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The Canadian business acquisitions startup Village Wellth is set to change the industry’s lack of services for those who have never bought businesses before. We spoke with one of the company’s three founders, Elizabeth MacRae, who shared that for first-time acquirers “everyone's biggest concern is ‘how do you find businesses for sale?’”
As individuals who have gone through this struggle themselves, the company’s co-founders wanted to provide a service to guide their clients through this painful process. And a tool they found helpful was Inven.
CHALLENGE
The Inefficiency of Manual Research
Prior to using Inven, Village Wellth’s process consisted of mostly manual work, laborsome research, industry lists, association lists, and so forth. “It was literally just Google,” MacRae says “and we always had to look for more information elsewhere.” They began looking for a software to aid their processes, “we wanted something that was easy to use and delivered results.” They had tried other tools, but they didn't make sense for them price-wise or serve the correct purpose. Inven on the other hand appeared to check all their boxes.
SOLUTION
Inven: An All-in-One Solution for Efficient Company Discovery
While they aren’t constantly searching, MacRae explains that when they do use the tool the companies they find are quality targets. From a recent list they built with Inven, one of their clients already made an acquisition. “We're getting the results we were looking for,” she notes.
Before Inven, a major part of their process included searching and gathering information from various sources. Which understandably might make finding, not only those companies, but also their data, seem like looking for a needle in a haystack. However, with Inven in the picture, with its multiple features guiding their search, the issue minimized significantly. Custom company descriptions, employee count, ability to create lists, customization among many other features were praised by Village Wellth. But most importantly, as MacRae puts it “it's all in one place.”
RESULTS
Up to 70% Time Savings with Inven
Overall, Inven has proven invaluable for Village Wellth. With Inven, they have saved approximately 15 to 30 minutes per contact, compared to traditional methods. Work that previously took 10 hours now takes 50-70% less time when using Inven. MacRae believes that with more use of the software this number would increase. “If we were doing more searches, I'd say we would be saving tens of hundreds of hours.”
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