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Business Brokers - Illinois Secretary of State

Business Brokers - Illinois Secretary of State 2025

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The document outlines the responsibilities of the Illinois Securities Department in regulating the business broker industry under the Illinois Business Brokers Act of 1995. It emphasizes the importance of compliance with laws, consumer protection, and provides guidelines for selecting a business broker, including registration requirements, necessary disclosures, and tips for both selling and buying businesses.

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Who pays the business broker fee?

In most cases, the seller will be responsible for paying the brokers fee, which is typically a percentage of the selling price. However, there may be some circumstances in which the buyer agrees to pay the fee, so its important to discuss this with your broker before entering into any agreements.

What is the difference between a broker and a managing broker in Illinois?

In Illinois, there are two different types of real estate brokers. A selling broker typically works directly with clients, while a managing broker oversees their activities as well as company operations.

How do business brokers make their money?

Business brokers make money through the small engagement fee they charge to get the ball rolling and a success fee (also called commission) on the final sale price. Both the engagement fee and success fee vary depending on the deal size and complexity involved.

What is the Illinois brokers Act?

The Illinois Business Brokers Act of 19951 (IIBBA), as amended, requires those people who engage in brokering the sales of non-securities type businesses register with the Illinois Secretary of States office and pay a required fee before engaging in such activity.

Who should pay the broker fee?

These fees may be paid by either the buyer or seller, or they may be split between both parties.

Who has to pay brokerage fees?

In the real estate industry, a brokerage fee is typically a flat fee or a standard percentage charged to the buyer, the seller, or both.

Do business brokers need a license?

Some states, like California, require either a broker license or law license to even advise a business owner on issues of sale, terms of sale, or introduction of a buyer to a seller for a fee. All Canadian provinces with the exception of Alberta, require a real estate license in order to commence a career.

Business Brokers - Illinois Secretary of State 2025

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