A Purchase and Sale Agreement for a Business sets out the final transaction between a buyer and a seller of a business. It is generally fairly detailed.While it might be tempting to use an online template, creating an effective buysell agreement requires more than just filling in blanks. In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro. Whether you are a business buyer or seller, contact San Diego Corporate Law for a consultation to discuss your business sale options. To buy out a business partner, take these steps: 1) Determine what you're buying, eg, customers, inventor, customers, intellectual property, etc.