Can I structure a sale to my kids so I keep getting paid over many years instead of a lump sum?

Yes, this is a standard and common approach, usually structured as a vendor take-back, where you accept payments over an agreed period rather than the full price at closing and take security against the business's assets — and any real property involved — to protect what's still owed to you. This can make a family sale far more achievable for a child who can't finance a full purchase price up front, and it lets you spread out receipt of the proceeds rather than taking everything at once.

The purchase agreement needs to spell out the payment schedule, the security you're taking, what happens on missed or late payments, and what happens if your child wants to sell or refinance the business before you're fully paid out. Because this creates an ongoing financial relationship between you and your child for years after the sale closes, it's worth being just as careful about the legal terms as you would be with an arm's-length vendor take-back, even though the buyer is family.