My opinion is it entirely depends on the underlying cash flow of the business.
If its over $2mil/year in cash flow, hands down, 100% of the time sell it to an outside party. Reward your loyal employees in cash, take care of your family. If its under $2mil/year in cash flow, there are many variables to consider. Depth of management, cash flow, net asset valuation, owner financing.
Happy to give further input with more details