In the United States, the licensing requirements for business brokers differ from state to state. Some states require a license for brokers earning commissions, while others do not mandate licensing for brokers working on an hourly basis. Interstate transactions, such as those involving national franchises, may face additional rules regarding recognition of licenses across state lines.

Certain states, like California, go further by requiring either a broker license or a law license for anyone advising a business owner on the sale, terms of sale, or introducing a buyer for a fee. A 2000 IBBA seminar noted that at least 13 states required business brokers to hold a real estate license. States that currently require a license to practice as a business broker include Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois (registration only), Minnesota, Nebraska, Nevada, Oregon (if a real estate transfer is involved), Rhode Island, South Dakota, Utah, Wisconsin, and Wyoming.

In Canada, all provinces except Alberta require a real estate license to begin a career as a business broker, highlighting the regulatory differences between jurisdictions and the importance of understanding local licensing laws before engaging in business brokerage activities.