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How to choose the best fit co-founder(s)?

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This topic contains 9 replies, has 4 voices, and was last updated by  Matthew 1 month, 3 weeks ago.

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  • #5035

    Param
    Participant
    Points: 12

    The best thing I’ve done in life is chosen co-founders for my coworking space startup that serve a wide variety of major duties. All Active. All important.
    The first and the foremost thing you do while screening your co-founders during selection is getting to know them well. Until unless you know how the person behaves overall and in specific situations you cannot move on about thinking his skills. Asking questions straightaway in their face may not be a good idea so get to know them by being with them, checking how to react in tough situations, their emotional reactions, their likes etc. This check will definitely pay you off because this may not matter right now but may be a big factor in future.
    Then comes, checking what skillset are you looking for and how much skilled is he/she. Is he skilled enough to earn the chunk of partnership you’re offering. If yes, trust his/her skills and leave decisions to him while working. This generates a sense of trust which is very important in any partner relation.
    The last but not the final major thing that I would suggest for you to look is his motivation level/passion towards work. If all the partners are pumped enough towards a common goal, it becomes very easy and smooth to sail through tough situations where alot of hard work is required.
    Rest, I think everyone is good enough to set terms of co-founding and partnerships etc. But keep in mind, one thing is very important. All Co-founders need to serve a big purpose in the company and should serve exactly all the major departments like tech, marketing, after sales etc. Questions are welcome.

  • #5043

    Susan
    Participant
    Points: 221

    Yes, this is true. While you may want to move forward quickly with any start-up, it is important to have a good feel for how any potential partners will fit – otherwise, you could end up going down the wrong path. With that in mind, be sure that you and any possible partners that you bring on board with you have the same, or at least similar, ideas regarding where the company is going – both now and in the long-term.

  • #5077

    Matthew
    Keymaster
    Points: 465

    Something I wanted to add is definitely be open and honest with anyone you want to develop a partnership with in business. Let your partners know your weaknesses, struggles, what you may have time to do and what you may not have time to do. Open communication can rectify most problems and save a lot of headache!

  • #5225

    Susan
    Participant
    Points: 221

    Absolutely. Just like in any type of relationship, communication is the key. Otherwise, you and your business partner(s) could be going off in two different directions – which can be difficult to come back to and “start over.” This is especially the case if you are working remotely from one another. In this case, having a regularly set conference call or meeting can really help.

  • #5235

    Matthew
    Keymaster
    Points: 465

    Set a conference call that always outlines the following:

    • Updates On Current Projects – Timeline, Contributions, Wrap-ups, and Changes in Project Scope
    • New Project Outlines and Initial Planning
    • Team Members Mental and Physical Health, Individual Contributions, and Recognition
    • Any Improvements With Team Dynamics
    • Any Struggles Ex. Lack of Training, Help Marketing, etc.

    Does anyone else have more to add?

  • #5261

    Susan
    Participant
    Points: 221

    If you have gotten your business off the ground in conjunction with partners, has there come a time for anyone where it just simply didn’t work out down the road, and you and the partner(s) had to part ways? If so, what is the best way to go about this? I’ve personally always worked on my own and without any partners, but am considering starting another venture that could require some additional up-front money, as well as the help of at least one other person. Should there be a contract in place at the beginning? Is it best to get a legal document in place first?

  • #5275

    Matthew
    Keymaster
    Points: 465

    No one ever believes that the venture they are about to do could completely go wrong. Even making deals with your friends in business can get hairy by requiring everyone to do paperwork and legal documents to protect yourself. So the convincing goes as far as protecting everyone. I believe it is essential to have a contract written up and if you are starting a LLC or some other business having article of organization or corporation and an operating agreement is a must.

    The legal documents protects everyone. If a time comes when a partner has to be let go due to not pulling their weight on they just can’t do it anymore with legal documents in place it will make that transition much easier than if they weren’t there. It states who is owed what and how to part. One of the easiest ways of letting a partner go. Is to simply say this is not working out and if the business is profitable, give them their profit for that year, then buy them out of their portion (if they own part of the business) then say later. I’ve had to let a partner go that was a part of the first business venture.

    He didn’t put in the same amount of time or money and was simply lazy. (We didn’t see this at first of course). After a long talk with the partner we just didn’t see any improvements so it was time to let them go.

  • #5286

    Susan
    Participant
    Points: 221

    I completely agree on getting all of the proper paperwork in place. This is the case, regardless of whether the partners you choose to work with are complete strangers, or if they are friends and / or family members. When initially getting a business up and running, most people are excited about moving forward, and they don’t usually anticipate that things will go wrong. Unfortunately, things can very much go wrong!

    Making everything “legal” can go a long way in protecting everybody’s interests – including financial interests. It can also sometimes act as a “go between” when it is time to let someone go. That way, it can sometimes make it seem less personal, and more business.

    In addition, having all of the i’s dotted and t’s crossed with legal paperwork may also help to protect you in the event that you encounter wrongdoing by one (or more) of the other business partners or associates. In this case, it may even help to prove your point in court.

    In any case, while it may be somewhat time consuming, and costly, to have legal paperwork drawn up, it can be very well worth it down the road.

     

  • #5333

    Reshmika Christopher
    Participant
    Points: 61

    There are certain important criteria that has to be looked into when you are on the outlook for a perfect co-founder.They are as follows:

    ●someone who is trustworthy.Trust is essential not only for personal relationshios.It is highly important even in professional relationships,so that there is no  conflict and hindrances to the functioning of the business

    ●someone of incredibly high intelligence,energy and integrity. You’ll need all three yourself, and a shared history, to evaluate your co-found

    ●there should also never be a big gap in the liabilities and responsibilities assigned to the founder and the co-founder,so that there is no sense of domination or politics

    • #5344

      Matthew
      Keymaster
      Points: 465

      Awesome insight! Trust was a big one for me. Being open and honest about strengths and weaknesses can be a big deal too!

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