The Eden Exchange, a marketplace to buy and sell online businesses, has partnered with MYOB. The offer centres around a 50% discount for MYOB Business Lite, Pro and AccountRight Plus and Premier, for the first year of usage. It enables business owners to adopt a well-known business management solution to help track, manage and improve any acquired business. After the first year, the price will revert to the standard.
For Eden Exchange buyers and franchise partners, this provides a powerful tool that will help kickstart their business. While the Eden Exchange helps facilitate business selling and purchasing, this agreement will help de-risk the acquisition post-purchase.
What isn’t clear in the announcement is what assistance MYOB or the Eden Exchange will deliver to organisations, to help implement the solution once the offer is taken up. Also, the offer does not include certain MYOB applications such as Invoice Payments, Payroll Only or Premium Features.
However, the MYOB solutions offer a robust platform which includes real-time insights and flexible reporting. The MYOB Business Pro application includes the ability to:
- Track income and expenses
- Create and send professional invoices and quotes
- Accept payments
- Scan and store receipts
- Track GST and lodge BAS
- Connect unlimited bank accounts
- Track projects/jobs
- Manage advanced reports and analytics
While the press release states that MYOB supports Single Touch Payroll, it is unclear whether this is included in the discounted offer.
Commenting in ITBrief, Raghu Rajakumar, Founder and Chief Executive Officer of Eden Exchange, said, “This strategic partnership signifies the next phase of growth for Eden Exchange, underscoring our dedication to providing comprehensive support to clients throughout the entire business buying process.
“We recognise that successful business ownership extends beyond the transaction itself. With the integration of MYOB, clients will benefit from unparalleled support even after the deal is closed.”
Enterprise Times: What does this mean
This is a good way of providing aftercare to business owners for the Eden Exchange. It should help to increase the chances of success. In turn, this potentially means that those owners may return to purchase another business.
For MYOB, it provides access to a range of startups that may be substantive on their first day of operation. Paul Wittich, Head of Sales at MYOB, stated in ITBrief, “We are excited to collaborate with Eden Exchange to enable more success across the small and medium enterprise community together throughout Australia.”
“Having MYOB in place from the beginning of their business journey will equip Eden Exchange clients with the tools they need to get under the hood of their business and make informed decisions,” he says.
“With visibility of key business workflows on one platform, new business owners can save time and confidently focus on adapting and growing their business for future success.”
How successful will this partnership become? Is it exclusive, or will Xero look to make a similar offer through the Eden Exchange? The deals may also look more attractive for new franchisees who do not have a solution in place, rather than buyers or existing businesses that might have an accounting systems already in use.
