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. In order to buy out your business partner, the two of you need to come to an agreement about how much the business is worth. Send a professional notice letter with LawDepot's Withdrawal from Partnership template. Simply fill out the form to customize your document. Elements of a successful business succession plan include buy-sell agreements, a Will and powers of attorney. If your business partner disputes the validity of the buyout agreement or refuses to buy out your interest, you can take legal action. A Share Purchase Agreement is a document a shareholder may use to transfer their ownership of company shares (also called stock) to a buyer. An agreement to purchase a business should be carefully drafted and then reviewed with an accountant, a lawyer, and a financial adviser.