TradeExit Guide

Business brokers in Chicago, Illinois

Brokers in Chicago follow Illinois rules: registration required to broker a sale.

Updated 2026-09-23 · 5 sources · By the TradeExit Guide team

Rules that apply to a sale in Chicago

Informational only, not legal or tax advice. Accessed 2026-09-23.
TopicWhat the rule saysSource
Who may broker the sale (Illinois law)Illinois requires anyone in the business of business brokering to register with the Secretary of State's Securities Department under the Illinois Business Brokers Act of 1995 (815 ILCS 307), unless exempt (for example, an Illinois-licensed attorney whose role is incidental to legal practice).

Illinois Business Brokers Act of 1995 (815 ILCS 307), Illinois Secretary of State Securities Department - Business Brokers

State income tax on the gainIllinois's top individual income tax rate is 4.95%, a flat rate for 2026 (Tax Foundation); unless noted below, capital gains are taxed as ordinary income.

Tax Foundation - 2026 State Individual Income Tax Rates and Brackets

What brokers in Chicago charge

Main Street business brokers usually charge a success fee - a percentage of the sale price paid at closing - with a minimum fee; lower-middle-market M&A advisers often use tiered percentages and may charge an upfront retainer credited against the success fee. Few brokers publish their rates. Two that do: Empire Flippers (online businesses) charges 15% of the price up to $700,000, then 8% up to $5M and 2.5% above; Flippa charges a 10% success fee plus a listing fee. Use published schedules as a benchmark when you negotiate, and compare total cost if the deal does not close. See broker vs DIY for the fee math and our broker reviews.

How to vet a broker in Chicago

  1. Check the license

    Ask for their Illinois Business Brokers Act registration with the Secretary of State Securities Department.

  2. Ask for closed deals like yours

    How many businesses in your industry and size range did they close in the last two years, and at what share of asking price?

  3. Get every fee in writing

    Success-fee percentage, minimum fee, any upfront, valuation or marketing fee, and whether buyers you bring trigger the fee.

  4. Limit exclusivity and the tail

    Listing term (6-12 months is common) and the tail period after it ends during which a sale still owes a fee.

  5. Know who does the work

    The person who pitches you should be the person who runs your deal.

  6. Know your number first

    Run the valuation calculator so you can judge whether a broker’s suggested price is a listing tactic.

Selling a specific kind of business

Dental practiceMedical practiceVeterinary practiceRestaurantInsurance agencyAccounting / CPA firmHome services (HVAC, plumbing, pest, roofing, electrical)

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Frequently asked questions

Do business brokers in Chicago need a license?

Illinois requires anyone in the business of business brokering to register with the Secretary of State’s Securities Department under the Illinois Business Brokers Act of 1995 (815 ILCS 307), unless exempt (for example, an Illinois-licensed attorney whose role is incidental to legal practice).

Sources

  1. Illinois Business Brokers Act of 1995 (815 ILCS 307) (accessed 2026-09-23)
  2. Illinois Secretary of State Securities Department - Business Brokers (accessed 2026-09-23)
  3. Tax Foundation - 2026 State Individual Income Tax Rates and Brackets (accessed 2026-09-23)
  4. Empire Flippers - Sell your online business (fees and requirements) (accessed 2026-09-23)
  5. Flippa - Pricing (accessed 2026-09-23)
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