Successful businesses are the result of lots of hard work and dedication to a common goal. Part of keeping a business growing and successful is having a succession plan in place. A well-thought out plan of succession of ownership and control over a business is a way of protecting all you have worked to build. A professionally drafted buy/sell agreement is the best way to ensure transfer of ownership is handled as the owner or owners wish. The business attorneys at Shapiro Law Group, PC, in Massachusetts can help create and negotiate buy/sell agreements that protect owners and the businesses in which they invest so much time and energy. Any type of business entity, such as a corporation, LLC or LLP, should have a buy/sell agreement in place in order to secure the continuation of the business. The documents are typically utilized in the event of death, divorce, bankruptcy, or incapacitation of one owner or partner. Wanting to step away from a business or other circumstances also call for the use of a buy/sell agreement. There are two common types of buy/sell agreements drafted by Massachusetts business owners—redemption agreements and cross-purchase agreements.