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You need to make a counter offer based on the fair market value of the business. If you have not already done so, all partners may get a company that appraises business to appraise your business, or you can determine the business worth from revenue and assets and liabilities of the business and then figure out what each partner's share would be based on your partnership agreement.
As for the non-compete/non-solicitation clause that the partner is putting in as part of the buyout, that is generally a common provision in this kind of transaction. However, the provision must be reasonable and not too restrictive in a way that prevents you from making a living. That means that it must be reasonable in scope and duration. Two year restriction is generally found to be reasonable.
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