The plane was being piloted by the CEO of a drinks distribution company and was carrying his wife, two sons and a neighbour and the neighbour's daughter.
It suddenly lost altitude over Lake Erie about 3km (two miles) from the Burke Lakefront airport.
Recovery efforts would now begin, the coastguard said.
Coast Guard Captain Michael Mullen said he extended his condolences to those who had lost loved ones.
"The decision to suspend a search is never easy,'' he said.
Federal aviation officials said the plane was travelling to Ohio State University in Columbus where it is based, after carrying six people to Cleveland to watch an NBA basketball game.
John Fleming, the chief executive of Superior Beverage Group, was flying the plane.
Airport officials reported that they had "lost communications and radio contact" with a Cessna Citation 525 aircraft shortly after take off at 22:50 local time (03:50 GMT) on Thursday evening.
The overnight search was hindered by snow squalls, high seas and darkness, Captain Mullen said.
Authorities detected "faint hints" but no strong pulse from an emergency locating transmitter, a beacon that could help searchers find the plane, he said.
The US coastguard says it has called off a search for a plane carrying three adults and three children that went missing after leaving Cleveland.