According to a Wall Street Journal report [subscription required], Timberland (NYSE: TBL) has hired Goldman Sachs (NYSE:GS) to explore strategic alternatives. That is, it looks like the company wants to sell out.

The company got its start in 1918, although it was not called Timberland until 1973. But, before then, the company was certainly an innovator. For example, during the 1960s, it used injection-molding technology for its boots.

The Swartz family (who founded the company) is still in absolute control of the company, with about 70% voting power. There's a good chance the family wants to keep control of the company –- which means pursuing a leverage buyout. And, with all the money in private equity funds, this deal certainly looks doable. In fact, yesterday Eddie Bauer announced it is going private.

In fact, Timberland's stock has been fairly weak this year. So the family should get a good valuation.

Tom Taulli is the author of various books, including the Complete M&A Handbook and operates InvestorOffering.com.