Two-Partner Agreement
A straightforward agreement between two owners.
Typically Includes
- Buy-sell agreement drafting
- Valuation method
- Funding recommendation
- Trigger event provisions
Buy-Sell AgreementsDecide What Happens to the Business Before a Partner Leaves, Not After.
If you have a business partner and no buy-sell agreement, the day they leave, divorce, become disabled, or pass away is the day you find out what your options actually are — usually with no time to negotiate.
Deborah Smiley is a Missouri business attorney and a CFP® — a Certified Financial Planner — so the valuation and funding actually hold up when the agreement gets used.
Free 30-minute consultationNo obligation
30 Years
Practicing law
11 Years
In wealth management, alongside her law practice
CFP®
Certified Financial Planner
AEP®
Accredited Estate Planner
What it does
What a Buy-Sell Agreement Actually Does
Answers the questions partners usually only ask after it's too late to answer them calmly.
Names the exact events that force a buyout — death, disability, divorce, retirement, or a partner simply wanting out.
Locks in how the business will be priced ahead of time, so it isn't negotiated from scratch during a dispute.
Coordinates life or disability insurance so the money to buy out a partner actually exists when it's needed.
Prevents a departing partner's spouse, heirs, or creditors from ending up with a stake in your business.
Spells out whether the buyout is paid in a lump sum or over time, so it doesn't strain the business's cash flow.
Builds in a process for disagreements between partners, so a disagreement doesn't automatically become a lawsuit.
Deborah Smiley is a Missouri business attorney and a CFP® — a Certified Financial Planner — so the valuation and funding actually hold up when the agreement gets used.
What it doesn't do
What a Buy-Sell Agreement Doesn't Do
Said plainly, so you know what else to expect.
A buy-sell agreement governs the buyout between partners. Who ultimately runs the business day-to-day is a separate decision.
Learn about Business Succession →Day-to-day governance, voting, and profit splits are set in your formation documents, not here.
Learn about Business Formation →The agreement only works if it's actually funded — insurance or financing has to be put in place alongside it, not assumed.
Not sure how this applies to your situation?
Call 636-214-0546What we watch for
Common Mistakes We Watch For
Most buy-sell problems trace back to an agreement that was signed once and never funded or updated. Here's what we check for, every time.
Without one, a partner's death or exit can leave the surviving owner in business with a spouse, an estate, or a stranger.
A buyout price on paper means little if there's no insurance or financing in place to actually pay it.
A formula set when the business was new can badly undervalue — or overvalue — it a decade later.
Pricing
How Buy-Sell Agreement Work Is Priced
Pricing depends mainly on how many partners are involved and how the buyout will be funded. Most matters are quoted as a flat fee, agreed to before work begins.
Multi-Partner Agreement
Three or more owners, with more moving parts.
Typically Includes
- Cross-purchase or entity-purchase structuring
- Valuation method agreed by all partners
- Coordinated insurance funding
- Dispute-resolution provisions
Update Existing Agreement
Revisiting an outdated or unfunded agreement.
Typically Includes
- Review of your current agreement
- Updated valuation method
- Funding gap analysis
- Coordinated with your CPA & advisors
Get an exact number for your situation — the first call is free.
Call 636-214-0546The process
How We Put Your Agreement in Place
Death, disability, divorce, or a partner wanting out — before any of them actually happen.
1
We talk through the "what ifs"
Death, disability, divorce, or a partner wanting out — before any of them actually happen.
2
We agree on a valuation method
A formula or process every partner signs onto in advance.
3
We fund it
Insurance or financing lined up so the buyout is actually payable when it's triggered.
4
We review it
As the business grows and its value changes, so the numbers stay realistic.
Your attorney
Why Business Owners Trust Deborah With This
Deborah Smiley
JD · CFP® · AEP®Deborah has practiced law in Missouri for 30 years. For 11 of those years, she also worked in wealth management — which matters here, since a buy-sell agreement is only as good as the funding behind it. She checks the insurance and financing side, not just the contract language.
She's a CFP® (Certified Financial Planner) and an AEP® (Accredited Estate Planner) — credentials very few business attorneys hold together.
30 yrsPracticing law in Missouri
11 yrsIn wealth management, alongside her law practice
CFP®Certified Financial Planner
AEP®Accredited Estate Planner
Past ChairProbate & Trust Committee, Bar Association of Metropolitan St. Louis
Ready to talk through your plan?
Call 636-214-0546Client Reviews
Deb has been a great partner over the years and takes great care of my referrals/clients for their planning needs.
Harvey
I met Deb and I thought I had all my estate and business planning affairs in order; then she asked me questions that made me realize I had a lot more planning to do.
Jamie
Deb and I have been collaborative partners for almost 20 years. She has taken great care of my clients.
Paul
I have known Deb for years and she has given me peace of mind with my estate planning needs.
Carol
Deb has been instrumental in helping my family with their estate planning needs. We are grateful for her.
David
Deb has been very helpful with my and my family's estate and business planning.
Kelly
When we first moved here, I didn't realize how many legal revisions and details were needed. I heard Deb speak at a luncheon and was so impressed with her legal knowledge. Deb has been very helpful with my family's estate planning. She gave us peace of mind.
Jenny
Deb, thank you so much, we really appreciate all of your work and concern.
Bob and Myra
Deb was very responsive and helpful.
Chris
Deb was so helpful and even came to our house.
Missy and Ray
Deb was very responsive, helpful and intelligent.
John and Julie
Deb has been a great partner over the years and takes great care of my referrals/clients for their planning needs.
Harvey
I met Deb and I thought I had all my estate and business planning affairs in order; then she asked me questions that made me realize I had a lot more planning to do.
Jamie
Deb and I have been collaborative partners for almost 20 years. She has taken great care of my clients.
Paul
I have known Deb for years and she has given me peace of mind with my estate planning needs.
Carol
Deb has been instrumental in helping my family with their estate planning needs. We are grateful for her.
David
Deb has been very helpful with my and my family's estate and business planning.
Kelly
When we first moved here, I didn't realize how many legal revisions and details were needed. I heard Deb speak at a luncheon and was so impressed with her legal knowledge. Deb has been very helpful with my family's estate planning. She gave us peace of mind.
Jenny
Deb, thank you so much, we really appreciate all of your work and concern.
Bob and Myra
Deb was very responsive and helpful.
Chris
Deb was so helpful and even came to our house.
Missy and Ray
Deb was very responsive, helpful and intelligent.
John and Julie
Questions
Questions
A contract between business partners that decides what happens if one of them leaves, becomes disabled, divorces, or passes away.
Trust isn't the issue — an unplanned event is. Even the best partnerships need a plan for death, disability, or an unexpected exit.
In a cross-purchase agreement, the remaining partners buy the departing partner's share directly. In an entity-purchase agreement, the business itself buys it back.
Through a valuation method set in the agreement in advance — often a formula, a fixed price reviewed periodically, or a third-party appraisal process.
Most commonly with life insurance on each partner, sometimes paired with disability insurance or an installment payment structure.
Without a buy-sell agreement, a divorcing partner's spouse can end up with a claim on business shares. The agreement can require a buyout before that happens.
Yes, and it's worth reviewing periodically — valuations, partners, and funding needs all change as the business grows.
It depends on the number of partners and how the buyout will be funded. Call for a free 30-minute consultation and we'll give you a clear cost estimate before you commit to anything.
Ready to Put an Agreement in Place?
Call to schedule your free 30-minute consultation with Deborah — no obligation.
Call 636-214-0546Free 30-minute consultationNo obligationReal person answers