Most Illinois business sellers focus on the broker commission when thinking about sale costs, but there are several additional costs that reduce net proceeds. Planning for total closing costs before going to market helps sellers set realistic net proceeds expectations and avoid surprises at the closing table.
Standard Closing Costs for Sellers
Business broker commission: 8–12% of total transaction value for most Illinois small business sales. Attorney fees: $3,000–$10,000 for a business attorney to draft and review the purchase and sale agreement, bill of sale, non-compete agreement, lease assignment, and closing documents — more complex transactions cost more. CPA fees: $1,000–$5,000 for financial due diligence support, SDE recast preparation, and tax planning advice. Illinois proration: any property taxes, lease prepayments, or utility deposits are typically prorated at closing.
Costs That Vary by Business Type
Environmental assessment (gas stations, dry cleaners): $1,500–$15,000 depending on Phase I and Phase II requirements. Healthcare practice regulatory fees (IDPH licensing, credentialing): $500–$3,000. License transfer fees (liquor licenses, DCFS childcare): varies by municipality and license type. Equipment appraisal (heavy equipment, specialized manufacturing): $1,000–$3,000.
Total seller-side closing costs for a well-run $1M transaction typically range from $80,000–$130,000 (broker commission plus professional fees). For a $500,000 transaction, total costs may be $50,000–$70,000. Net proceeds planning should use these estimates to set realistic expectations from the first conversation with your broker.