In this episode of the M&A Launchpad Podcast, hosts Feras Moussa and Casey Minshew sit down with Trent Lee, a multi-year IBBA Top Individual Deal Maker and #1 business broker in the U.S. for closed transactions. Trent breaks down how great brokers actually think about valuation, deal structure, and—most importantly—how they qualify both sellers and buyers.

From getting price and structure “bankable” for SBA lenders to using SDE, EBITDA, and adbacks the right way, Trent explains why most brokers are doing sellers a disservice and how he approaches deals very differently. He also shares exactly what buyers need to do to be taken seriously, stand out in a database of 45,000+ buyers, and get access to the best pre-market listings.

Whether you’re a first-time buyer, an independent sponsor, or a founder thinking about selling in the next few years, this is a masterclass in how deals actually get done in the small and lower-middle market.

In this podcast episode, we discuss:

How Trent went from frustrated seller to award-winning business broker and credentialed appraiser

Why most business brokers get valuation wrong—and how that hurts both sellers and buyers

The appraisal and valuation process: SDE vs. EBITDA, adbacks, debt service coverage, and SBA guidelines

How Trent “indoctrinates” sellers with education before he ever takes a business to market

Getting sellers realistic on both price and terms (the price/terms “teeter-totter”)

Why some owners discover they’re not actually ready—or able—to exit when they first call a broker

How Trent built a 45,000+ buyer database and uses pre-market listings to drive competition

The rise of more sophisticated buyers and why “buying boring businesses” is beating startup risk

Seller financing realities: when seller notes help, when they hurt, and why he rarely recommends big carries for SBA deals

How to approach brokers the right way as a buyer (and what instantly tags you as a tire kicker)

Why being “industry agnostic” is a red flag and how to define a strong, credible buy box

The right sequencing: proof of funds, SBA pre-approval, and moving fast on non-binding offers

How to use due diligence to justify price adjustments when adbacks or owner comp are off

Trent’s Rocket Round: competitive tennis, a $19M triple-up exit story, and how he uses AI and automation to close more deals than most brokers combined

Guest Contact Info:

Website: https://www.sellbusinessinlasvegas.com

Email: Trent@fcbb.com

LinkedIn: https://www.linkedin.com/in/trentlee

YouTube (free education for buyers and sellers): https://www.youtube.com/channel/UCncOtmBY1gbuE6wDyaFfwBw

Social & free buyer resources hub: https://linktr.ee/trentlee

Additional Resources:

Sponsored by O’Connell Advisory Group – Work with a trusted Quality of Earnings and Financial Diligence partner who focuses solely on business acquisitions. Schedule a discovery call with Patrick of O'Connell Advisory Group—your dynamic Quality of Earnings partner. Visit: http://www.oconnelladvisorygroup.com.

Attend the M&A Launchpad Conference – Coming October 2025, date and location TBD. This one-day event brings together operators, searchers, independent sponsors, lenders, and deal professionals for tactical sessions on deal sourcing, capital raising, quality of earnings, due diligence, and post-close operations. Get your ticket at https://www.malaunchpad.com and use code LAUNCH for $150 off your ticket.

M&A Launchpad Hosts Contact – To connect with hosts Casey Minshew and Feras Moussa about deals, partnerships, or speaking, email: info@equitylaunchpad.com

About The M&A Launchpad:

The M&A Launchpad provides insights into acquiring, investing in, and selling profitable businesses in the lower to middle market. Whether you are a business owner, investor, or aspiring entrepreneur, we will provide you with the knowledge, guidance, and capital to navigate the world of mergers and acquisitions.

The M&A Launchpad presents a series of weekly podcast episodes and hosts an annual M&A Launchpad Conference tailored to the M&A community.

Connect with M&A Launchpad:

🎧 Podcast on Spotify: https://open.spotify.com/show/0mW6i4ooujqC7eOPWmguU7
🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast/m-a-launchpad/id1740382586
🎟️ Attend Upcoming M&A Launchpad Conference: http://malaunchpad.com/

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