Essential Software Tools for Search Funders - While Searching and Post-Acquisition
I was recently asked to provide thoughts on a great question in a forum of Search Funders. The question was: "What are some helpful software tools for search funders during search and for running a company after acquisition".
The question of essential software tools for search funders during the search phase and for running a company post-acquisition is a broad and multifaceted one. Drawing from our experience, I’ll address key software tools that can significantly aid in both phases.
Software consideration during the Search Phase
CRM for Search
Pipedrive: During the search phase, especially in a team environment, a CRM is indispensable. We’ve found Pipedrive to be particularly effective. Its Basic package offers core CRM functionalities through a user-friendly web interface, with a mobile option available. One standout feature of Pipedrive is its integration capability with Data Warehousing, making reporting and integration with other applications straightforward and cost-effective.
Runner-up, Close: This is a robust tool for outbound and cold-calling campaigns, offering similar API-driven and modern integration capabilities as Pipedrive.
Email/Document Management/“Office” Tools for Search
Both Office 365 and Google Workspace are highly effective during the search phase. Despite the cloud platform choice, Excel remains a critical tool. For compartmentalized document sharing, Box.net excels, allowing granular access control at each folder level.
Software for Running the Business Post-Acquisition
ERP for Operating a Company (Business Operating System)
Choosing an ERP system is a complex decision influenced by the specific industry and operational needs. No out-of-the-box solution perfectly fits all companies, nor does any system remain ideal as the company evolves. Therefore, it’s crucial to select a platform that aligns with your industry and invest in a tech team capable of continuously adapting and enhancing your Business Operating System (BusinessOS).
CRM for Operating a Company
A crucial early step in taking over an old-school operation involves setting up an effective CRM. For manufacturing clients with territory-based sales reps or multiple dealer/resellers, we recommend Pipedrive. It is user-friendly, cost-effective, and integrates well, making it suitable for inbound-heavy, territory-based sales operations.
Customer Issue Management, Ticketing/Queuing
For managing customer issues, Zendesk is a reliable choice. It offers a simple UI for issue intake, prioritization, and communication with customers. Moreover, Zendesk’s data can easily be integrated into a Data Warehouse, facilitating cost-effective reporting and systems integration.
Accounting/Financials
In the field, we often see Sage and QuickBooks desktop systems. However, modern, integration-friendly cloud systems like Xero and Wave Accounting are emerging as promising alternatives. We look forward to these newer platforms catching up in terms of capabilities and integrations.
Strategy for Search, Operating a single company and operating a portfolio of companies
Data Integration and Data Warehousing
Regardless of the operational systems in use, adopting a data-integration and Data Warehousing approach is beneficial. This strategy involves consolidating data from various silos into a single platform, ensuring seamless access and comprehensive reporting capabilities.
Selecting the right software tools is pivotal for both the search phase and the operational phase post-acquisition. From CRMs and ERP systems to document management and data integration tools, each software plays a crucial role in enhancing efficiency and effectiveness. By carefully choosing and integrating these tools, search funders and business operators can streamline their processes and drive long-term success.
For a more detailed discussion on these tools and their implementation, feel free to reach out to us at Integral. We are always happy to chat and share insights from our work with operators and searchers in the field.