A business broker is a licensed intermediary who represents business sellers (and sometimes buyers) through the process of selling a privately held business. In Illinois, business brokers who work with smaller businesses are typically licensed real estate brokers, as Illinois treats business brokerage under its real estate licensing framework.
What a Business Broker Does
A broker's services include: valuing the business, preparing the Confidential Business Review (CBR), marketing the business to qualified buyers while maintaining confidentiality, screening buyer inquiries, facilitating due diligence, negotiating deal terms, and coordinating with attorneys, accountants, and lenders through closing. A good broker manages all of this while allowing the seller to focus on running the business normally.
When You Need One
For business sales under $10M in transaction value, the market for buyers and the complexity of the process strongly favor using a broker. The broker's fee (typically 8–12% of transaction value for smaller businesses) is typically recovered many times over in higher sale prices achieved through competitive buyer marketing and skilled negotiation. Selling without a broker leaves money on the table and dramatically increases the risk of transaction failure.
When selecting an Illinois business broker, ask about their transaction history in your specific industry, their buyer database, and their process for maintaining confidentiality during marketing. Industry specialization matters — a broker who has sold similar businesses recently will have active buyers already in their network.