Final answer:
The best option for Bob Boyd's exit strategy would be to implement an Employee Stock Ownership Plan (ESOP), as it aligns with the company's strength of having dedicated employees and maintains the company culture.
Step-by-step explanation:
Bob Boyd is considering an exit strategy for his sporting goods business and given that one of the company's greatest strengths is a core group of motivated employees who have been with the company for years, the best option for Bob might be Implementing an Employee Stock Ownership Plan (ESOP). An ESOP allows employees to become partial owners of the company through a trust, and can be an attractive option because it rewards and empowers the employees who have contributed to the success of the business. This not only could ensure the continuation of the business by those who are familiar with and invested in its success but also provides Bob with a potentially smooth transition into retirement.
If Bob were to choose selling the business to a competitor, he would likely lose the company culture and team that contributed to its strength. Liquidating the assets and closing the business would negate the value created by his employees' loyalty and dedication, and transferring ownership to a family member may not be viable or desired. Therefore, an ESOP aligns most closely with Bob's appreciation for his employees' long-term commitment and would facilitate a gradual transition while preserving the company's legacy.