Digital marketplace business Bizdaq aims to provide everything that owners and managers need when it comes to selling a business. It’s online platform guides leaders through each step of the process – from initial valuations all the way through to completion.
The innovative business was founded in 2014 and operates from Leeds city centre with a team of eight. In this short space of time, it has helped hundreds of small business owners achieve successful sale of their businesses, and earned a well-deserved place on the Future 50 2016 and 2017 lists of disruptors.
With the launch of the Future 50 2018 campaign, now is a perfect time to look back at some of the best and brightest alumni – so we caught up with Sean Mallon, CEO at Bizdaq, to hear more about this disruptive company.
Nominations for the next Future 50 list are still open, so if you know a business that deserves to be recognised, nominate now!
What is the company’s ethos?
Our mission is to make selling a business easy for small business owners – at a fraction of the cost of traditional business agents. We have built our service around transparency and guidance. At all times we are committed to providing small business owners with impartial advice when it comes to selling their business. As we do not charge commission or large registration fees – we have no agenda.
What is the most innovative thing about Bizdaq?
With Bizdaq, the whole process of selling a business can be controlled from our platform. From valuing the business (with our valuation calculator) to accepting or negotiating offers, all the way through to generating contracts and notifying solicitors, the whole process happens on Bizdaq. At each stage there is guidance available from our helpful seller articles, live chat and dedicated “customer success champions”.
You were listed in the Real Business Future 50 in 2016 and 2017 – how has the business grown/changed since then?
We’ve changed to our paid platform from the previous free model. We had chosen to operate a free model to gain traction and credibility in market. Following the change to a paid model, the business has gone from strength to strength.
What do you see as your biggest opportunity?
We see our biggest opportunity in the small businesses that are not brought to market currently and simply close when the owner looks to move on or retire. One of our aims (and opportunities) is to convince this section of the market that it is worth pursuing a sale and realising the value of their hard work.
How would you like to see the business grow over the next 12 months?
We’re looking to continue our month-on-month growth in both registered sellers and buyers to further increase our market share.
What has been the biggest challenge for the business?
Finding and recruiting talent across the business has been a challenge in Leeds. Developers in particular are scarcer within the northern cities compared to London.
What has been the biggest success for the business?
Migrating from our previous free model to a paid plan has been our biggest success in the past 12 months and seen our business go from strength to strength.
What is your best piece of advice for businesses just starting out?
To establish a company ethos and mission early in the process. You want to build a business that you can be proud of, that makes a positive impact on the market. By establishing an ethos, you will also be able to hire people that are more suited to your business.