Nationwide • CVA Certified • Fast Turn-around • Cost Effective • 30 Years Valuing
As an Illinois business owner, you operate in one of the most diverse economies in the country, from manufacturing, logistics, and financial services across Chicagoland to agriculture, food processing, insurance, and healthcare throughout the collar counties and downstate. Whether you're preparing to sell a manufacturing company in Rockford, dividing a professional practice in a divorce in Chicago, planning an estate transfer for a family business in Peoria, or financing an acquisition in Naperville, an accurate business valuation is essential.
At Sun Business Valuations, we bring decades of experience and CVA and ASA credentials to every engagement. We deliver independent business appraisals and valuations for Illinois companies, designed to withstand IRS, SBA, and legal scrutiny while giving owners and advisors the clarity they need to make informed decisions.
Business Valuation Services We Offer in Illinois
Our professionals provide objective, comprehensive business valuations across a range of purposes:
- Mergers & Acquisitions – Accurate valuations for buyers and sellers navigating ownership transitions.
- Shareholder & Partnership Disputes – Independent reports to support equitable resolutions under Illinois fair value standards.
- Divorce & Marital Asset Division – Court-ready business valuations for divorce and complex financial settlements in Illinois, including personal and enterprise goodwill allocation.
- Estate & Gift Tax Planning – Business valuations prepared to meet applicable Illinois and IRS requirements for estate transfers and tax reporting.
- SBA & Bank Financing – SBA business valuations for Illinois transactions and bank financing appraisals that meet lender and federal compliance requirements.
- Buy-Sell Agreement Valuations – Independent valuations to support shareholder transitions, family transfers, and succession planning.
- Farmland & Agricultural Business Valuations – Independent valuations for family farms, farmland transfers, and agricultural business succession across downstate Illinois.
- Litigation & Expert Testimony – Defensible analysis and professional representation when value is challenged.
Why Illinois Businesses Have Unique Valuation Needs
Illinois presents a distinct set of legal, tax, and regulatory factors that can directly affect how businesses are valued. From the treatment of goodwill in divorce to a state estate tax with a much lower threshold than the federal level, understanding these nuances is essential to preparing a valuation that reflects the purpose of the engagement and withstands scrutiny.
Personal and Enterprise Goodwill in Divorce
Illinois has long distinguished between personal goodwill and enterprise goodwill when a business is part of a marital estate. Under Illinois case law, personal goodwill, the value tied to an individual owner's reputation, relationships, and continued efforts, is generally treated as non-marital and excluded from the value divided in a divorce. Enterprise goodwill, which reflects the value that would remain with the business regardless of the owner, is generally included.
For professional practices and closely held service businesses, that distinction can meaningfully affect the value assigned to the marital estate. A valuation that does not carefully allocate between the two invites challenge from the other side. Sun Business Valuations works with family law attorneys to prepare valuations that address the goodwill question directly, with methodology and support that reflect current Illinois practice.
Illinois Estate Tax and Closely Held Business Interests
Illinois is one of a small number of states that imposes its own estate tax, separate from the federal estate tax, and its exemption threshold is substantially lower than the federal level. The Illinois exemption is also not indexed for inflation and not portable between spouses. For many Illinois business owners, this creates state-level estate tax exposure even when there would be no federal estate tax, often surprising families whose wealth is concentrated in a closely held business, real estate, and retirement assets.
Because the Illinois exemption is comparatively low, valuation of the business interest, including the defensible application of discounts for lack of control or lack of marketability where appropriate, can have a direct impact on state estate tax exposure and on the effectiveness of gifting and succession strategies. Sun Business Valuations prepares valuations for gift and estate tax reporting; your estate planning attorney and tax advisor manage the planning, structuring, and filings.
Illinois Non-Compete Rules and Business Value
Illinois has meaningful restrictions on non-compete and non-solicitation agreements under the Illinois Freedom to Work Act, including compensation thresholds, adequate consideration requirements, and procedural rules such as a mandatory review period before signing. These rules can affect assumptions about employee retention, customer relationships, and transferable business value in a sale, buyout, or ownership transition.
When we prepare a valuation for a transaction or other transition, we consider the agreements and business relationships that may influence future cash flow and risk. Legal counsel determines the enforceability of specific agreements; our role is to incorporate the relevant economic implications into the valuation analysis.
We Work With Business Owners and Advisors In
Chicago • Springfield • Naperville • Rockford • Peoria • Aurora • Joliet • Elgin • Waukegan • Cicero • Champaign • Bloomington • Arlington Heights • Evanston • Decatur
Illinois Regional Markets We Serve
Chicago Metro Business Valuations (Chicago – Evanston – Oak Park – Skokie – Cicero)
The city of Chicago and the inner metro represent one of the largest and most diverse business markets in the country, spanning financial services, professional services, technology, healthcare, hospitality, real estate, and specialty manufacturing. Sun Business Valuations works with owners and advisors throughout Chicago, Evanston, Oak Park, Skokie, and Cicero on sales, partner buyouts, shareholder disputes, divorce matters, and estate and succession planning.
Key Services:
Chicago Collar Counties Business Valuations (Naperville – Aurora – Schaumburg – Joliet – Elgin – Wheaton – Arlington Heights)
The collar counties surrounding Chicago are home to a deep base of mid-market manufacturers, distributors, logistics operators, professional services firms, and technology companies. Many are family-owned or closely held and approaching a generational transition. Sun Business Valuations serves owners and advisors throughout DuPage, Lake, Will, Kane, and McHenry counties on succession planning, financing, buy-sell agreements, and transactional matters.
Key Services:
Rockford & Northern Illinois Business Valuations (Rockford – Belvidere – DeKalb)
Rockford and the surrounding region are anchored by advanced manufacturing, aerospace and defense suppliers, machining, and distribution — many of them long-tenured, closely held companies. Valuation engagements here often involve equipment-intensive operations, concentrated customer relationships, and family ownership structures moving toward the next generation.
Key Services:
Central Illinois Business Valuations (Peoria – Bloomington – Champaign – Springfield – Decatur)
Central Illinois combines heavy manufacturing, agribusiness, insurance and financial services, healthcare, and university-anchored technology into a distinct regional economy. Sun Business Valuations works with owners in Peoria, Bloomington-Normal, Champaign-Urbana, Springfield, and Decatur on succession planning, estate and gift tax valuations, shareholder matters, and financing.
Key Services:
- Farmland & Agricultural Business Valuations
- Estate & Gift Tax Valuations
- Buy/Sell Agreement Valuations
Metro East & Southern Illinois Business Valuations (Belleville – Edwardsville – Carbondale)
The Metro East region and Southern Illinois support a base of manufacturing, construction, healthcare, agriculture, and family-owned service businesses. Valuation engagements here often involve succession planning, buy-sell agreements between family shareholders, and selling a business as part of a retirement plan.
Key Services:
Our Process
Our process is designed to make complex financial analysis straightforward from start to finish.
Consultation & Engagement – We discuss your needs, determine the scope of work, answer your questions, and provide a fixed-fee quote before any work begins.
Information Gathering – We provide access to our secure client portal for uploading the financial and business information needed for your valuation. Our team guides you through the process.
Intake Call – We review your financial information, discuss your valuation goals, and learn more about your operations to ensure a well-supported valuation. Your report is delivered within 10 to 15 business days of this meeting.
Analysis & Report Delivery – Our valuation experts analyze your business, apply the appropriate valuation methodologies, and deliver a clear, defensible report you can rely on. We then walk you through the conclusions and remain available for follow-up questions or representation.
Ready to get started? Contact us to schedule a consultation with a valuation expert.
Why Choose Sun Business
Sun Business Valuations combines technical expertise with personal service. Our team of certified business appraisers working with Illinois clients includes Accredited Senior Appraisers (ASA), Certified Valuation Analysts (CVA), and CPAs with ABV credentials, each bringing deep experience in business and financial analysis. We take a methodical, transparent approach grounded in data, guided by professional judgment, and informed by decades of valuation experience.
Illinois clients trust us because our reports are defensible, our process is clear, and our communication is straightforward. We understand that behind every valuation is a business someone has built, grown, or invested in — and we approach that responsibility with care.
Industries We Serve Across Illinois
Our team serves privately held businesses throughout Illinois, including:
Agriculture & Agribusiness – Illinois is a national leader in soybean and corn production, and much of the state's business wealth sits in family farms, farmland, and the agribusiness supply chain — grain processors, seed and input suppliers, and equipment dealers across downstate Illinois, where seasonality and commodity exposure can be meaningful valuation inputs.
Manufacturing & Industrial – Illinois is one of the country's largest manufacturing states, with concentrations in machinery, metal fabrication, industrial equipment, food processing, and aerospace supply along the northern and central corridors.
Transportation & Logistics – Chicago is a national freight hub — home to all six Class I railroads, two major airports, and the country's largest intermodal facility — anchoring a deep regional base of trucking, warehousing, freight brokerage, and third-party logistics operators.
Insurance & Financial Services – The Bloomington corridor and the Chicago financial district together support one of the country's most concentrated markets for insurance carriers, agencies, investment advisors, and specialty financial firms.
Food & Beverage Processing – Regional processors, packaged-goods brands, craft brewers, and specialty food producers rooted in Illinois's agricultural base.
Healthcare Practices – Physician groups, dental practices, and specialty clinics across the Chicago metro and downstate regions.
Technology & SaaS – Software, fintech, and B2B technology companies in Chicago's Fulton Market and Loop, as well as the research corridor anchored by the University of Illinois in Champaign-Urbana.
Professional Services – Law firms, accounting firms, engineering practices, and consulting businesses.
Construction & Specialty Trades – Commercial and residential builders, mechanical and electrical contractors, and specialty subcontractors.
Distribution & Wholesale – Regional distributors and wholesale operators across the state's freight and manufacturing corridors.
Real Estate & Property Management – Commercial development companies, property management firms, and real estate investment businesses.
Frequently Asked Questions (Illinois)
There is no single formula. The allocation is a matter of professional judgment supported by an analysis of the specific business, how transferable the client relationships are, whether the business has documented systems and staff that operate independently of the owner, the presence of non-compete or continuity arrangements, and the extent to which brand, location, and reputation carry value on their own. Two qualified experts can reach different allocations on the same facts, which is why the supporting analysis in the report matters as much as the conclusion.
Generally, yes. A single business valuation prepared to the fair market value standard, in accordance with IRS Revenue Ruling 59-60 and applicable professional standards, will support both the federal Form 706 (when a federal return is required) and the Illinois estate tax filing.
In many circumstances, yes. Interests in a closely held business — such as minority LLC memberships, family limited partnership interests, or non-controlling S-corporation shares — can often be valued at a discount from pro-rata value to reflect the lack of control and the limited marketability of a private interest. Because the Illinois exemption is comparatively low, thoughtful application of these discounts can meaningfully affect state estate tax exposure and the effectiveness of gifting and succession strategies. It requires an independent, well-supported valuation and careful coordination with your estate planning attorney.
The Illinois estate tax return is generally due nine months after the date of death, which puts real timing pressure on the valuation. Sun Business Valuations typically completes a business valuation within approximately 15 business days after receiving the required information and completing the intake process. For estate matters with a firm filing deadline, or for other time-sensitive engagements such as transactions, financing, or litigation, we can discuss expedited timing.
In shareholder oppression and buyout matters under the Illinois Business Corporation Act, courts generally apply a fair value standard, which typically excludes discounts for minority ownership and, absent extraordinary circumstances, discounts for lack of marketability. This differs from the fair market value standard used in most sale-oriented and tax-oriented valuations. The applicable standard is a decision for your attorney, but the valuation has to be built for it from the beginning. Sun Business Valuations prepares reports appropriate to the standard that governs the engagement.
Farm and farmland-based businesses across downstate Illinois often hold most of a family's wealth in a mix of operating assets, equipment, and land—an asset combination that creates distinct valuation considerations for succession, estate transfers, and buyouts among family members. Values may reflect the operating business, the underlying land, and, where appropriate in an estate matter, the potential application of federal special-use valuation elections. Sun Business Valuations works with farm families, their tax advisors, and their attorneys to prepare valuations that address the full picture rather than treating the operating business and the land as separate exercises.
Get Started
When your business represents years of work and personal investment, accuracy isn't optional; it's essential. Whether you're in Chicago, Naperville, Rockford, Peoria, Springfield, or anywhere across Illinois, Sun Business Valuations is ready to provide the clarity and precision your business decisions deserve.
To discuss your situation and receive information about the business valuation process, time frame, and cost, call Stephen Goldberg, Managing Partner, at 800.232.0180, or complete the form, and we will get back to you shortly.
Serving clients across Illinois and nationwide.
Sun Business Valuations provides Business Appraisal Services throughout Illinois and the United States.