Nowell Agency, Inc. > Financial Services > Buy Sell Agreements

Buy Sell Agreements

Get a Business Buy-Sell Agreement in Mississippi

Even if you own only part of the business

If you own all or only a part of a Mississippi business, you should know about buy-sell agreements and have one firmly in place. Without it, a closely held or family business is at risk for financial and tax problems upon the business owner’s death, incapacitation, divorce, bankruptcy, sale or retirement – that’s a whole lot of things that can go wrong on just about any day of the week and a mountain of risk for you!

Who Needs a Buy-Sell Agreement in Mississippi?

Any type of business in Mississippi, including corporations, partnerships, LLCs and even sole proprietorships need a buy-sell agreement. The difference is how many owners there are and who may be waiting in the wings holding a financial stake in the business. For example: if you and your brother Joe have a business together and Joe dies in a sudden car accident, who has the right to Joe’s stake in the business? If Joe is married or has a child, are they your new partner by default? If so, at what level and on what terms?

Even the most basic Mississippi business can benefit from a buy-sell agreement if it is the only written legal document the business maintains. It’s essential to avoid disputes and confusion when one owner is no longer able to care for the business.

How Does Life Insurance Help Buy-Sell Agreements in Mississippi?

Life insurance features prominently in most buy-sell agreements and for good reason. The buy-sell agreement can help fund the buyout of the other stakeholder by ensuring that there’s enough cash on hand if a triggering event occurs. The beauty of buy-sell agreements is that they’re reciprocal. Since no one knows what triggering event could occur and when, the reciprocal nature means that negotiating the issues is far easier.

What are the Triggering Events to a Buy-Sell Agreement?

There are many triggering events to a buy-sell agreement and an integral part of any buy-sell agreement is to define those situations that cause a mandatory or optional buyout of an owner’s stake in the business. The most common triggering events include:

  1. Death or disability of an owner
  2. Desire to sell their interest to a third party
  3. Retirement or incapacity of an owner
  4. Owner’s divorce or bankruptcy filing

Getting a buy-sell agreement in place for your Mississippi business is a very important legal matter that can affect your stake in the business and its ultimate success or failure.

Buy-Sell Agreement Agency

This article is authored by the content management team at Nowell Agency, Inc. We’ve been in the business for nearly three decades, providing a wide range of business insurance, personal insurance, and risk management products to the people and companies of Mississippi as well as the southeastern U.S. Contact us to consult an experienced and knowledgeable buy-sell agreements broker about your specific business needs. We offer affordable buy-sell agreements and other competitive insurance quotes in Mississippi.


The Nowell Agency is committed to providing you with fast and efficient service. If you would like a quote on any of our products please complete the short form below and click submit.

Get A Quote Form



    The Nowell Agency has been my primary agent for many years and they are attentive, well-staffed, and easy to talk to. Their agency has helped me through state to state moves and career change and kept my assets covered.

    James G.

    My very first insurance experience was when I bought my first house and I called the Nowell agency for a quote. I had no idea what I needed or how much and they were so very kind and knowledgeable and explained everything to me in detail which I so much appreciated. That has been 4 years ago and im still a customer never plan to leave.

    Ashleigh D.

    I have been very pleased with the quick and professional service by the Nowell agency. My agent was very efficient at locating a policy that met my needs and budget. Thank you to Kristy and the Nowell agency for providing me with fantastic customer service. I highly recommend this agency. You will not be disappointed.

    Tripp W.


    cheap cyber insurance near me

    Cybersecurity Tips for Online Shopping 


    December 08, 2022

    It’s the most wonderful time of the year to shop for your loved ones and the ever-increasing trend is online shopping. However, it’s important to remember that online holiday shopping can also expose your data to potential cyber threats. Experian reports that 43% of identity thefts occur while holiday shopping online. Thankfully, there are steps […]

    6 Tips for Saving Money on Teen Auto Insurance 


    November 19, 2022

    As the teenage years approach, parents across Amer...

    How to Prepare for a Recession: 5 Tips for Small Businesses


    November 19, 2022

    The U.S. annual inflation rate just reached a 40-y...