6 Steps to Successfully Buyout Your Business Partner (i.e. Manage Business Break Up in an Amicable Way!)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. I strongly suggest you create a buyout contract or talk to a lawyer before you give her any money. A buyout agreement outlines how one partner can purchase the leaving partner's shares in the collectively owned business. Complaint Information. Please explain your complaint: Try to be brief, but be sure to tell WHAT happened, WHEN it happened and WHERE it happened.