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In this video, Ray and Andrew discuss buy-sell agreements and succession planning. They explain that succession planning addresses what happens to a business when a key owner leaves, passes away, or exits. It focuses on business continuity, ownership transfer, and valuation. A crucial tool in this process is a buy-sell agreement, which formalizes the terms of ownership transfer, including who will take over the business and how the transition will be structured. This agreement ensures clarity and planning in the event of a key employee's retirement or departure, helping to secure the business’s future.
