Step 1: Have a clearly documented Buy-Sell Agreement. Any business venture should have a clearly documented foundation.Buying out a business partner can be done in several ways. The buyout agreement must follow any steps outlined in the original partnership agreement. I hired a paralegal who wrote a demand letter to the defendants and asked them to resolve the matter in either buying me out or let me buy them out. Download our free Partnership Buyout Agreement template for your business needs. In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. My business partner is retiring and has asked that I buy her out. I am fine with her asking price and terms but she said something that has me baffled.