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The cash injection will be used to rapidly expand MyDeal’s customer base and brand footprint across the Australian consumer market. This marks a shift away from the bootstrapped cashflow model the business has previously been operating within.
Many Australian businesses are on the selling block due to the glut in the pending retirements of baby boomer business owners. Quite simply, they need to sell to retire. Yet, according to the September Quarter 2011 BizExchange Index, the number of businesses for sale rose by over 350%. Meanwhile, their prices halved. More creative ways of selling a business need to be considered.