To buy out a business partner, take these steps: 1) Determine what you're buying, eg, customers, inventor, customers, intellectual property, etc. The ability to buy out a business partner largely depends on the structure of the partnership and the terms in the partnership agreement.Buying out a business partner is a complicated process. Your agreement should address when a partner can or must be bought out of their partnership interest and the procedure to buy out the partner. In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro. Click the link immediately below that says "Click here to enter data for a buyout note or other debt of the business. How will I buy the partner out? How will I finance the buyout agreement? A business partnership buyout agreement is a contract between partners that details the terms and conditions of a partner leaving the partnership.