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Business Brokers - Illinois Secretary of State

Business Brokers - Illinois Secretary of State 2026

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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 registration for business brokers, provides guidelines for selecting a broker, and offers consumer tips for buying and selling businesses. The document also includes contact information for further inquiries.

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Click ‘Get Form’ to open the Business Brokers - Illinois Secretary of State document in the editor.
Begin by entering your personal information in the designated fields, including your name, address, and contact details. Ensure accuracy to avoid any processing delays.
Next, provide details about your business brokerage activities. This includes specifying whether you are applying for a new registration or renewing an existing one.
Review the section regarding compliance with the Illinois Business Brokers Act. Acknowledge your understanding by checking the appropriate box.
Finally, sign and date the form electronically using our platform’s signature feature. This ensures that your submission is valid and ready for processing.

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Who is eligible for business brokers in Illinois?

The Business Brokers Act of 1995 requires any person domiciled in the State of Illinois, received commission or other compensation from another person to procure a business or assist in the procurement of a business; negotiate offers, buy, sell, or otherwise deal in options on businesses, or assists or directs the

How much do you pay a business broker?

The size of your business and the type of broker will determine the cost of selling your business. Typical business broker commissions and fees are anywhere from 5% to 15% of your businesss sale price. The average business broker commission is around 10%.

How do I find a business broker?

The International Business Brokers Association (IBBA) has an online directory with information on qualified business brokers in your area. The IBBA indicates whether a broker is a Certified Business Intermediarya high-level qualification for brokers who have demonstrated strong ethics and expertise.

Who pays the broker when buying a business?

The seller is responsible for paying the broker fee. This cost is deducted from the final business sale, so you take home less than the final purchase price. In rare cases, buyers may be charged a fee, especially when working with certain Merger and Acquisitions (MA) firms or business-for-sale advisory platforms.

Is it worth using a business broker?

Business brokers provide professional valuation expertise. They have the right tools and comparable sales data to assess the true worth of your business in current market conditions. By helping you set a realistic asking price, they ensure you only attract serious buyers without leaving any money on the table.

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How much is a typical broker fee?

On average, a broker will be paid 0.35% of the loan amount. For example, if your mortgage is for 200,000, the broker will earn 700.

Is there such a thing as a business broker?

Business brokers are essentially estate agents for the sale and purchase of businesses. This is probably making it sound a lot more basic than it actually is, but this is the role of the broker. We source sellers and we find buyers.

Business Brokers - Illinois Secretary of State 2026

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