Statistically speaking, startups with more than one founder are more successful than ones with only one. While there is strength in numbers, finding the perfect partner or partners is very difficult. Here are a few tips to consider when it comes to collaborating with your co-founder:
Prepare for the worst.
- Every startup venture requires a healthy amount of optimism, but be careful not to become blinded by it. Even if you feel you’ve found the perfect partner, always prepare for the worst case scenario, such as: your partner quitting, stealing from you or changing their vision along the way. Having backup plans for any of these scenarios is casting a safety net of sorts beneath you should things go wrong.
- Make sure there is a paper trail detailing all of your negotiations, discussions and responsibilities within the business.
Make sure you have the proper contracts in place.
- Have your attorney vet everything in advance, including anything involving securities laws so you ensure you’re not accidentally doing anything illegal.
Test the partnership before committing.
- Just as any couple dates each other before getting married, you want to make sure that you and your co-founder/s get along through thick and thin. Your partner is going to be in your life both professionally and personally, so make sure they are someone you wouldn’t mind having meals with or inviting to your house.
Partnering up with someone can be an amazing, rewarding experience so long as you do your due diligence and make sure you are fully prepared for the chance that things don’t end up working out.