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cover of episode Ep 488 Exit Story: Garren Hilow on Selling for $190M, Taking Stock, and Missing His Earn-Out

Ep 488 Exit Story: Garren Hilow on Selling for $190M, Taking Stock, and Missing His Earn-Out

2025/4/4
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Built to Sell Radio

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Colin Morgan
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Garren Hillo: 我白手起家创办了Averis公司,最初只有销售经验和一位哈佛大学免疫学博士合伙人,我持有公司16%的期权。八年后,我用个人担保债务收购了合伙人的股份,并最终以1.9亿美元的股票交易价格出售了公司。然而,这并非一帆风顺,股价暴跌近90%,我错失了奖金,并放弃了部分股权。尽管如此,我仍然实现了我的目标。在创业过程中,我经历了资金短缺的困境,最初的资金仅来自合伙人父母的20万美元投资,之后依靠现金流维持公司运营。在与合伙人的分歧日益加剧后,我决定收购他的股份,这期间我经历了多次报价和谈判,最终以25000美元现金、一张20万美元的欠条以及承担150多万美元的个人担保债务的方式完成了收购。收购后,我根据《Built to Sell》一书中的理念,对公司进行了重塑,包括提升COO为CEO,聘请专业销售人员,并将服务产品化,最终使公司营收达到800万到1000万美元。在出售公司的过程中,我们聘请了投资银行家,他们帮助我们获得了12份意向书,最终以1.9亿美元的股票交易价格将公司出售给Twist Biosciences。然而,由于股价暴跌,我错失了奖金,并放弃了部分股权。这段经历让我意识到倦怠的严重性,并让我在未来的创业中更加谨慎。 Colin Morgan: 我总结了Garen Hillo的创业经历:他白手起家创办Abveris公司,克服了资金短缺和合伙人分歧等挑战,最终以1.9亿美元的价格出售公司,但同时也经历了股价暴跌和错失奖金的挫折。 John Morlow: (在访谈中主要负责引导话题,没有提出核心论点)

Deep Dive

Chapters
This chapter introduces Averis, an antibody discovery service company that outsources R&D for pharmaceutical firms. It explains their role in the drug development process, comparing it to the California Gold Rush.
  • Averis outsourced antibody discovery research for pharmaceutical companies.
  • Their service was more efficient than in-house R&D for firms.
  • They focused on early-stage research (steps 2 and 3 of 20 in drug development).

Shownotes Transcript

When Garren Hilow helped start Abveris, he didn’t have much—just a background in sales, a co-founder with a Harvard PhD, and a stock option representing 16% of the company.  Eight years later, he bought out his co-founder, bootstrapped the company with bank debt (collateralized by his house), and sold it in a stock deal that peaked at $190 million.