Not every startup founder wants to run things without a partner in crime. After all, isn’t having two heads — both with their own unique skillsets — better than just one?
That being said, this isn’t something you should take lightly. Co-founders are partners when it comes to running a business, which is why you need to implicitly trust yours.
Why Having a Co-Founder Rocks
I’ve started not one, but two, business filing companies with my husband at my side. Let me tell you: You lower your headaches when you’ve got someone to share them with. And even if you don’t have the benefit of raising children with your co-founder like I do, there are still plenty of perks to reap.
You Expand Your Skills. You’re analytical. He’s creative. Together you’re the Dynamic Duo. You attack problems differently because of your skillsets. When you have a co-founder, your company becomes well rounded.
You Share the Workload. My husband and I each have our areas of expertise. He handles our digital marketing, while I oversee operations. If we didn’t have each other for support, one of us would have to tackle everything alone.
It Shifts Your View of Your Business. Having a co-founder allows you to look at problems and tasks with a different perspective.
If you’re interviewing for a co-founder, here are some questions you need to ask in order to pick the right one.
1. What’s Your Vision for This Company?
While it doesn’t need to be identical to your own vision, it should still fit in with what you want for your company. If you want to run this business until you retire, but a potential co-founder sees selling it in five years, it might not be such a good partnership.
2. What Would You Contribute to this Partnership?
You want a co-founder who’s not afraid to roll up his sleeves and work hard. You also want one with skills that complement your own. He or she should have a clear idea of what they would like to do, and you should be okay with it.
3. What’s Your Background?
Ideally, your partner would have either extensive experience in your industry or familiarity with the tasks he or she will need to do as a co-founder. If they have experience running businesses, you’ll also want to look into that.
4. What’s Your Approach to Running a Business?
If they’re lax about financial decisions and you’re uber-conservative, you might have trouble agreeing on the best way to run the business. But if you’re both aligned in your strategy, it could be a great fit.
More Tips for Choosing a Co-Founder
Once you’ve chosen the best fit for your partnership, use these pointers to keep it running smoothly:
- Create an agreement outlining each of your responsibilities.
- Create an exit plan: If the partnership deteriorates, what happens to each partner’s shares? How will you end the relationship?
- Keep communication open.
- Check in weekly. Make sure you’re apprised of what they’re working on.
- Work toward common goals. After all, you’re both running the same company!