Sell to an outside buyer
Usually the highest price and the cleanest break. Takes longer, requires confidentiality discipline and more diligence. Many buyers use SBA-backed loans, which means lender paperwork and a firm timeline.
Sell or pass to family
Often lower in price, higher in meaning. It works best with a written plan, a fair valuation and clear roles. Get legal and tax advice, since gift and sale structures are treated very differently.
Sell to key employees
Good for culture and continuity, often paid over time through seller financing. It works when employees have the management skill and a way to fund the purchase. Employee ownership structures like ESOPs and cooperatives exist for larger or values-driven transitions. Project Equity publishes free resources on them.
Sell to a partner or competitor
Quick and discreet, with a buyer who already understands the business. Competitors will want to see your numbers, so make sure you have a firm confidentiality agreement and a clear sense of what you are willing to share.
How to choose
Write down three things: the minimum you need, the date you want to be free, and what you hope happens to the business and your people. Then compare each path against those three. Many owners find the answer is clearer than they expected.