Purpose: To provide both potential and active preceptors with practical information that will help with the decision to become a preceptor, and to develop the preceptor partnership among the preceptor, the faculty, the student, and the patient. The article suggests ways to apply realistic techniques to assure that the preceptorship is successful in today’s fast-paced practice climate. The article also presents successful evaluation strategies for the experience. Data sources: Evidence-based reports, anecdotal experiences, personal conversations, and reports of proven preceptorship techniques. Conclusions: Through a review of available literature and the authors’ experience as preceptors and faculty, it is clear that it is possible to implement a mutually beneficial preceptor experience even in today’s productivity-based practice models. Preplanning and use of suggested strategies can make precepting an enjoyable and rewarding experience. Implications for practice: The education of tomorrow’s practitioners is a mutual professional partnership among the stakeholders in the educational process. Application of practical strategies for enhancing this partnership will make the experience realistic and rewarding.