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. In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. 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. The final stage of the buyout process involves completing all necessary legal paperwork and ensuring that the transition is smooth and amicable. This guide outlines the essential procedures for buying a stake from a business partner. These include creating the motivation behind the buyout. My business partner is retiring and has asked that I buy her out.