Justin - you mentioned that investments bankers take 1-2% of the selling price. What percentage do all the rest of the closing costs take up (lawyers, etc)? What are these other closing costs?
Other closing costs -- usually there will be an escrow service for any holdbacks. That usually is only tens of thousands of dollars - not expensive relative to deal size.
- Bankers (and/or other advisors)
- Lawyers
- Accountants (if you don't have dedicated resources)
- Your time
I can't stress this enough - the last one ends up being your biggest cost (although not direct). I've seen more than enough company's execs struggle with transaction fatigue because you're trying to sell a company while still running one. This is where good bankers/advisors come in.