Here's an interesting article outlining all the things one must take into consideration when selling a family business.
From my perspective as an estate planning attorney, I'm very attune to the emotional dynamics of the family business, as some family members run the business, some are employees, and some are somewhere in between.
Whatever the family dynamics, one thing that business owners must be aware of is the possibilities that exist to minimize the estate tax consequences on the explosion of wealth that occurs when a business is sold. If we can freeze the value of the business at a value prior to any buyers expressing interest in the business, and the business is ultimately sold for much more than that value, then the excess in wealth will pass outside the business owners estate, and will not be subject to estate taxes. This is something that unfortunately, most business owners do not take into account prior to the sale. The result is a great deal more payable in estate taxes than is necessary.