You don’t get THAT much from a banker for their seemingly huge fees:
— They don’t get you another offer.
— They don’t get you a better price just by hiring them.
— They don’t do much work for you.
So why hire a banker?
— They create the illusion you have another offer, and a real sense of scarcity.
— They end up getting you a better price by “accident” — by just being there and part of the process.
— They don’t do the grind work, but they buffer some of it out.
— The entire process changes — for the better. Corporate development, CFOs, etc. just treat the process with more respect if there’s a banker.