how do you establish a buy and sell agreement 
a buy sell agreement also known as a shotgun clause is a contract that sets out how a partner s shares will be obtained by the remaining partners or owners of a firm in case of their death or departure this is usually done with the aid of a knowledgeable attorney in order to ensure that funds are available partners in business commonly purchase life insurance policies on the other partners in the event of a death the proceeds from the policy will be used towards the purchase of the deceased s business interest this part of the agreement should be done through a life insurance agent with experience in this type of agreement 