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A buy-sell agreement is a contract among business partners that outlines the actions to be taken in the event of adverse situations during the partnership. Also known as a buyout agreement or business prenup, it prepares partners for the unexpected. This legal document specifies predetermined plans for scenarios referred to as the "five Ds": death, disability, divorce, disagreement, and default. These situations can significantly impact a business, making it essential to have a plan in place. Having a buy-sell agreement is as crucial as having a personal will, as it ensures that all parties have agreed upon processes to manage potential disruptions effectively.
