A Business Succession Agreement (also known as a buy/sell agreement) is a tool used by businesses to ensure that there is a clear and defined understanding of what is to happen to a party’s interest in the business in the event of the occurrence of prescribed events. Some of the most common events that a Business Succession Agreement deals with include: When a party to a business wants to retire or is unable to work due to long term illness; When a party to a business is getting..