Unable to find a builder to manufacture the
Tiger Cub, a smaller version of
Paper Tiger, Morgan founded the Morgan Yacht Corporation
St. Petersburg, Florida, 1965 after graduating high school and starting his own sail company. Morgan's involvement in the company ended in 1972. Ownership of Morgan Yacht was sold to
Beatrice Foods in 1968, providing funds for Morgan to design and build the wooden
12-meter yacht Heritage to compete for selection as defender of the
America's Cup. Morgan acted as skipper during the defender selection trials but lost to
Intrepid. After Morgan left the company was passed from one corporate entity to another, until it came into the hands of Catalina Yachts in 1984. Catalina continued manufacturing a few models, including the Out Island 41, before the Morgan name was retired. ==Later life==