Sell Your Business in Chicago & Illinois: An Owner’s Planning Guide

Read Chicago market context with its limits

This sample does not capture every private transaction, every industry or the value of your company. It is neither a Jaken transaction record nor a current asking-price recommendation. Sector, size, earnings definition, property inclusion and terms can make a particular business very different from the market summary.

Check the Illinois bulk-sale process

Illinois Department of Revenue describes covered bulk sales as certain major asset transfers outside the ordinary course of business. For a covered transaction, the purchaser or transferee must file Form CBS-1 at least ten business days before sale or transfer; the seller may also file.

Put applicability, filing responsibility, any required withholding and release status on the closing checklist with counsel and your accountant. Do not assume the notice applies to every equity transaction or that sending a form automatically clears all tax exposure. Use the current form and instructions for the actual transfer.

Build a local transfer checklist

• Premises: assignment, new lease, renewals and landlord approval.
• Owned property: separate operating value, title, lender releases and property diligence.
• Permits and licenses: confirm the issuing authority and ownership-change requirements.
• Employees: coordinate payroll, benefits and any applicable notice duties.
• Contracts: identify assignment and change-of-control clauses.
• Financing: obtain deal-specific requirements from the proposed lender.

A Chicago-area location does not make the transfer requirements identical across municipalities or industries. Obtain the applicable authority’s requirements rather than relying on another business’s closing checklist.

Prepare for a confidential owner discussion

Start with the business type, owner role, approximate scale, premises arrangement and reasons for exploring a sale. Identify how much cash you need at closing and whether you could accept a seller note or transition role. Private records can follow through an agreed secure channel.

Jaken Equities provides a starting point for discussing business sales and M&A advisory. Review representation scope, confidentiality arrangements, advisor responsibilities and fees in the written engagement.

Use the readiness checklist to identify preparation tasks and the proceeds planner to organize cash expectations. Then book a confidential conversation about what a sale would need to accomplish for you.