Business owners often have a lot of options related to this topic of selling a business.  It is a myth that the sole option is to sell only to third parties.

There are multiple possible buyers for a closely-held business.  Some of the most common possible buyers are:

• A strategic buyer, such as a competitor
• A buyer who sees a financial opportunity
• Management Buyouts (MBO)
• Family Members
• Employee Stock Ownership Plan (ESOP)
• Private Equity Groups (PEG)
• Initial Public Offering (IPO)
• Etc.