Are ESOP Transaction Costs Typically Higher Than a Third Party Sale?

if you take a 100 million dollar company I'll use that as a baseline to police up deal 100 million or Enterprise company and they go to sell out right to a third party they're going to hire an investment banker more often than not and they're going to hire a corporate attorney and when you look at the fees that a business owner is going to pay or a board is going to pay to sell a business outright to a third party between the investment banker and the tax or corporate attorney you know you take that as a waterfall and you compare and contrast that to what it's going to cost to hire the village of professionals because there's a village in a Nissan deal you're going to have six or seven service providers but what I have found is if you look at a side by side the ESOP transaction Steve actually is condensed it's lower outright aggregate transactional costs than an outright sale and it really should be lower and and the reason is there's a much higher probability of execution reason investment bankers are able to charge a higher fee and should charge a higher fee for an outright third-party sale is they've got to get paid for all the transactions they go to market for and they never get paid on because they can run a process and work a deal for six months to 24 months and never get the bid that the owner is going to take and all of their views on the back end of the tail so what I have found is the the investment banking fees on an outright set of third party are much higher than they would be on an ESOP transaction because on an ASAP transaction you have a much higher probability of closing the transaction if you set the expectations at the onside foreign foreign