In the event of the death or incapacity of a dealer, the supplier shall repurchase, at the option of the heir or authorized representative of such person or stockholder, the equipment, repair parts and specialized repair tools of the dealer as if the supplier had terminated, canceled or failed to renew the contract. The heir or authorized representative shall have 120 days from the date of the death of such dealer or from the date such dealer is determined to be incapacitated or becomes totally disabled, as applicable, to exercise the option under this section. Nothing in this act requires the repurchase of any equipment, repair parts and specialized repair tools if the heir and supplier enter into a new contract to operate the retail dealership.