This person is a salesperson. Please please…get advice from somebody whose business doesn’t include selling these annuities. Of course that is what they will advise…because they stand to make money from you.
Find a financial person to help you deal with this money from the sale of your business…to help you for now and years to come.
I hate to say it, but the college costs should be secondary. You need a firm plan for this money from this business sale.
@BelknapPoint comment about annuities being offered by someone whose business it is to sell them??