To buy out a business partner, take these steps: 1) Determine what you're buying, eg, customers, inventor, customers, intellectual property, etc. The formula involves ascertaining your former partner's equity stake, assessing the business worth, and determining the buyout sum.Buying out a business partner is a complicated process. Learn how to finance a business partnership buyout so you can transition ownership as quickly as possible. Steps everyone should follow when leaving a partnership, LLC or other corporation, to avoid getting in trouble down the road. You may use the conventional partnership buyout calculation to estimate the value of your partner's share in the business. The lesson: If you have a business partner, consider putting a "Buy-Sell" agreement in place immediately. Should I buy out my partner's heirs if they die?