Sell a Financial Advisory Firm in Waukegan, Illinois
A financial advisory firm 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 financial advisory firms 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 financial advisory firm in Waukegan
A financial advisory firm 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 financial advisory firms 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 Annual Revenue
Typical timeline
9–18 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 financial advisory firms 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.
Financial Advisory Firm in Waukegan
What a Waukegan buyer will underwrite on this financial advisory firm
A financial advisory firm in Waukegan is retention and re-papered appointments or a signing credential — not a contest year. Households and commercial accounts already compare Waukegan to Gurnee, Libertyville. Confidential outreach matters; employees commute and talk.
Financial Advisory Firms statewide typically plan around 2x–3x Annual Revenue and a 9–18 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 aum size, client retention, revenue per client, fee structure (recurring vs transactional).
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: SEC or state IARD registrations, Series licenses, and Illinois securities notice filings sit on people and on the RIA — they do not ride with a customer list. The industry hub teaches the statewide rule. This URL is the Waukegan application of it.
In a suburb like Waukegan, ria aggregators, larger advisory firms, pe-backed wealth management platforms 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 financial advisory firm 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: an independent RIA book in Oak Brook with $90 million in fee-based AUM, two service advisors, and a founding advisor who still owns the largest 15 households. Not a closed sale.
A financial advisory firm 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 financial advisory firm
RIA and advisory buyers often quote 2x–3x recurring revenue or an AUM conversation; this business uses 3x–5.5x SDE as a Main Street planning band. Recast fee-based AUM after a market-rate advisor if the seller still owns every household. Pull transaction and trail spikes, and any held-away assets the seller cannot assign. Household retention is the diligence, not the AUM slide.
Illustration only — not a quote for any Waukegan shop. A financial advisory firm whose tax return shows $254,000 of net profit is not worth $254,000 × a rumor multiple.
Add back the owner’s $171,000 W-2 and payroll tax, $10,000 of discretionary benefits, $13,000 of accepted one-time cost, and $12,500 of personal expenses that a buyer will not run. Then subtract $15,000 of replacement labor if the owner still diagnoses, sells, or closes the books.
Adjusted seller’s discretionary earnings are $445,000. At the planning range 3.0x–5.5x, enterprise value is $1,335,000 to $2,447,500. Mid-range 4.25x is $1,891,250 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 4.25 times $445,000 of seller’s discretionary earnings, enterprise value is $1,891,250 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 financial advisory firm — not a quote
Net profit
$254,000
Owner W-2
$171,000
Benefits
$10,000
One-time
$13,000
Personal
$12,500
Replacement labor (subtract)
−$15,000
Recast SDE
$445,000
Planning EV at 4.25x
$1,891,250
Recast Seller’s Discretionary Earnings, then apply a planning multiple for financial advisory firms.
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.
SEC or state IARD registrations, Series licenses, and Illinois securities notice filings sit on people and on the RIA — they do not ride with a customer list. Broker-dealer affiliation changes can force re-papering of every household. A buyer without the right registration cannot legally service the book they just paid for. Custody and ADV amendments are closing-path items.
Labor and lease
What has to keep working on Monday after close in Waukegan
For a financial advisory firm in Waukegan, the first labor question is: Fee-based recurring revenue and household retention.
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 financial advisory firm buyer will open
Levers that move the multiple in this vertical: Fee-based recurring revenue and household retention; A staying advisor the largest households already know; A registration path the buyer can finish; Low client-age and concentration risk; Clean compliance and complaint file.
Have these ready before anyone hears the name of the Waukegan business: AUM, household count, and percent of revenue that is fee-based recurring; Client age, concentration, and next-generation relationships; ADV, IARD, and broker-dealer or RIA path for the buyer; Advisor contracts and who the households will actually follow; Compliance file, complaints, and custody arrangements; Held-away or insurance-product trails that will not assign.
Buyer tool
SBA payment sketch for a Waukegan financial advisory firm 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 financial advisory firm for sale
Recast this Waukegan financial advisory firm. 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 financial advisory firm 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 financial advisory firms hub is the statute and recast teaching. This page is the Waukegan file. Confidential consult — no upfront listing fee.
Continue
Related Waukegan and financial advisory firms pages
Questions about financial advisory firms in Waukegan
Answers for owners and buyers in Lake County, including local closing steps.
Illinois financial advisory firms (RIAs) typically sell for 2x–3x annual revenue. AUM size, client retention history, and the fee structure (recurring vs. transactional) are the primary value drivers.
RIA aggregators (Mercer, Focus Financial, CI Financial), national wirehouse recruits, independent broker-dealers, and larger local advisory firms are the most active acquirers. The RIA consolidation market has been very active.
Client transition is the central concern in every advisory firm sale. We structure earnouts, transition periods, and joint client meetings to maximize client retention through the handover. Most buyers expect 85–90%+ client retention to close the deal.
Clients cannot be transferred without their consent. The transition process involves direct communication with clients by both the selling and acquiring advisor. A well-managed transition with appropriate personal introductions typically achieves strong retention.
ADV amendments, state filing requirements, and client consent procedures are all part of the RIA sale process. We work with your compliance counsel to ensure all regulatory obligations are met.
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 financial advisory firms 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
Financial Advisory Firm Brokerage Near Waukegan
We serve financial advisory firms owners and buyers across Lake County and the surrounding region.