowd cheered many times throughout Malcolm’s television debut, including when he told the Sharks the business had made $4.3 million in sales since launching from his garage and when he ultimately got the deal.

The deal that Malcolm went into the tank seeking: a $300,000 investment in exchange for 10% of his company. The deal that was reached, leading to handshakes with Cuban and Corcoran, included $300,000 for 20%.

“I really had 20% as kind of the upper limit of what I was willing to walk away with,” Malcolm said. The deal of $300,000 for 20% came from Corcoran.

“And then when Mark jumped in, it was just mind-blowing,” Malcolm said. “I did try to counter a little bit to see if they would do 8% each, but even when they turned that down, it was kind of a no-brainer.”

Malcolm said landing a deal with two sharks was not on his bingo card.

“I thought I would be lucky to get a deal, let alone two. It was really special,” Malcolm said.

However, “Shark Tank” fans and businesspeople know that a handshake is not a binding agreement. At the end of every episode, a disclaimer comes on screen, informing audiences that “any on-camera deal is contingent upon due diligence and the signing of a binding written agreement between the entrepreneur and the Shark(s).”

In the case of Morrison Outdoors, the deal landed on television, but after months of negotiations, it did not close, Malcolm said.

“I can’t really go into detail about it, but I would just say that the ‘Shark Tank’ meetings are very short, and like the disclaimer says, it’s contingent on more time,” Malcolm told the Journal, adding that many in-depth conversations were had before the deal fell through.

Morrison Outdoors isn’t the only business to have a deal that was secured on camera not pan out. According to a 2016 article from Forbes, 43% of 237 business owners that made a deal on the show between seasons 1-7 did not see the deal come to fruition. More recent reporting from Humblerise in 2023 showed that 333 of 766 deals made during seasons 1-14 failed to close.

There are no hard feelings, though, Malcolm said. He added the experience was an “incredible” one that gave him even more confidence in the company and its product.

“We’re grateful for the opportunity to have met with Mark and Barbara, and we wish them nothing but the best,” he said.

Malcolm said the gratitude also extends to the city of Albuquerque for its support and the initiative it’s taken to celebrate the company’s journey from an idea to a national brand.

“Albuquerque has always believed in Morrison Outdoors,” Malcolm said in a statement, “and that local support is what got us here.”

Candelaria thinks only good things are in store for Albuquerque as a result of Malcolm being in the national spotlight.

“Not only does he have a great business and a great product, but he’s a great guy who has a good heart for the whole community,” Candelaria said. “What better person to highlight Albuquerque?”