I want to find a partner to help me develop my business...

Many small business owners find it hard to take their firm to the next level. It can be hard to find the resources you need without overstretching yourself. Sharing the load with a business partner can reduce your pressure and your reliance on loans, while giving you the push you need: as well as money, the right partner can bring fresh ideas, new skills and customers, and a commitment to expanding the business.

A partnership will give you someone to share your risks and responsibilities; but it also means you will have to share ownership of the business, split profits, take on joint liability for debts and make important decisions together. You must be prepared to compromise - a partnership can be difficult to get out of if you fall out.

List the qualities you are looking for in a partner: aside from bringing more money or customers into the business, how can a partner complement you? For example, you might want to concentrate on the technical side of your business, so you will need somebody who is good at sales, marketing and networking.

Sector knowledge and experience of running a business are also valuable assets. Start your search with your contacts: speak to customers and suppliers, even your competitors. Business networking groups, professional bodies and trade organisations are also good sources of leads.

Think about what you have to offer, too. How much is your business worth? What are its prospects? What proportion are you offering to a prospective partner? Do not overstate its value and prospects, however, as they will be able to make their own judgement during due diligence.

When you find someone who is interested, you will want to check each other's credibility. This means running a credit check and, if you don't already know the person, asking about their previous business history and verifying any claims they make. It is also worth speaking to their previous customers and suppliers informally to build a fuller picture.

In turn, your prospective partner will want to carry out due diligence checks to validate your claims about your business and its prospects. You will have to show them your financial records, sales forecasts, details of assets you own - everything they need to make sure your business is a worthwhile investment.

What they find out will form the basis of negotiations. Use these as an opportunity to gauge whether you can trust this person and work with them from day to day. If you feel you can, you will need to draw up a robust partnership agreement. This will set out what proportion of the business each of you owns, how profits will be shared, how the business will be run between you and how will you resolve any disagreements.

It will also establish an exit strategy: at some point, one of you is likely to want to leave the business. Agree between you whether one of you will buy the other out, whether you will find a replacement partner, or whether the business will cease to trade. Once the agreement has been signed, you are ready to begin life as a partnership.