The following six steps will help keep the best interest of the business and business partners intact. A welldrafted buysell agreement can put business owners and their families at ease knowing there is a plan in place.In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. Learn how to initiate a buyout agreement effectively with this comprehensive guide. A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. Visit our website in the spring for tickets for 2025 tours. We also offer a virtual tour of our operation to continue learning about the Bingham Canyon Mine.