Buying out a business partner is a complicated process. A Minnesota Buy-Sell Agreement is common for "closely held" corporations and other business entities; for example, when there will be a handful of owners.A buyout agreement is an arrangement for the remaining partner(s) to purchase the portion of the business that the departing partner will be leaving. Here the buyer and seller work out an agreement where the buyer makes monthly payments to the seller in exchange for ownership of the company. There are generally five steps involved in the process of buying or selling a Minnesota business. Some sellers might offer to finance a part of the purchase price. Learn how to finance a business partnership buyout so you can transition ownership as quickly as possible. A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership.