6 Steps to Successfully Buyout Your Business Partner (i.e. Manage Business Break Up in an Amicable Way!)Selling your business? A Business Purchase Agreement transfers a business entity from its owner to the buyer. In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. Proof of ownership may be a bill of sale, conditional sales contract, out ofstate registration, etc. 4. 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. This position is located in the Mecklenburg County Maintenance Unit.