Throughout the life of a business, the personal circumstances of a shareholder can change significantly. These circumstances can impact the business unless a buy-sell agreement exists between shareholders outlining the proper procedure for such life events. For example, without an agreement, the shares of a shareholder become part of the shareholder’s estate upon death, and are subject to the testamentary wishes of the deceased. This may be undesirable to the remaining shareholders. A buy-sell agreement can provide an avenue to avoid such a situation. For example, a buy-sell agreement can require that, if a shareholder dies, the remaining shareholders, or the business, will be forced to buy the deceased’s shares, and the executor or administrator of the estate would be required to sell the shares. A mechanism for determining the value of the shares at the time of the shareholder’s death can also be agreed on and included in the terms of the buy-sell agreement.