10 Conversations to Have with Your Co-Founder
Starting a business with a co-founder is like a marriage. You’re tying your future to another human being, and that requires more than a great idea and good intentions.
Think of these 10 conversations as prep for when (not if) something goest wrong. Because it will.
Ask each other these what-if questions now, before you’re too busy, too stressed, or too frustrated to think clearly.
1. Vision and Goals
What are we building, where is it going, and why?
What does success look like for each of us in 1, 5, 10 years?
Are we building something to keep forever, or to eventually sell or exit?
What if one of us want to change the business model, and the other doesn’t?
What if market forces us to rethink everything?
2. Roles and Responsibilities
Who’s doing what, and is it still going to work six months from now?
What is each of us responsible for on a day-to-day basis?
What if one of us isn’t pulling their weight?
What if the business needs us to take on a role none of us wants?
What if something happens that affects our ability to contribute (family, illness, burnout)?
3. Equity Split
Who owns what, and based on what contributions?
What’s the basis of equity split: effort, time, capital, network, something else?
How do we adjust equity (if at all) if our contributions change over time?
What happens to someone’s equity if they leave early?
What if we need to dilute our equity to bring in investors or a new founder?
4. Money and Finances
Talking money is awkward. Try starting here:
Are we raising or bootstrapping?
Are we taking salaries, and if so, how, when, and how much?
What if the business doesn’t generate revenue as quickly as we expect?
What if we run out of cash and have to cover it out of pocket?
What if one of us faces a personal financial crisis?
5. Decision-Making Process
How do we make the calls, and how do we move forward when we don’t agree?
Tip: “We’ll figure it out” is not a plan.
How to distribute responsibility for making non-major decisions?
What’s the process for making major decisions: unanimously, majority, other?
What if we split on a major decision?
What if we need to make a decision fast, and we’re not on the same page?
What if a new partner wants a say?
6. Work-Life Balance and Commitment
How much time are we putting in, and what happens when life intervenes?
What if one of us can’t commit full-time, right now or ever?
What if one of us wants to pursue a side project that competes for time?
What if the business demands more hours than one of us can give?
What if one of us burns out or has a personal emergency and needs a break?
7. Exit Strategy
What happens if one of us wants to (or has to) leave, or if the business ends?
What if one of us wants to exit the business and the other wants to continue?
What if one of us is forced out due to performance or disagreement?
What if we get an acquisition offer that only one of us wants to accept?
What if the business fails and we need to wind it down?
8. Values and Culture
What kind of company culture do we want to build?
What kind of culture do we want: a casual or a high-performance one?
What values are non-negotiable in how we run the business?
How will we make each other and the team accountable for decisions that don’t align with those values?
What if the business’s needs (e.g., cost-cutting, investor relationships) conflict with our core values?
9. Risks and Failure Scenarios
What are we willing to risk, and what’s the fallback if it doesn’t work?
What’s our plan if we don’t make as much progress as expected in the first year?
How do we recover if we make a big, costly mistake?
What if we lose our initial investment?
What if a legal or regulatory issue puts the business at risk?
10. Communication and Conflict
How do we keep talking, even when it’s hard?
How often should we have check-ins?
How do we give and receive feedback without it turning personal?
What if we have a personal conflict that spills into the business?
How do we resolve disagreements?
What’s the process if a disagreement escalates and we can’t resolve it ourselves?
Final Thoughts
These conversations aren’t easy, but they’re essential. Write it down and revisit your agreements as your business grows. Tackling these "what-if" scenarios now will save you from bigger headaches later.
Remember: it’s not about having perfect answers to all these questions, it’s about asking them instead of relying on assumptions.
Want help having these conversations? I can guide the process or help you build a custom checklist that fits your partnership and your goals. Schedule a free consultation to get started.
