Can a partnership work with this business?

If you were trying to sell your business and got an offer instead for partnership, whereas you receive about half what you were wanting for the business for them to be a partner/investor, and it also requires that you keep working and running it, would you consider this?

What are the pros and cons of a partnership?
What stipulations would you want in place to entertain a partnership?
What issues can you foresee, besides the obvious chance of "butting heads" and falling out.