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- What is a buy, sell agreement and when do you need one? Interesting, well stick around and Ill tell ya. Good day everyone, Simon here. So what is a buy sell agreement? Well let me run you through a little scenario. A buy sell agreement is used when you have two or more people who are part of a business. And so the issue you have, is lets say youve got two people. Lets say this person was to die. This person, lets assume they have a will cause theyre smart. Under their will, theyll be able to transfer their assets to their heirs, right. Now if these two people are in business, this person may not want to stay in business with this persons heir. So lets say this person dies, leaves everything to his daughter, shes over here. This bloke now ends up in business with the daughter because the dead person here has transferred his 50% share of the business to her, which he can do legitimately under his will. That may be not what these two people want to do, and so what they can pu
