If you’re growing a profitable business, or one with high profit potential, why not consider using someone else’s money?

Venture-capital firms seek companies they believe can make them and their investors money. They look for firms with the potential for market leadership and the coveted “hockey-stick” growth curve.

But the meltdown of the technology sector—formerly a venture capitalist’s favorite—has taken a heavy toll on VCs in recent years. Some are worried about surviving the recession. All are more wary than in the go-go ’90s. The result? Your proposal must feature a robust, well-documented business model and demonstrate the promise of a quick payoff.

Taking a VC firm’s money has always meant giving up a portion of ownership and control and heeding the firm’s advice on maximizing the business’s profitability. But to hedge their bets, some venture capitalists are seeking more equity and more power than ever.

If a venture capitalist is interested in your company, protect yourself by finding out more about him or her.

Ask for the names of several CEOs whose companies they’ve invested in. And get references from among other private or corporate investors in the VC firm. If the VC balks at providing the information—or the references fail to return your phone calls—your potential partner could be trouble.

Make sure the VC is someone with experience in your industry. You’re looking for somebody who understands the trends and won’t base his or her decisions solely on numbers.

Avoid a VC who’s itching to replace key members of your management team or control your board. Sharing ownership is one thing; giving it away is another.

These Web sites can help you launch your search for a venture capitalist:

• The National Venture Capital Association

• Private Equity Network

• VFinance.com

• Venture Capital Marketplace