Succession carries tax, governance and family considerations that a straight sale does not. There are four routes, and the right one is usually decided by financing capacity rather than preference.
Family transfer
Cleanest where a successor exists and is willing. The difficulty is rarely legal; it is whether the next generation can fund the outgoing generation's retirement.
Management buy-out
Works where the team is capable but lacks capital. It depends entirely on how much debt the business itself can carry — which is a question of cash generation, not enthusiasm.
Partial sale
Releases capital while the owner stays involved. Useful as a staged handover, though it makes the shareholder agreement considerably more important.
Outside buyer
Usually produces the highest price and the least continuity. Often combined with the seller remaining for an agreed transition period.