Built to Sell Radio Ep 488 Exit Story: Garren Hilow on Selling for $190M, Taking Stock, and Missing His Earn-Out
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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.
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Initial Acquisition Offer
- In 2018, a competitor offered Garren Hilow $2 million for Abveris, which he declined.
- This process revealed differing visions between Hilow and his co-founder, leading to a buyout.
Low Salary, High Stock Options
- Garren Hilow's salary was very low, often forgoing pay to cover employee salaries.
- He accepted below-market pay in exchange for 16% stock options in Abveris.
Negotiating a Buyout
- When negotiating a buyout, set a firm price and be prepared to walk away.
- Hilow's initial offers were rejected, but his final ultimatum led to a successful acquisition.
