Set up question for a Business Broker

John Marsh_13033
John Marsh_13033 Posts: 24
edited July 24 in Sales CRM #1

Hi everyone, I'm a business broker and my deals represent companies that I'm helping to sell. I associate my client (the seller) with each deal, but I'm struggling with associating and tracking each buyer with a deal. Buyers are often associated with multiple deals and will have a different status with each deal (i.e. "NDA not signed", "NDA signed", "interested", "not interested", etc.) I'm currently tracking this through a custom field that has the deal's name. For example, I'm selling ABC Co and have a buyer a custom filed that has"ABC Co - NI" (NI = "Not Interested")in it. That same buyer may be interested in "XYZ Co" and have a status like "XYZ Co - NDA - Yes" to show that they've signed the NDA. This won't allow me to use that custom field for templated emailing. Does anyone have any suggestions for how I might be tracking buyers and their associated deals more efficiently? Thanks in advance! 

Comments

  • Brad Krause_13404
    Brad Krause_13404 Posts: 518
    edited February 25 #2

    my thoughts @John Marsh 

    Always create an organization for both buyers and sellers. 

    Limit the organization Label field for two options. 1. Buyer 2. Seller

    Created the deal in the organizations that are for sale, or selling their businesses.

    Create a deal for each potential buyer under the seller organization. 

    Use the deal label field for interest level. 

    Custom deal detail fields:

    Organization (so you can fill in the prospect buyer organization. Auto fills from existing organization in database)

    Person (so you can fill in the prospect buyer person/primary person. Auto fills from existing person in database)

    Single option field type :  'NDA'  Signed

     

     

  • John Marsh_13033
    John Marsh_13033 Posts: 24
    edited February 2021 #3

    my thoughts @John Marsh 

    Always create an organization for both buyers and sellers. 

    Limit the organization Label field for two options. 1. Buyer 2. Seller

    Created the deal in the organizations that are for sale, or selling their businesses.

    Create a deal for each potential buyer under the seller organization. 

    Use the deal label field for interest level. 

    Custom deal detail fields:

    Organization (so you can fill in the prospect buyer organization. Auto fills from existing organization in database)

    Person (so you can fill in the prospect buyer person/primary person. Auto fills from existing person in database)

    Single option field type :  'NDA'  Signed

     

     

    Thank you @Brad Krause  I appreciate you taking the time to offer your insight. Looks like a great solution. Thanks for giving your time. 

  • John Marsh_13033
    John Marsh_13033 Posts: 24
    edited February 2021 #4

    my thoughts @John Marsh 

    Always create an organization for both buyers and sellers. 

    Limit the organization Label field for two options. 1. Buyer 2. Seller

    Created the deal in the organizations that are for sale, or selling their businesses.

    Create a deal for each potential buyer under the seller organization. 

    Use the deal label field for interest level. 

    Custom deal detail fields:

    Organization (so you can fill in the prospect buyer organization. Auto fills from existing organization in database)

    Person (so you can fill in the prospect buyer person/primary person. Auto fills from existing person in database)

    Single option field type :  'NDA'  Signed

     

     

    @Brad Krause Would you have two pipelines? One for the overall seller deal and another specific to Buyers?

     

  • Brad Krause_13404
    Brad Krause_13404 Posts: 518
    edited February 2021 #5

    my thoughts @John Marsh 

    Always create an organization for both buyers and sellers. 

    Limit the organization Label field for two options. 1. Buyer 2. Seller

    Created the deal in the organizations that are for sale, or selling their businesses.

    Create a deal for each potential buyer under the seller organization. 

    Use the deal label field for interest level. 

    Custom deal detail fields:

    Organization (so you can fill in the prospect buyer organization. Auto fills from existing organization in database)

    Person (so you can fill in the prospect buyer person/primary person. Auto fills from existing person in database)

    Single option field type :  'NDA'  Signed

     

     

    Unlikely I would make multiple pipelines in that scenario @John Marsh That's something I would seriously avoid. If I needed a totally different set of stages in a pipeline that's probably the only time I would consider creating a seperate pipeline. For example, one pipeline was for sales and the other was for customer service issues. I recommend keeping the sales pipeline stages as simple as possible. We currently just have 3: Opportunity, Proposal, Presented. 

  • Brad Krause_13404
    Brad Krause_13404 Posts: 518
    edited February 2021 #6

    my thoughts @John Marsh 

    Always create an organization for both buyers and sellers. 

    Limit the organization Label field for two options. 1. Buyer 2. Seller

    Created the deal in the organizations that are for sale, or selling their businesses.

    Create a deal for each potential buyer under the seller organization. 

    Use the deal label field for interest level. 

    Custom deal detail fields:

    Organization (so you can fill in the prospect buyer organization. Auto fills from existing organization in database)

    Person (so you can fill in the prospect buyer person/primary person. Auto fills from existing person in database)

    Single option field type :  'NDA'  Signed

     

     

    These great tools allow us to be granular but that can get carried away quick if you allow it. Just because you can doesn't mean you should. Avoid too much compartmentalization.

  • John Marsh_13033
    John Marsh_13033 Posts: 24
    edited February 2021 #7

    my thoughts @John Marsh 

    Always create an organization for both buyers and sellers. 

    Limit the organization Label field for two options. 1. Buyer 2. Seller

    Created the deal in the organizations that are for sale, or selling their businesses.

    Create a deal for each potential buyer under the seller organization. 

    Use the deal label field for interest level. 

    Custom deal detail fields:

    Organization (so you can fill in the prospect buyer organization. Auto fills from existing organization in database)

    Person (so you can fill in the prospect buyer person/primary person. Auto fills from existing person in database)

    Single option field type :  'NDA'  Signed

     

     

    Thanks, @Brad Krause . You're the man. One more for your input. My sales pipeline is much different from that for a buyer. My sales pipeline (to find companies to help sell) is Contact Made > Valuation Request > Val Items REceived > Valuation Complete > Listing Agreement Signed > Buyer Qualification > Letter of Intent.

    I manage buyers with NDA Sent > NDA SIgned > Letter of Intent > Due Diligence > Closed. 

    The issue is I'm tracking accounts/clients in the Sales pipeline and individual contacts in the Buyer pipeline. I think I would have a second pipeline in the way you suggested first, but separate from my original sales pipeline. Sorry to lean on you so much but appreciate your input... promise I'll drop it after this ;)

  • Brad Krause_13404
    Brad Krause_13404 Posts: 518
    edited February 2021 #8

    my thoughts @John Marsh 

    Always create an organization for both buyers and sellers. 

    Limit the organization Label field for two options. 1. Buyer 2. Seller

    Created the deal in the organizations that are for sale, or selling their businesses.

    Create a deal for each potential buyer under the seller organization. 

    Use the deal label field for interest level. 

    Custom deal detail fields:

    Organization (so you can fill in the prospect buyer organization. Auto fills from existing organization in database)

    Person (so you can fill in the prospect buyer person/primary person. Auto fills from existing person in database)

    Single option field type :  'NDA'  Signed

     

     

    I see @John Marsh  Being that they are so different I can see having two pipelines. One named Buy and One names sell, probably. 

    Hard to say not working it but:

    Opportunity>Valuation approved>Valuation complete>Listing Signed>Deal Pending

    NDA Sent>Signed>Letter of Intent>Due Diligence

    Without working it and just walking it in my mind this is what makes sense to me. 

     

  • Brad Krause_13404
    Brad Krause_13404 Posts: 518
    edited February 2021 #9

    my thoughts @John Marsh 

    Always create an organization for both buyers and sellers. 

    Limit the organization Label field for two options. 1. Buyer 2. Seller

    Created the deal in the organizations that are for sale, or selling their businesses.

    Create a deal for each potential buyer under the seller organization. 

    Use the deal label field for interest level. 

    Custom deal detail fields:

    Organization (so you can fill in the prospect buyer organization. Auto fills from existing organization in database)

    Person (so you can fill in the prospect buyer person/primary person. Auto fills from existing person in database)

    Single option field type :  'NDA'  Signed

     

     

    FYI @John Marsh I ended up adding another stage in our pipeline. 'Review'

    Opportunity>Proposal>Review>Presented