Orlando, FL business attorney Jim Flick explains how a buy-sell agreement is like an estate plan for a business, outlining what happens in case of death, disability, deadlock, retirement, or offers to buy an owner’s interest. He explains that a buy-sell agreement functions as an estate plan for a business. Whether a business has a single owner or multiple owners, it is important to have a plan in place addressing what happens if an owner becomes disabled or passes away. For businesses with multiple owners, the agreement can also address situations such as deadlocks between owners, retirement, or if one owner receives an offer to sell their interest while the others wish to continue ownership. A buy-sell agreement defines the events that trigger the sale of an interest and establishes basic terms regarding purchase price and payment methods, whether in cash or over time. He emphasizes that every business, regardless of ownership structure, should have a comprehensive business plan in place.