How a Business Hired a Lawyer to Draft a Buy Sell Agreement in Maryland

In 2022, a business in Maryland sought assistance with drafting a Buy/Sell Agreement. The majority shareholder aimed to sell 3% of the company’s shares to an employee and needed a comprehensive agreement that outlined terms for repurchasing the shares in various scenarios, including termination, resignation, or death. The client prioritized establishing a defined valuation based on the employee's percentage of undistributed retained earnings, ensuring clear terms for both parties. As a result, the client received five proposals from licensed lawyers, with flat fee bids ranging from $1 to $1,500, all submitted to complete the work within the requested deadline of over a week.