Take time to analyze what the document is really saying. Who buys out whom? Partners? Key employees? Under what conditions? Does it cover just death and retirement, or are there provisions for early buy-out, disability, divorce, or personal bankruptcy of a partner/shareholder?

The valuation formula is the hardest component of making the document fair to all parties. You can agree on a price by annual meeting, book value, appraisal, or a valuation formula.

Try to apply each in a variety of circumstances and company values to see how it treats you as a survivor. Is the schedule of payments too severe to be realistic when a key employee is not contributing due to death or disability?

Your Buy-Sell Agreement
Why Should I Have a Buy-Sell Agreement?
What Makes a Good Buy-Sell Agreement?