The four basic exit strategy possibilities are: sell to an outside buyer (a trade sale), transfer to insiders (a management buyout or an Employee Ownership Trust), pass it to family (succession), or close it down (an orderly wind-down or liquidation).
Every route splits along one line: who ends up owning the business. A trade sale usually pays the most, because outside buyers compete on price. Selling to your team or a trust protects continuity, often at a lower number. Family succession keeps it in the family over a slow handover. A wind-down suits a business that took good money out but was never built to sell. For how each one works and how the proceeds are taxed, read the types of business exit strategy explained.