Joshua Carnes. President of Lion Business Brokers
The process of starting and running a successful business is both an art and a science, but rarely do we consider the additional proficiency required to sell an established business once the owner decides to sell a business.
This is where Certified Business Intermediaries like those at Lion Business Brokers come into play.
While they are undoubtedly experts in their fields and knowledgeable about their own business’ skills and areas for growth, selling that potential to a potential buyer for top dollar is often a more difficult process than ownership realizes. .
After all, each party seeks to maximize their gains, and the presence of an intermediary agent helps them find common ground.
This often requires synthesizing a wide range of disciplines. The career of Joshua Carnes is proof of that.
Beginning with a background in marketing and consulting, Joshua rose to the top of Lion Business Brokers thanks in part to his love for the transaction and all that it entails, from due diligence to closing.
We sat down with Joshua Carnes to talk about the future of Lion Business Brokers as well as that of the industry as a whole, covering aspects of his career and work as well as a detour in his personal life with a discussion about what drives him outside of work.
Covering topics such as Lion Business Brokers’ new business valuation service, we explore what makes a successful business brokerage deal in addition to some of the high-level processes used to match a business with the ideal potential buyer. We explore Joshua Carnes’ pre-LBB career, what major influences shaped his approach to business, and what motivates him outside of the office, particularly his commitments to family and community. Looking ahead, we conclude with a forward-looking statement about LBB and the business brokerage industry.
Joshua, can you start by telling us about Lion Business Brokers and the work they do with clients?
At Lion Business Brokers, we strategically and confidentially help business owners sell their business. Our team members have worked hard to become Certified Business Intermediaries, through the International Business Brokers Association. After decades of analyzing and closing deals, debriefing with selling clients and acquisition teams, and several team members recognized as Industry Experts by Business Brokerage Press, we are comfortable saying that we know what it takes to close deals.
What brought you into the business brokerage industry?
My personal beginning is quite funny. I had just left my own business as a marketing consultant and was preparing to enter the real estate industry. I met one of my business mentors who asked me why I was considering a real estate business. He said, “Why don’t you talk to my friend who is a business broker?” then introduced me to someone in the industry. I immediately fell in love with business brokerage. I love helping business owners and enjoy the challenge that every transaction brings with it!
Why do companies use trading brokers to facilitate buying and selling?
The number one reason business owners use brokers is the privacy we bring to the table. Putting a “for sale” sign in the window can sometimes cause employees or customers to panic because of the unknown. We are able to list and market businesses without putting that for sale sign in the window, helping to ensure a smooth transition to new ownership. Most business owners usually end up choosing us because of the high level strategic marketing we bring to our clients.
How can a business broker help a client looking to sell an existing business?
Business brokers have a fiduciary responsibility to their client. They are the intermediary between potential buyers and the seller. On average, our Senior M&A Advisors will speak to over 150-200 potential buyers for any given transaction. The time alone this saves a business owner is invaluable. A good broker also knows how to navigate the due diligence process. We tell our clients that this is the part of the deal where buyers are looking for a reason not to buy the business, and a buyer’s consultants are looking for a reason to get a better deal. It takes a skilled specialist to strategically navigate the due diligence process and ensure a successful transaction.
What is the process of buying and selling a business and how do you fit into the process?
At Lion Business Brokers, we manage the entire process from initial marketing of the business, interviewing and qualifying potential buyers, project management of the due diligence process and much more. We support our selling clients at every stage of the process to guarantee a successful result.
In April, LBB announced that it now offers certified business assessments. Can you tell us about this major announcement and its impact on your customers?
We are really excited to have added a NACVA Certified Valuation Analyst to the team and now offer Certified Business Valuations. Business valuations are commonly referred to as business valuations performed by certified appraisers who adhere to published valuation standards established by recognized and accredited organizations. A business valuation report issued by a firm with certified appraisers holds credibility.
NACVA is the National Association of Certified Value Analysts and is considered the “gold standard” for business valuation.
This means that we can now offer our clients business valuations at bank level, to ensure the highest level of service.
What was your career like before becoming president of LBB?
I have a background in marketing and consulting, with extensive training from the hands of a former Oracle CMO, as well as years of high-level strategic marketing experience that helped prepare me to lead Lion Business Brokers and its successful team of M&A advisors. .
Joshua, apart from working with LBB, you work with youth programs. What inspires your work with youth programs and how rewarding is it?
I am currently president of the local youth food program, Vista Ridge Youth Sports. It is an honor and a privilege to serve the children of my local community by providing a resource and outlet for all children to play, regardless of their household income. Last year, Lion Business Brokers was able to sponsor several student-athletes in football and joy. I’m encouraged by every season I’m able to coach these kids, and watching them grow from season to season is always a joy.
How do you find the time to juggle the work you do with Lion Business Brokers and the volunteer work you do with your kids’ various sports teams?
I was blessed to be able to participate as much as I did in my own children’s sports. I attribute a lot of that to the team we have in place here at LBB. We have all worked hard to instill a family work environment that is only made possible by having a real team working as one person on every transaction.
What future for LBB?
The future is really bright for us right now. We officially opened another office in Oklahoma and continue to expand across the United States.
What don’t most people know about you?
My very first job out of high school was with the California Department of Forestry, where I spent three seasons as a seasonal firefighter in California. I was able to hike all over the state, from the deserts on the southern border to the historic northern redwood forest.
Do you have anything else to add?
Every M&A advisor at Lion Business Brokers is a member of the International Business Broker Association, has its CBI, or is working towards becoming a Certified Business Intermediary, and several advisors are recognized as industry experts by Business Brokerage Press Inc. & Business Reference Guide.
2022 has been a great year for Lion Business Brokers, not only has LBB grown with new advisors and offices, but they have also been recognized as one of the top 10”Business brokerage service » by Biz Tools Pros, “Most Trusted Specialist, for Private Equity Firms 2022” by the Texas Business Awards and “5 Best Brokerage Services to Look Out For” by Silicon Review.
To learn more about Joshua Carnes and Lion Business Brokers, please visit https://lionbusinessbrokers.com/
Or connect with Joshua at https://www.linkedin.com/in/joshuacarnes/
Image credit: Maegan Kylie Photography