What brokers charge in the Chicago market.
8–12% commission
The standard success fee for restaurants, shops, trades, and service businesses. Minimum fees commonly run $10,000 to $25,000 regardless of sale price — on a $150,000 sale, a $15,000 minimum is 10 percent by itself.
Double Lehman: ~4–8%
10% of the first $1M, 8% of the second, 6% of the third, 4% of the fourth, 2% after. A $3M sale pays $240,000 — an effective 8%. A $5M sale pays $300,000 — 6%. Always ask which scale, applied to what.
The quiet fees
Upfront valuation or "packaging" fees ($2,000–$25,000), monthly marketing retainers, early-withdrawal charges, and the tail clause: 12–24 months after your agreement ends, commission is still owed on any buyer the broker introduced.
None of these numbers is a scandal — they're how the commission model works. But on the deal sizes we serve, the difference between a prepared sale and an unprepared one is routinely larger than every fee on this page combined. That's the part no commission schedule shows you.
The four fees hiding in listing agreements.
- The minimum fee floor. A "10% commission" with a $25,000 minimum is not 10% on a $180,000 business — it's 14%. Minimums matter most exactly where owners can least afford them.
- Upfront and monthly charges. Valuation fees, packaging fees, marketing retainers. Ask what happens to every one of them if the business doesn't sell. "Non-refundable" should be said out loud before you sign, not discovered after.
- The tail clause. For 12–24 months after your agreement ends, the commission is still owed on any buyer the broker introduced. Fair in principle — but get the buyer registry in writing, and carve out anyone you already know by name.
- Early-termination and withdrawal fees. Some agreements charge you to change your mind — or convert the full commission into a debt if you withdraw after an offer arrives at the listed price, even one you'd never accept in practice.
Chicago broker-fee questions, answered.
How much do business brokers charge in Chicago?
Roughly 8 to 12 percent success commission for main-street businesses, with $10,000–$25,000 minimums common. Larger deals price on sliding scales like Double Lehman, netting roughly 4 to 8 percent. Many firms add upfront or monthly fees on top. Get every fee in writing before signing.
Are broker fees negotiable?
Often — but rarely the headline percentage. The most movable terms are the minimum fee, the exclusivity length, the tail period, upfront charges, and named carve-outs for buyers you already know. If a concession isn't written into the agreement, it doesn't exist.
Do I owe anything if my business doesn't sell?
No commission with a pure success-fee broker — but upfront valuation fees, marketing retainers, and early-termination charges are typically non-refundable. Ask precisely what you owe if you withdraw, and what happens if the agreement expires unsold.
What's the Double Lehman formula?
10% of the first $1M of sale price, 8% of the second, 6% of the third, 4% of the fourth, 2% thereafter. $3M sale: $240,000 (8% effective). $5M sale: $300,000 (6% effective). Ask whether the scale applies to total consideration, including earnouts and seller notes.
What does Lakeshore charge?
Preparation on published flat fees: the $4,500 Exit-Readiness Review, then the Sale-Ready Program from $2,500 a month. Sale representation is structured per deal and agreed in writing before anything goes to market. A direct sale to Lakeshore carries no commission at all. Details on the services & pricing page.
Is the cheapest fee the best deal?
Almost never the right question. A 2-point difference in commission on a $1.5M sale is $30,000; an unprepared set of books at diligence routinely costs a multiple of that in price cuts and retrades. Judge the total: what you keep after the fee, the price, and the taxes — not the fee alone.
Comparing brokers more broadly? Read the full Chicago business broker guide — contracts, the ten questions to ask, and when a listing is exactly the right call.
Talk fees with a CPA first. Free.
Thirty minutes with a senior advisor: what your sale should cost all-in, what a fair agreement looks like, and whether preparation would pay you more than a quick listing.
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