We propose a method that minimizes the rate of inbreeding (ΔF) for small unselected populations with overlapping generations and several reproductive age classes. It minimizes the increase in coancestry of parents and optimizes the contribution of each selection candidate. The carrying capacity of the population is limited to a fixed number of animals per year. When survival rate equalled 100%, only animals from the oldest age class were selected, which maximized the number of parents per generation, slowed down the turnover of generations and minimized the increase of coancestry across sublines. However, the population became split into sublines separated by age classes, which substantially increased inbreeding within sublines. Sublines were prevented by a restriction of selecting at least one sire and one dam from the second-oldest age class, which resulted in an L times lower ΔF, where L equals the average generation interval of sires and dams. Minimum coancestry mating resulted in lower levels of inbreeding than random mating, but ΔF was approximately the same. For schemes where the oldest animals were selected, ΔF increased by 18–52% compared with the proposed method.