You can excise it or use cold therapy to take the lesion away with potential for scars. Also you can use oral isotretinoin with many risks including harm to the unborn fetus, dry skin, increase cholesterol, liver abnormalities, etc. Topical retin a has been shown to help as well. Laser Resurfacing are an option including pulse dye laser, 1450 laser and traditional erbium yag and co2 lasers work.
One thing to rule out is basal cell carcinoma which can be mistaken for sebaceous hyperplasia.
Dr Young is located in Bellevue near Seattle, Washington