@PUNKEY,
She/they need professional help then, and by that, I mean a CPA familiar with that kind of transaction.
I was with a company that just changed from a sub S corp to a C corp, and they had to do the whole deal, which included essentially dissolving the S Corp and reforming as a C Corp. Assets were professionally appraised, and the old S Corp had to pay capital gains tax on what amounted to a gain on sale of assets. The new C Corp, of course got the appraised value of the assets for purposes of depreciation. I was a pretty competent accounting clerk, but this one was way beyond my experience.
Anyway, what I anticipate as a gain of sale of assets will surely become of interest to the selling partner. They are going to have to work out the selling price between themselves. I once heard the rough formula was something like five times annual revenues, but that sounds kind of squishy, and note I said revenues, not net income.
I'm afraid the only help I can give is to suggest they deal with a competent CPA. Cost of appraisals and all other fees would normally be an expense to the company, rather than either buyer or seller.
I suspect this is a corporation of some kind, and are using the word "partners" kind of casually. At this level of discussion, it doesn't really make a difference.