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Built to Sell Radio
Ep 488 Exit Story: Garren Hilow on Selling for $190M, Taking Stock, and Missing His Earn-Out
Apr 4, 2025
Garren Hilow, co-founder of Abveris, shares his incredible journey from a bootstrap startup with a small stake to a $190 million all-stock sale. He discusses the challenges of co-founding a biopharmaceutical company, overcoming financial hurdles, and successfully navigating the complex sale process. Garren reflects on the emotional turmoil of a botched earn-out and the lessons learned along the way. He also finds joy in personal triumphs post-sale, like acquiring a fishing boat and appreciating family moments amidst the ups and downs of entrepreneurship.
59:23
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Quick takeaways
- Garren Hilow's journey from co-founding Abveris to selling it for $190 million highlights the critical importance of aligning a company's vision with its leadership.
- The transition to a productized service model not only streamlined operations at Abveris but also demonstrated the company's sustainable growth potential to prospective buyers.
Deep dives
Founding Averis: The Journey Begins
Averis was co-founded by Garen Hillo as an antibody discovery service company, catering to the pharmaceutical industry. The business was bootstrapped with a modest $200,000 investment from his co-founder's parents, which is significantly low for the biopharma sector. Initially slow to grow, the company eventually expanded its workforce from just three employees to 45 over eight years. Hillo emphasized the importance of outsourcing research and development to help pharmaceutical companies efficiently advance their drug discovery processes.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode