I bought a retail business in Chicago in 2024, structured as an asset sale. From what I recall, we just applied for a new permit on the BACP website and it took ~30 days. We did not have to do finger prints or anything in-person. It looks like we didn't have to do a zoning review either. The signage permit was a different story and a big headache. Feel free to shoot me a message if you have any specific questions on the process.

This is a great question, and one that can materially change deal outcomes. What most buyers miss here is you’re not just choosing between asset vs stock… You’re choosing between operational continuity vs liability + tax tradeoffs. I’ve seen situations where avoiding a shutdown justified a stock deal, but only if the inherited risk was properly priced and structured. The licensing issue you mentioned is a huge driver here. Curious, have you modeled what a 60–90 day revenue gap would do to your DSCR and deal returns?