“Buy-Sell Agreements” generally refers to purchase agreements among joint owners of a business. In a small closely held company (one whose shares are not publicly traded), it can be very difficult for an owner or his or her family such owner’s family to get value or money out of the company when he or she retires, becomes disabled or dies. Having a Buy-Sell Agreement in place before such event occurs increases the likelihood of a successful outcome. Especially when owners are relatively young and in good health, life insurance or disability insurance on the owners can be a way to come up with money, which avoids the buyer having to take on crippling debt to buy out another party. Agreements can also provide for the departing business owner to be bought out over a period of time. Planning early in the life of the business can be the difference between success and failure.