In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. Buyout Agreement: A legal document that outlines the terms and conditions of a transaction in which one party purchases a stake in a business from the other.This guide outlines the essential procedures for buying a stake from a business partner. These include creating the motivation behind the buyout. In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro. Learn how to finance a business partnership buyout so you can transition ownership as quickly as possible. 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.