Short attention span? Here’s the rundown:
- Our first attempt at launching DealBuilder was in March of 2020 (perfect timing, right?)
- After navigating through the challenges of COVID-19, we improved the product and formally re-launched it in 2022
- Since re-launching, we’ve received a large investment, expanded our team to over 7 people, and closed $20M+ transactions on the platform
- Today, we’re thrilled to launch our new Platform for Business Brokers, which is designed to reduce overhead, increase listing capacity, and make brokers more money
- Want to see a demo? Book a call with our team here
Like the rest of the world, we were blindsided by COVID-19.
Adding to the stress, just a few months prior, we had invested in building an internal software tool at Chinook Business Advisory, affectionately named CIMBuilder.
CIMBuilder automates the process of creating Confidential Information Memorandums (marketing presentations) that business brokers hate creating. Our thesis was that, as business brokers who hated making CIMs, we knew other brokers hated them too. Safe bet… right?
The only problem was that we were set to launch CIMBuilder at the March 2020 IBBA Conference in Louisville. However, COVID-19 (or the mysterious "Coronavirus" at the time) had other plans. Ironically, when COVID cancelled the conference, it was actually a blessing in disguise. CIMBuilder (which we renamed to DealBuilder) was nowhere near ready to launch. Our biggest loss was not being able to try any Kentucky bourbon.
2021: Building + Testing
We put DealBuilder on the back burner for the remainder of 2020 as we focused on our other businesses. By 2021, we were ready to start rebuilding the product.
During the majority of 2021, we focused on product testing and gathering user feedback. Despite this, we achieved some incredible early wins:
- Our first pilot deal received 2 full-price offers in 5 days.
- We developed a proprietary small business valuation tool.
- We launched our Digital CIM - a dramatic improvement from static PDF CIMs that are not secure, quickly become outdated, and offer no buyer insights.
2022: Platform Growth
Our early progress attracted an investment from Tiny, who started as a buyer on the platform.
Thanks to the investment from Tiny, we intensified our focus on platform growth in 2022 and achieved the following:
- Facilitated over $10M in transactions
- Added over 3,000 registered buyers
- Increased the total value of listings on the platform to over $100M
- Launched the pilot of our back-office solution for business brokers
Today - Becoming the Premier SMB Deal Platform
We are excited to launch our new Back-Office Solution for Business Brokers. This solution is designed to reduce overhead, increase listing capacity, and help brokers make more money.
We worked with an initial pilot group of 20 brokerages to optimize our platform and build the following features:
- Automated digital NDAs
- CIM writing team
- Valuation software
- Buyer CRM integrations
- Buyer marketing solutions
- Data room support
As a result, we now have $180M listed on the platform, and we project reaching $1B by 2024. What did brokers love most about DealBuilder?
- The software is effective for their brokerage process because it was designed by business brokers, not tech-bros.
- It dramatically cuts down on administrative work. One broker mentioned that DealBuilder's email automations save them hundreds of emails per deal.
- For brokers concerned about overhead expenses, DealBuilder offers a success-based pricing plan, meaning you only pay when you get paid.
Want to make your life easier + business more profitable? Book a demo with our team here.