Can a business succession plan include the sale of a business? Absolutely. The key is to valuate the business, and try to identify potential persons of interest to do this transaction with. You also need to make sure that there is no family member who wants to buy out the interest. But selling the business is indeed an option.
Selling the business is an option in a succession plan, and continuing the business is also an option in a succession plan. Doing nothing, however, could result in losing the business or diminishing its value.