Learn the steps for a smooth business partner buyout. Our guide simplifies how to buy out a business partner effectively.This Addendum is used when the Seller is financing all or a part of the purchase price. 26-8 Redline 11.2022. This article aims to guide you through the seller financing documentation required for Texas real estate transactions. We'll discuss seller financing for business and how it works, as well as highlight the pros and cons for both buyers and sellers. In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. Finalize the Buyout Agreement: Make sure that all terms of the buyout are clearly laid out in a legally binding agreement. Once both parties have agreed to the terms of the buyout, get everything in writing, including any future payments. Here the buyer and seller work out an agreement where the buyer makes monthly payments to the seller in exchange for ownership of the company.