LILLIANE WONDERING ABOUT BUY-SELL AGREEMENTS

Liliane is a successful business owner ... she owns a flower shop with her cousin Leah in downtown Toronto ... the business has done very well over the years and they estimate the business is worth more than $ 2 million now... and its value grows year after year.

Liliane is wondering what would happen to the business if one of them is unable to work one day, or worse they pass away. She was thinking that nobody can predict the future especially now during the COVID-19 pandemic. Moreover, their children do not show any interest to take over the business.She was reading an article in the newspaper and she read something about buy-sell agreements ... she discussed it with Leah.

They both agreed to get more details and they came to you, a licensed insurance agent,for help and advice and information. They are wondering if this is what they need. What do you tell them ? Please discuss.