A business broker in Illinois that works at your business, across the six counties and into Northwest Indiana.

To sell a business in Illinois, price it on verified earnings, fix what a buyer's accountant will find first, market it confidentially to a vetted buyer list, settle price and structure in the letter of intent, then close in 60 to 90 days, with Form CBS-1 filed at least ten business days before closing. Six to nine months is typical.

Two things are specific to an Illinois closing. In an asset sale the buyer files Form CBS-1, the Notice of Sale, Purchase, or Transfer of Business Assets, with the Illinois Department of Revenue at least ten business days before closing, and the Department issues a release once your state taxes are settled. A buyer who skips it can be held liable for your unpaid Illinois taxes up to the value of the assets, so every buyer's attorney insists on it (source: Illinois Department of Revenue, Form CBS-1 instructions). A business that pays or remits Cook County taxes also files the county's Notice of Bulk Sales or Transfer at least 45 days before the sale (source: Cook County Department of Revenue). Outside Cook County, ask your attorney whether the county or the town has a notice of its own; local licenses and permits usually have to be reissued to the new owner either way.

The rest runs the same in every county. The month-by-month version is in how to sell a business in Chicago, and if the business is inside the city, selling a business in Chicago covers the Cook County clock in detail. If what you are looking for is a business broker in Chicago, that page covers the city itself, the fee, and what to ask before you sign with anyone; whether you need one at all, and when an owner does better selling without one, is answered in should I hire a business broker. What it costs is below, and what the business would sell for today is the free value range that follows.

Selling a business in Lake County runs on the same Illinois clock as everywhere else, with three local differences: the buyer pool is heavier in manufacturing and life sciences, the county collects a real estate transfer tax of 25 cents per $500 if a building changes hands, and six towns add a stamp of their own.

Manufacturing is about one in seven jobs in Lake County and roughly 30 percent of its economic output, more than any other private industry, with pharmaceutical, medical device, plastics, packaging, machinery and food production leading (source: Lake County Partners). For an owner in Gurnee, Waukegan, North Chicago, Libertyville, Mundelein or Lake Zurich, that shapes who buys. The large plants along I-94 and Route 41 are the customers. The businesses that sell are the machine shops, packaging converters, plastics molders, contract manufacturers and trades contractors that supply them, and their buyers are typically competitors from the same corridor, strategics looking for a site north of the city, PE-backed platforms in packaging and precision machining, and SBA-financed individuals who want a shop with a lease and a crew. A customer list built around two or three of the big names is the first thing every one of them asks about, because a customer over about 20 percent of revenue lowers offers.

Confidentiality is harder in a smaller market. In Gurnee or Waukegan the plant managers know each other, and a listing that names the town and the product can be identified in a phone call. So the blind profile gives the region and the industry, not the village, buyers sign NDAs before they see your name, and management meetings happen at your business after hours. When a competitor is on the buyer list, the financials go out in stages and the customer names go last.

At closing, the Illinois paperwork is the Form CBS-1 above. Lake County has no county revenue department, so there is no county bulk-sales notice like Cook County's. If real estate is part of the deal, the county collects a transfer tax of 25 cents per $500 on top of the state's 50 cents per $500, paid at recording by whichever side the contract names, and Buffalo Grove, Highland Park, Lake Forest, Lincolnshire, Mettawa and North Chicago require a municipal stamp or exemption letter as well (source: Lake County Recorder of Deeds). A Lake County Health Department food establishment permit is not transferable, so a food producer's buyer applies for a new one before closing (source: Lake County Code, section 173.04). Village business and liquor licenses are generally reissued to the new owner by the village on its own timeline, which is why the licensing step belongs in the LOI period and not the week of closing.

If the business is a manufacturer, selling a manufacturing business in Chicago covers the diligence checklist and the multiples in detail. The steps and what each one costs are below.