In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. My business partner is retiring and has asked that I buy her out.I am fine with her asking price and terms but she said something that has me baffled. Selling your business? A Business Purchase Agreement transfers a business entity from its owner to the buyer. This Chapter is intended to provide a high-level introduction to the key legal considerations in acquiring a Canadian business. If your business partner disputes the validity of the buyout agreement or refuses to buy out your interest, you can take legal action. An agreement to purchase a business should be carefully drafted and then reviewed with an accountant, a lawyer, and a financial adviser.