​If you or one of your business partners should pass away or become disabled, it does not mean that the future of your business would be at stake. By agreeing that the surviving partners or shareholders will buy the interest of the deceased or disabled partner, you can ensure continuity of the business. According to the buy and sell agreement, each shareholder takes out a life policy on the other’s life, which funds the purchase of their share interest in the business when something happens to one of the shareholders.