Family-internal succession
Advantages: continuity, preservation of culture and values, emotional bond. Challenges: finding successor, fair valuation within family, often limited liquidity for exiting shareholder.
External sale
Strategic buyers or PE offer liquid payout, often higher valuations, clear cut. Disadvantages: change for employees, loss of influence, emotional separation from life's work.
Hybrid solutions
Partial sale to PE with management stake, gradual handover, family minority stake – many variants exist. Sound advisory helps find the right structure.