Are partial anchor text good?

That's fine, with the partial keyword match on the backlink anchor-text.

I would make sure your money page where the backlink is pointing has the keyword hot dog once in your page <title>. Mention the same <title> keyword (ex: hot dog) in plain text a couple of times somewhere on the same money page. Also add the backlink anchor-text once on your money page as plain text as long as it makes sense.

Money page keyword locations:

• Once in money page <title>
• Once in money page <h2>
• A couple of times as plain text on the money page.

Mentioning LSI keywords (latent semantic indexing keyword) on both the backlink page & money page will help put the keyword/backlink in context.

Example, If I say: I bought a mustang, that could mean I either bought a new car or a horse. If I say: I bought a mustang convertible with a 5.0 motor & chrome rims at a car lot in Detroit, Google clearly knows I'm talking about cars instead of horses.

It's important to understand that SEO isn't only about the exact keyword, it's just as much about the meaning of the keyword (context). Less is more, meaning do not over optimize your webpages with the target keyword. On-page keyword location (ex: bullet list above) trumps counting keywords.

The key is tying everything together: backlink page text, backlink anchor-text, money page text.

Thanks for the info Yukon, was hoping you would have some insight on this

Yes that will help you rank for hot dogs. With anchor text you actually WANT to use a variety of related anchor texts such as:

hot dogs
good hot dogs
buying the best hot dogs around
they have great hot dogs at their website
et.c

This keeps things looking natural and diverse and keeps you away from penalties for the most part.