A buy-sell agreement—often called a "business will"—is a legally binding contract between business owners that dictates how interests are transferred when a partner departs. Drafting one is most effective at the business's inception to ensure clarity before conflicts arise.
When reviewing or writing your agreement, follow these practical steps: how to write a buy sell agreement
: Agree on a formula or process to determine the business's value, which prevents disputes over the "fair price" during emotional transitions. A buy-sell agreement—often called a "business will"—is a