Family: Transferring ownership interests to other family members can provide flexibility in determining future involvement in the business and often creates a smooth transition for employees and customers. Remember to keep in mind the impact of your decisions on family members who may or may not be involved as the next generation of owners. Ensure that the next generation have the interest, skill and experience to successfully assume the responsibility of business ownership.

Management Buyout: If family members are neither willing nor able to take over the reins, management buyouts may be another option to consider if there are trusted employees that possess the desire and financial resources for a transition. Some benefits might include saving time and resources by not having to engage in a search for outside buyers, while also shortening the learning curve for new owners.

Entrepreneurial Buyers: If the right buyer comes knocking on the door, chances are you may be able to sell your business at a premium. Individuals buy businesses as a chance to break into the world of entrepreneurship while avoiding the risk of starting a business from scratch. If your business is in a strong financial position, selling to an individual often represents the best opportunity to achieve post exit goals.

Strategic Acquisition: A business in a hot market makes for an ideal acquisition opportunity by a competitor or complementary business. An acquisition may allow for a business owner to take a position with the newly merged company and is an attractive option for sellers who may wish to stay in the industry and are comfortable relinquishing ownership in exchange for a financial payoff and the satisfaction of being part of a larger business.