Learn the steps for a smooth business partner buyout. Our guide simplifies how to buy out a business partner effectively.A partnership buyout agreement lets you plan what will happen when a partner leaves the business. Buying out a business partner is a complicated process. In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro. Buying out a business partner can be done in several ways. Buyout Agreement: A legal document that outlines the terms and conditions of a transaction in which one party purchases a stake in a business from the other. Learn how to finance a business partnership buyout so you can transition ownership as quickly as possible. This guide outlines the essential procedures for buying a stake from a business partner. These include creating the motivation behind the buyout.