Ready to retire, but your kids don't want the business?
It's one of the most common and least talked about situations in family business. Here's how to work through it without guilt or rushed decisions.
By This article covers financial and tax matters. It's general information to help you ask better questions, not advice for your situation. Velaro isn't a law firm, registered tax agent or licensed financial adviser. Please check anything important with a qualified adviser before you act.
In short
- Ask your children directly and without pressure. Assumptions cause the most pain.
- Separate what the family needs from what the business is worth.
- Two to three years of planning opens up far more options.
Many owners quietly hoped a son or daughter would take over one day. Then the kids built their own careers, moved away or simply said no. It can feel like a loss, and it often leaves owners unsure what to do next. You're far from alone, and there are good options.
Have the honest conversation early
Sometimes owners assume the answer without ever asking directly. Sometimes children say yes out of obligation.
A clear, unhurried conversation about what everyone actually wants saves a lot of pain later.
If the answer is no, it isn't a rejection of you or the work you've done. It's simply a different path for them.
Separate the family question from the business question
What your family needs from the sale, such as retirement income, fairness between children or a family home, is a different question from what the business is worth and who could run it well.
Working through the family side with your accountant or a financial planner first makes the business decisions much clearer.
Look at the options beyond family
A long-serving manager or staff member may want to buy in over time. A competitor might want to add your customers.
An individual buyer might want to own and run the business locally. Each option affects your team, your customers and your price differently.
There's no single right answer. The best choice is usually the one that fits both your financial needs and what you want for the people involved.
Give yourself enough time
Owners who start planning two to three years ahead usually have far more options than those who decide in a hurry after a health scare or burnout.
Starting early lets you tidy the records, build up your team and understand your tax position well before any buyer appears.
Keep a role if you want one
Selling doesn't have to mean disappearing overnight. Many sales include a handover period, and some owners stay on part-time for longer by agreement.
If staying involved for a while matters to you, say so early. A buyer can plan around it.
Your checklist
What to do next
- Ask your children directly and without pressure
- Write down what your family needs from a sale
- Talk to your accountant or planner about retirement income
- List possible buyers beyond family
- Decide how involved you'd like to stay after a sale
- Give yourself a realistic timeframe
Example
A Sunshine Coast owner in his late sixties had assumed his daughter would take over. When they finally talked, she said she was happy in her own career. He spent the next year strengthening his supervisor's role, then sold to a local buyer and stayed on two days a week for six months.
An illustrative example, not a real client or transaction.
Questions owners ask
Should I feel guilty about selling outside the family?+
No. Building something that can carry on under new ownership is an achievement in itself.
Can a staff member buy the business?+
Sometimes, often over time and with finance or vendor support. Get advice on the risks before agreeing to anything.
How long before retirement should I start planning?+
Two to three years is ideal, but it's never too late to start.
Sources and further reading
Information checked against these sources as at October 2026. Rules and thresholds can change, so check the current position with your adviser.
Important
This article is general information only. It doesn't take your personal circumstances into account and isn't financial, legal, tax, employment or valuation advice. Velaro Group is a buyer of businesses. It isn't a business broker, licensed financial adviser, registered tax agent or law firm, and it doesn't act for sellers. Please get advice from your own accountant, solicitor or financial adviser before making any decision. Read the full disclaimer.
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