Your comprehensive guide to finding, evaluating, and acquiring the perfect business opportunity in the Prairie State.
Buying an existing business can be a faster path to entrepreneurship than starting from scratch. With established customers, proven systems, and immediate cash flow, the right acquisition can set you up for success.
Before searching, clarify what you're looking for:
Total investment capacity including down payment, working capital, and reserves.
Industries that match your skills, interests, and experience.
Geographic preferences within Illinois.
Revenue range, employee count, and complexity level.
Where to find businesses for sale in Illinois:
Quickly assess opportunities before diving deep:
Common financing options for business acquisitions:
The most popular option for small business acquisitions. Up to $5 million with 10-25 year terms.
The seller carries a note for part of the purchase price. Common in 70-85% of small business sales.
Traditional financing from banks, typically requiring more equity and stronger credit.
Equity partners or investors who share in ownership and returns.
Key elements of your LOI:
Thoroughly investigate before committing:
After due diligence, negotiate the final agreement:
Final steps to complete your acquisition:
Most Illinois business licenses cannot be transferred. You'll need to apply for new licenses in your name.
Register with the Illinois Department of Revenue for a new sales tax certificate.
Illinois has specific requirements for new employers including unemployment insurance registration.
Many Illinois municipalities require local business licenses and permits that must be obtained separately.
Get personalized guidance from experienced acquisition professionals.