Your complete guide to business transactions in the Windy City. Market insights, local regulations, and expert resources.
Chicago is the economic powerhouse of the Midwest and the third-largest city in the United States. With a diverse economy spanning finance, manufacturing, technology, healthcare, and professional services, Chicago offers abundant opportunities for business buyers and sellers alike.
The city's strategic location as a transportation hub, world-class workforce, and robust business infrastructure make it an attractive market for entrepreneurs and investors. Whether you're looking to sell an established business or acquire a new venture, understanding Chicago's unique market dynamics is essential for success.
| Metric | Value |
|---|---|
| Population | 2,746,388 |
| Total Businesses | 125,000+ |
| Average Business Sale Price | $450,000 |
| Median Time to Sell | 8 months |
| Top Industries | Restaurants, Retail, Professional Services, Manufacturing, Healthcare |
| Region | Chicagoland |
Chicago's large and diverse market means there's strong demand for quality businesses across most industries. Here's what you need to know about selling in the Chicago market:
Chicago offers tremendous opportunities for business buyers, from established enterprises to emerging ventures. Here's what buyers should know:
Chicago's renowned food scene offers opportunities from fine dining to quick service.
From Magnificent Mile to neighborhood boutiques.
Consulting, accounting, marketing, and B2B services.
Chicago's industrial heritage continues with modern manufacturing.
Medical practices, dental offices, and healthcare services.
Chicago's growing tech scene and startup ecosystem.
On average, businesses in Chicago sell within 8 months, though this varies significantly by industry, price point, and business quality. Well-prepared businesses with clean financials and strong operations often sell faster.
Restaurants, professional services, healthcare practices, and technology companies consistently see strong buyer demand in Chicago. Businesses with recurring revenue, established customer bases, and growth potential command premium valuations.
Yes, most Chicago business licenses cannot be transferred. As a buyer, you'll need to apply for a new business license in your name. Some license types also require aldermanic approval. Plan for this in your acquisition timeline.
Chicago has a strong network of SBA lenders, making SBA 7(a) loans a popular option. Seller financing is also common, with many sellers willing to carry a note for 10-30% of the purchase price. Local banks and credit unions also offer business acquisition loans.
Get expert guidance for your Chicago business transaction.