Once the valuation is determined, negotiations between the remaining partners and the departing partner can commence under . To buy out a business partner, take these steps: 1) Determine what you're buying, e.g., customers, inventor, customers, intellectual property, etc. If you're planning a buyout, getting a buyout agreement in place is essential. But how do they work exactly? Buying out a business partner is a complicated process. A partner buyout may become necessary when a business partnership ends, but one partner wants to retain control of the company. The problem a court would have is that you do not have a written agreement. Support local small businesses and become a partner! Provide invaluable guidance.