Garren Hilow started Abveris with no cash, a 16% stock option, and a co-founder who controlled everything.
After years of slow growth, he offered to buy out his partner. When the offer was refused, Garren walked—taking the leadership team with him. That forced a deal.
He bought the company using $25K in cash and $1.5M in personally guaranteed debt. Three years later, he sold Abveris for $190 million—mostly in stock of the acquirer.
Then the stock dropped 90%.
He missed his earn-out, lost his rollover equity, burned out—and still hit his number.
If you’re building to sell, this one’s a cautionary tale packed with mistakes to avoid—and smart moves that saved the outcome.
You’ll discover how to:
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Repackage a custom service with “good, better, best” pricing
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Replace yourself as CEO to prove your business can run without you
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Negotiate a buyout when your partner won’t sell
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Avoid the risks of taking stock as payment
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Handle a broken deal without losing momentum
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Structure an earn-out that won’t leave you empty-handed
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Survive the emotional whiplash of selling your business
This is an Exit Story episode of Built to Sell Radio, the podcast designed to help you punch above your weight in a negotiation to sell your business.
Quote of the Week
We were in different books—he wanted to give the company to his five-year-old; I wanted to sell.
Deals
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Echo Lake Foods, a manufacturer of ready-to-eat breakfast products such as waffles, pancakes, and frozen cooked omelets, has been acquired by Cal-Maine Foods for approximately $258 million. The company generated $240 million in revenue in 2024, with the acquisition price reflecting a revenue multiple of approximately 1.08 times.
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