#CoFounderAdvice: Meeting a potential co-founder. Any advice? π€
Hey there fellow entrepreneurs! π So, I’m a technical solo founder and I recently stumbled upon someone who might just be the missing piece to my startup puzzle. 𧩠He wants to chat over a beer this weekend about teaming up as co-founders.
I’ve never been in this situation before and I’m feeling a mix of excitement and nerves. What should I ask this potential co-founder? π€ What are the green flags to look out for? π¦ And what about those red flags? π
This guy seems nice and credible, plus he has an MSc in business and works in business development – sounds like a perfect match for my needs! πΌ
So, spill the beans – what advice do you have for me as I navigate this co-founder rendezvous? Share your insights, tips, and stories below. Let’s chat! π¬π #StartupLife #Entrepreneurship #CoFounderHunt
Some traits to consider:
Integrity: Is he ethical, even when no one is looking? If he lies to others, he may lie to you as a business partner which could severely damage your business relationship. You should have a transparent and honest business partner, even if they need to admit a failure or weakness in the business.
Temperament: does he become emotional easily? How does he handle constructive criticism? Does he hold grudges and seek revenge, or he is generally forgiving?
Grit: is he a quitter? Are there any examples in his life where he persevered through something difficult when most people might have given up.
Motivation: why does he want to be a partner in this business? Concerning answers will be very vague (i.e. you wonβt be able to see the road to their goal). Specific answers are generally better and show vision.
Communication: can he communicate in a clear, concise, and direct manner? Can he have hard conversations with you or he is just going to avoid them until they get much worse? Ask him for examples.
Does he want everyone to like him? Does he have enemies(using the term broadly) in his life? If he has enemies, good, that means he stood for something at some point in his life. People pleasers make terrible people managers.
People are going to have flaws, and you have to know your own tolerance for weaknesses in these areas. Ideally your partner should be aware of their OWN weaknesses too.
The best advice I’ve seen regarding co-founders is to attempt a trial project first. You can try and come up with a really short trial project over as little as a week, but I think a month is a good period. You’d be surprised how much you can learn about someone in a month when there’s a project to draw your attention.
Hey mate, if you decide to go ahead with taking on a cofounder I recommend using a cofounder vesting agreement, it means they’ll have to stay for a certain time and/or achieve milestones in order to get their equity.
I.E DO NOT GIVE AWAY EQUITY FOR PROMISE!
If you need help working out how much equity to give and a cofounder vesting agreement template, DM me, I’m happy to help – Employee Equity Expert (8 yrs)
Get someone who has worked in a startup before. Having an MSc in business doesnβt mean shit, in reality.
Ask him to choose:
A). Play a lottery, cost $10, first prize $10,000,000, probability of winning 0.01%
Or
B). Flip a fair coin, cost $10, heads he gets $30, tails he lost the $10.
Hire a PI, not everything is on the internet and many things can be faked.
Good luck!
I wouldn’t even focus on deciding if he wants to join as co-founder. Talk about what you’re building and get to know him. You’ll need to enjoy spending a lot of time with him if you’re going to eventually team up.
You’re going to get a lot of good answers. But I want you to keep one above all else…
Treat the meeting like going on a date. Don’t agree to confound until you reach the same confidence as you would for a potential partner to marry. Your business is your **shared** baby. Would you willingly get married to someone who doesn’t have your and your baby’s best interests in their heart? Probably not.
Of course, this seems like a lot of pressure to put on a meeting, especially if you want to go fast. So I’ll again remind you, *treat the meeting like going on a date*! Take your time, approach with curiosity, be your unfiltered-self, and remember that they should be approaching it the same! I know you’ll want to move fast, but equally, you wouldn’t want to marry someone who on the first date has your whole lives planned out!
Itβs usually better to have worked with someone before starting a company with them but it can workout still. I did this with my company and we had a nice exit.
Just make sure you make their equity vest over 3 or 4 years so they donβt get it all upfront.