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In this video, Ray and Andrew discuss buy-sell agreements and succession planning. Succession planning addresses what happens to a business when a key owner leaves, passes away, or exits. It involves determining business continuity, ownership transition, and valuation. Ray emphasizes the importance of buy-sell agreements as a key tool in this process. These agreements outline who will take over the business and the structure of the ownership transfer when a key employee retires or departs. Such planning ensures a smooth transition and the ongoing operation of the business.