Learn how to initiate a buyout agreement effectively with this comprehensive guide. The agreement should include complete and up- to-date financial statements, showing the partnership's assets, liabilities, and financial performance.If you're planning a buyout, getting a buyout agreement in place is essential. But how do they work exactly? The cornerstone of any successful partner buyout is a wellcrafted buysell agreement. You need to get to an attorney and hash out a buyout agreement which will include who owes what, who owns what and who's liable for what.