This problem isn’t as uncommon as you might think. I have seen this arise with trades businesses and ‘dirty’ jobs that require a license or qualification. Without knowing the specifics of your situation, here are some approaches you might like to consider:
- Hire your replacement, get them adequately trained to do what you do, and then sell the firm as a ‘managed’ business. These types of businesses attract investors looking for high returns for minimal (direct) effort.
- Help finance a buyer to buy your business. Vendor financing is not all that common in New Zealand, but can be a great way to make the firm more affordable.
- Sell the business to your employees. Your staff has a major stake in your business continuing to run, so they can make the ideal buyers. This approach typically requires a level of vendor financing, and you can better set the schedule for the sales process.
- Split the business into smaller parts, with each part being self-sustaining and designed to be owner-operators. These smaller firms can be easier to sell at a lower price point to someone buying a job. In most cases, splits are based on geography. This approach can also lend itself to creating a franchise system.
If your firm has more than ~$2M in earnings, it may be attractive to investment funds. This will depend on the industry you are in and the competitiveness of the market. Talk to a broker or M&A advisor about the viability of this approach.