A barbershop in Waukegan is priced on adjusted seller’s discretionary earnings after a buyer compares this book to Gurnee — not on a statewide rumor multiple. Illinois CBS-1 (10 business days). No Chicago 45-day city notice unless the business also operates in Chicago. The statewide barbershops playbook is on the industry hub; this page is the Waukegan file. Confidential sale. No upfront listing fee.
Confidential • No upfront fees • Illinois statewide
Waukegan market
Selling a barbershop in Waukegan
A barbershop in Waukegan is priced on adjusted seller’s discretionary earnings after a buyer compares this book to Gurnee — not on a statewide rumor multiple. Illinois CBS-1 (10 business days). No Chicago 45-day city notice unless the business also operates in Chicago. The statewide barbershops playbook is on the industry hub; this page is the Waukegan file.
Waukegan is Lake County’s seat: a lakefront industrial and downtown city with a working port heritage, not a North Shore boutique village.
Great Lakes Naval Station payroll and I-94 industrial parks attract operator and logistics buyers. Do not price this like Libertyville or Gurnee Mills tourism. Municipal licenses, harbor-adjacent environmental questions, and a bilingual customer base show up more often than a lifestyle-suburb teaser.
Waukegan has about 87,157 residents in Lake County, inside the Chicago-Naperville-Elgin area. Nearby markets buyers already compare this book to include Gurnee, Libertyville. That comparison changes who shows up: a buyer who will drive from Gurnee is not the same buyer who will fly in from a coastal platform.
Planning facts
Typical multiple
2x–3x SDE
Typical timeline
4–9 months
SBA eligible
Often — confirm
County
Lake County
Population
87,157
Metro
Chicago-Naperville-Elgin
Nearby comps
Gurnee, Libertyville
Closing clock
Illinois CBS-1 (10 business days). No Chicago 45-day city notice unless the business also operates in Chicago
DuPage, Lake, Kane, Will, McHenry, Kendall, and neighboring collar shops sell on household density and the I-88, I-90, I-94, and I-55 corridors.
There is no Chicago 45-day city notice unless the business also operates in Chicago. Buyers still compare this suburb to the next one on the same highway.
Waukegan demand for barbershops is the customer list and the license path — not the Census population figure. About 87,157 residents is context for who already lives in the trade area. It is not a sale price.
Barbershop in Waukegan
What a Waukegan buyer will underwrite on this barbershop
Personal-service licenses are personal. A barbershop in Waukegan sells the chairs and the walk-in book that is not one stylist’s following. Neighbors in Gurnee, Libertyville are the comparison set, not a statewide salon multiple.
Barbershops statewide typically plan around 2x–3x SDE and a 4–9 months process when books and the lease are ready. That is a planning range, not a price for this Waukegan shop. Buyers here usually argue chair count, barber retention, walk-in vs appointment mix, lease terms.
Closing clock for this Waukegan file: Illinois CBS-1 (10 business days). No Chicago 45-day city notice unless the business also operates in Chicago. License path: IDFPR licenses barbers and barber shops separately from cosmetology. The industry hub teaches the statewide rule. This URL is the Waukegan application of it.
In a suburb like Waukegan, barbers, owner-operators, franchise seekers are the names that usually appear on the NDA list. A buyer who will drive from Gurnee is not the same buyer who will fly in from a coastal platform.
Buyer pool
Who buys a barbershop in Waukegan
Split buyer pool: North Shore and Libertyville businesses attract SBA and strategics who want household income; Waukegan and industrial I-94 businesses attract operator and logistics buyers. Great Lakes Naval Station and tourism along the lake change seasonality for some retail and hospitality books.
Illustration: a five-chair barbershop in Wicker Park with three employed barbers, a seller on the window chair, and a walk-in-heavy Saturday. Not a closed sale.
A barbershop whose customers already sit in Gurnee, Libertyville is a larger business than one that stops at the Waukegan city limit. Tell the truth about the route. Buyers will map it.
SDE recast
How a buyer will read the books on this Waukegan barbershop
Barbershop recasts on chair economics and walk-in versus appointment mix, not a fade-contest Saturday. Add back owner-barber hours, then isolate booth-rent chairs that are already independent businesses. A 2x–3x SDE band assumes the shop name, the lease, and at least one staying barber — not only the owner’s Saturday book.
Illustration only — not a quote for any Waukegan shop. A barbershop whose tax return shows $104,000 of net profit is not worth $104,000 × a rumor multiple.
Add back the owner’s $24,000 W-2 and payroll tax, $10,500 of discretionary benefits, $17,500 of accepted one-time cost, and $4,500 of personal expenses that a buyer will not run. Then subtract $85,000 of replacement labor if the owner still diagnoses, sells, or closes the books.
Adjusted seller’s discretionary earnings are $75,000. At the planning range 2.0x–3.0x, enterprise value is $150,000 to $225,000. Mid-range 2.50x is $187,500 before debt, working capital, holdback, and tax. A Waukegan buyer will argue the multiple after they ride with the staff and read the lease.
At 2.50 times $75,000 of seller’s discretionary earnings, enterprise value is $187,500 before debt, working capital, holdback, and tax. That is the planning conversation. It is not a listing-site guess.
SDE line items
Reported net profit (tax return, not the marketing P&L)
+ Interest expense
+ Income taxes (not payroll, sales, or property tax)
+ Depreciation and amortization
+ Owner W-2, bonuses, and payroll taxes on the owner
+ Discretionary owner benefits that a buyer will not keep (auto, personal travel, family on payroll with no role)
+ Accepted one-time or non-recurring expenses
− Market-rate replacement labor for owner work that will not transfer
= Seller’s Discretionary Earnings (SDE)
Illustration recast for a Waukegan barbershop — not a quote
Net profit
$104,000
Owner W-2
$24,000
Benefits
$10,500
One-time
$17,500
Personal
$4,500
Replacement labor (subtract)
−$85,000
Recast SDE
$75,000
Planning EV at 2.50x
$187,500
Recast Seller’s Discretionary Earnings, then apply a planning multiple for barbershops.
Replacement labor is subtracted. This is a planning tool, not an appraisal.
Recast SDE—
Planning enterprise value—
Before debt, working-capital peg, holdback, and tax. Educational only.
Enter your annual Seller's Discretionary Earnings (SDE) — your net profit plus owner's salary and any personal expenses run through the business — to estimate a range.
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1x3.0x8x
Estimated Value Range—to—
This is an estimate for planning purposes only. Actual value depends on lease terms, asset quality, customer concentration, and current market conditions. Request a professional valuation for a precise number.
Lake County closings use state CBS-1 plus municipal licenses (Waukegan, Gurnee, Libertyville, and North Shore villages each differ). No Chicago 45-day notice unless you also have a Chicago location. Lake County health and contractor registrations are common diligence items for food and trades.
IDFPR licenses barbers and barber shops separately from cosmetology. A cosmetology establishment license is not a barber-shop license. Individual barber licenses do not transfer. The shop license must be in the buyer’s name. Booth-rent classification is a workers-comp and IDFPR compliance issue, not a vibe.
Labor and lease
What has to keep working on Monday after close in Waukegan
For a barbershop in Waukegan, the first labor question is: Staying licensed barbers and a shop-branded book.
I-94 is the spine. Route density is real between Buffalo Grove and Gurnee and thinner toward the Wisconsin line. Leases in outlet and tourism corridors can be franchise- or landlord-controlled. Winter lake-effect operations matter for home services.
Lake mixes Fortune-campus remnants, naval payroll, and bedroom suburbs. Do not price a Waukegan industrial book like a Libertyville professional practice.
Diligence
What a serious barbershop buyer will open
Levers that move the multiple in this vertical: Staying licensed barbers and a shop-branded book; Correct IDFPR shop license for the buyer; Lease in a location that still walks in; Owner-chair that is not the entire SDE; A labor model the buyer can run Monday.
Have these ready before anyone hears the name of the Waukegan business: Chair count, booth-rent vs employee, and who is staying; IDFPR barber-shop license (not a salon license) and individual cards; Walk-in versus booking mix and the owner’s personal chair; Lease, hours, and neighborhood traffic that actually feeds the chairs; Retail and product that is real versus backbar; Review profile tied to the shop versus the owner’s Instagram.
Buyer tool
SBA payment sketch for a Waukegan barbershop buyer
Most Illinois owner-operator acquisitions use SBA 7(a). This is a payment sketch, not an approval.
SBA 7(a) loans are the most common financing for business acquisitions. Estimate your monthly payment and required down payment based on the purchase price.
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yrs
Down Payment Required—
Loan Amount—
Est. Monthly Payment—
This calculator provides estimates for planning purposes only. Actual SBA loan terms depend on your credit profile, the specific lender, and current market conditions. Contact us to connect with SBA-approved lenders in Illinois.
Sale steps
How to prepare a Waukegan barbershop for sale
Recast this Waukegan barbershop. Start with the tax return. Add owner pay. Subtract replacement labor if the seller still does the work a Waukegan buyer must hire. Do not treat a spike year as the new normal.
Name who can operate on Monday. List every credential that lets this barbershop pull a permit or see a patient in Waukegan, and whether that person stays. Personal licenses do not transfer with the assets.
Tell the truth about the Waukegan trade area. Map customers against neighboring towns. Buyers will. A book that already covers those towns is larger than a book that stops at the Waukegan limit.
Open the lease and the labor file. Remaining term and assignment in Lake County. Whether the crew can run without the seller living eight minutes away.
Calendar the notices that apply here. Illinois CBS-1 (10 business days). No Chicago 45-day city notice unless the business also operates in Chicago. Start them at letter of intent, not the week of funding.
Read the statewide playbook, then talk. The Illinois barbershops hub is the statute and recast teaching. This page is the Waukegan file. Confidential consult — no upfront listing fee.
Answers for owners and buyers in Lake County, including local closing steps.
Buyers start with seller’s discretionary earnings, then apply a planning range around 2x–3x SDE. That is a statewide starting point, not an appraisal. The lease, licenses, and how much of the book depends on the owner move the number more than a rumor multiple.
Most prepared Main Street sales take about six to twelve months. Clean books and an assignable lease help. License transfers and landlord consent are what add weeks.
Barber licenses are personal under IDFPR. The shop registration is separate. Chair rental versus W-2 staff changes what a buyer can actually buy.
The chair’s customers often do not. If the owner still cuts the book, subtract replacement labor before you talk about the high end of the range.
Yes. Buyers sign a non-disclosure agreement before they see the name. Your staff should not learn the sale from a listing photo. Key people may hear near a signed letter of intent.
Most Waukegan asset sales file Illinois Form CBS-1 at least 10 business days before closing. Lake County does not use Chicago’s 45-day city notice unless the business also operates there. Municipal licenses and the lease still need their own calendar.
Buyers in Waukegan are often SBA owner-operators and neighboring operators along the same corridor. Larger recurring books can draw a platform. They will compare this suburb to the next town in Lake County.
No. The planning multiple for barbershops is a statewide starting point, not a Waukegan appraisal. Buyers in Lake County still adjust seller’s discretionary earnings, then argue the lease, licenses, labor, and owner dependency.
Service Area
Barbershop Brokerage Near Waukegan
We serve barbershops owners and buyers across Lake County and the surrounding region.