To vet potential investors or acquirers, founders should ask them to articulate their vision for the startup's next five years. Hearing their story told through the buyer's eyes reveals the depth of their strategic thinking and helps assess whether their vision aligns with the founder's, ensuring a better post-transaction fit.

To build a resilient team during a tough economic period, CEO Sean Ainsworth prioritized finding people who deeply understood the 'why' behind the science and its patient impact. This created a committed core team that could navigate funding challenges when capital was scarce for unproven gene therapies.

The old assumption that small biotechs struggle with commercialization ("short the launch") is fading. Acquirers now target companies like Verona and Intracellular that have already built successful sales operations. This de-risks the acquisition by proving the drug's market viability before the deal, signaling a maturation of the biotech sector.

When a founder faces a major acquisition offer, the pivotal question isn't just about valuation, but temperament. A board member should ask, "Are you built to be a public company CEO?" The intense stress and public scrutiny aren't for everyone. Pushing a founder who isn't an "IPO guy" to reject an offer can be a disastrous long-term decision.

Many founders focus on generating personal income, inadvertently creating a job they can't leave or sell. To build a true business asset, you must define an end goal (like a sale) from the beginning and structure operations, processes, and financials accordingly.

The paradox of long-term planning is that focusing on sustainability and succession—building a company that doesn't need an exit—makes it far more valuable and appealing to potential buyers. Robust, self-sufficient companies built to last are inherently better investments.

When a potential acquirer calls, the founder's default mode should be information gathering, not pitching. By asking strategic questions ("Who else are you talking to?", "What are your goals?"), founders can extract valuable competitive intelligence about the market and the larger company’s plans, regardless of whether a deal happens.

The path for biotech entrepreneurs is a long slog requiring immense conviction. Success ("liftoff") isn't just a clinical trial result, but achieving self-sustaining profitability and growth. This high bar means founders may need to persevere through years of market indifference and financing challenges.

Unlike in tech where an IPO is often a liquidity event for early investors, a biotech IPO is an "entrance." It functions as a financing round to bring in public market capital needed for expensive late-stage trials. The true exit for investors is typically a future acquisition.