Buying out a business partner can be done in several ways. In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more.A partnership agreement is a legal document that outlines the way a business partnership or legal entity is run. Learn the steps for a smooth business partner buyout. Our guide simplifies how to buy out a business partner effectively. He says he doesn't want to retire before age 70 which is another 7 years and will not sell any more of the firm prior which doesn't sit well with me. This guide outlines the essential procedures for buying a stake from a business partner. These include creating the motivation behind the buyout.