What if a business partner wants to buy out your ownership? An Irvine business lawyer helps you to understand what to do in this situation.The ability to buy out a business partner largely depends on the structure of the partnership and the terms in the partnership agreement. We guide small business owners in the Coachella Valley and Riverside County area through each step of a transaction to help them accomplish their objectives. Your agreement should address when a partner can or must be bought out of their partnership interest and the procedure to buy out the partner. Typically, a "lock out" operates as a dissociation of the excluded partner from the partnership. Letter of Intent: The letter of intent should spell out the proposed price, the terms of the purchase and the conditions for the sale of the business. If Contractor received a small business preference in connection with this Agreement, Contractor must complete and submit the.