Buying out a business partner is a complicated process. Buying Out a Business Partner: Explore essential steps and important factors to consider when navigating a business partnership.A partner buyout may become necessary when a business partnership ends, but one partner wants to retain control of the company. Learn the steps for a smooth business partner buyout. Our guide simplifies how to buy out a business partner effectively. The final stage of the buyout process involves completing all necessary legal paperwork and ensuring that the transition is smooth and amicable. Download our free Partnership Buyout Agreement template for your business needs. Create a partnership agreement from the start to outline clear terms for a buyout.