Question:
"As an independent consultant, I sometimes have clients that need services I can't provide, so I refer then to other consultants. Is it customary to charge referral fees for such situations? If so, what should I charge?"
Answer from experienced consultant, he said
"I have tended to not seek referral fees... though that doesn't mean you can't or shouldn't. My reasoning has been that, if I have a close colleague who I know is great for the role - and it is one I can't fulfill - then I am doing both my colleague and the prospect (or client) a favor and it doesn't take much of my time... I am building goodwill, that I find often comes back.. albeit not directly, and over a long-term time perspective... but I don't keep track.
If I were to launch a search to find the best fit for the role, I might consider a finders fee of some kind - though I would want to vet the consultant I referred in that case.
In other cases - and completely legitimate ones - I know of situations where referral fees of 5% or so are viewed as fully appropriate. Others use a sliding scale - say 5% of the first $20,000, 3% of the next $10,000 and 1.5% of any amount above that... Though those people have tended to be business development types who actively seek projects that they can refer - so the higher percentages feel more appropriate."
There are many ways, and you have to use an approach that you are comfortable with. I am sure I have left money on the table with my approach - at least in the short-term - but I hope and believe I have developed some strong long-term relationships in return.
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