👣 How to Foster Good Founder Relationships in 7 Steps...
7 essential steps to strengthen your co-founder relationship: Align visions, build trust through transparency, embrace feedback, tackle tough conversations early, adjust equity and vesting fairly, clearly define roles, and agree on long-term goals to ensure a successful and harmonious partnership.
Navigating the startup world as co-founders is like a voyage of exploration. The initial excitement of your groundbreaking idea’s what sets you off. But the success of the journey – full of highs, lows, challenges, and rewards – depends heavily on your relationship and the ground rules.
When you pick a co-founder, chances are you gonna be stuck together for some time (unless it fails fast, of course).
But as you succeed, you need a solid working relationship. Here are some actionable steps to ensure your co-founder relationship is robust, resilient, and ready for whatever comes your way.
- Align on Vision: Before diving deep, sit down and map out your joint vision for the company. That’s not the company vision, but your personal and joint visions, and how the company supports that. The trick? Find a company vision that allows each of you to achieve your personal mission.
- Cultivate Trust Through Transparency: Trust doesn't appear overnight. It's built by consistently being transparent, honouring commitments, and always being reliable. Set aside time, especially in the early days, to discuss your fears, expectations, and hopes for the business and each other. And when you feel like trust is challenged, speak up!
- Foster Openness to Feedback: Create a regular feedback loop. Maybe it's a weekly check-in where you candidly discuss what went well and what didn't. Ensure the conversation is framed in a constructive manner, focusing on the business's growth and mutual improvement. If this makes you or your co-founder feel uncomfortable, that’s ok. But when you start to avoid this, it’s probably a bad sign.
- Plan Difficult Conversations Upfront: Address thorny topics like expected contributions, equity splits, and responsibilities head-on. Decide on the process if one of you wants to leave and set up a system for ongoing dialogue about your evolving roles and expectations.
- Vesting and Equity Matters: Implement a vesting schedule that truly reflects each one's input. If someone contributes more in terms of funds, time, or expertise, the equity and vesting should reflect that. And whilst this is good for employees, it could be useful for founders as well. This covers the founder that stays behind should one decide to leave.
- Clear Role Demarcation: Clearly define each co-founder's role to prevent overlap and conflicts. Break down responsibilities and give each founder a crucial domain to oversee. This is the co-founder's superpower. I.e. one owns the products/ops, one owns the sales and marketing.
- What is the long-term plan: Are you building to sell? Building to get dividends or just paying bills while you having fun? What is the timeframe? Having alignment on these elements is useful to work towards common objectives and avoid surprises.
Got some pics of you and your co-founder when you just started? Hit reply so we can share it all cutesy on the socials…