Research shows that 65% of companies fail due to problems within the management team. Knowing there is a real chance your company could fall into this percentage, what are you doing today to build a good relationship with your cofounder?
The intention of these 2-part worksheets is to help you build a stronger relationship with your cofounder and address problems early to avoid a blowup and/or break up. The worksheets contain reflection steps, conversation starters and co-founder exercises compiled from Techstars mentors, employees, and our Worldwide Network, who have helped cofounders build successful relationships.
Part one of the worksheet will help you digest the information learned from the videos.
Part two is an exercise that can help cofounders assess themselves, their family situation, finances, etc. as the company grows.
“Assume good intent” - David Cohen, Cofounder and Co-CEO of Techstars
When you assume good intent, it’s easier to have difficult conversations and start the dialogue from a place of learning instead of being defensive.
Think of a time where you approached a difficult conversation from a place of assuming good intent of the other person. Describe the situation and how it ended below.
Cofounder and people issues are going to happen, period. And developing a regular cadence of communication to address problems early before a blow-up or break up is critical to success.
The most common tension points between cofounders:
Are you feeling tension with any of these topics? If so, write them down below and any emotions attached to that tension.
What steps are needed to resolve any tension?
Starting to think about the "what ifs" of growing a company can help cofounders prepare for the future, get their house in order and protect the business.
Examples of “What Ifs”
What if a cofounder…
What are the “What Ifs” that need to be discussed with your cofounder?
Based on those “What Ifs,” what documents do we need to get in order to protect the business? Who do we need to engage to get this done?
Understanding your cofounder is more than just knowing how they take their coffee, it’s about gaining a deeper knowledge of their strengths and weaknesses, goals, life needs, culture, fears, etc.
Strengths and Weaknesses
Identify each other’s strengths and weaknesses below.
|My strengths||Cofounder Strengths|
|My weaknesses||Cofounder weaknesses|
|Overlapping skills with my cofounder||Overlapping skills from my cofounders perspective|
|Where I think we have talent gaps||Where my cofounder believes there are talent gaps|
Reflection: How does this insight change the way you make decisions, adjust workflow, obtain talent and grow the business? Write your answer below.
Goals for the company may differ for each cofounder, and figuring that out early-on can help in decision making and direction for the future.
What are your personal goals for this company in years 1, 3, 5, and beyond?
What does a successful outcome for your business look like?
Are your goals aligned with your cofounder? Why/Why not?
Building a company often requires working 12+ hours a day, six days a week, even holidays, and it will impact your personal life - in fact, it will become your life. And talking with your cofounder about the workflow can help each other manage other responsibilities in life and mitigate feelings of unfairness.
Think about the current workflow with your cofounder. Does this pace feel balanced and fair? If not, what steps can you take to manage the workflow?
Founder burnout is a real thing and could likely happen to any co-founder more than once. Developing a plan to address burnout can help preserve the relationship and keep the company moving forward.
Here are some of the symptoms of Burnout according to Psychology Today:
If you are starting to see the signs of burnout with your co-founder or yourself, it’s important to acknowledge these signs and talk to each other and find a way to recharge.
What steps are you taking to maintain the physical and emotional stamina needed to handle the pace of building a business?
Money is a constant stressor for any relationship. And keeping an open line of communication with your cofounder about money, salary, and fundraising is a critical component to developing a positive relationship.
Are there any tension points about finances you need to discuss with your cofounder? Write them down.
How you and your cofounder define company culture and the type of company you want to be can direct the type of decisions you make about growth, talent, investors, and more. Having conversations about company culture can help align cofounders in good and challenging times.
What culture values are important to you? Does this align with your cofounder?
How do you see the culture of the company changing over the next five years? What steps do you need to take to develop this company culture? Write your answers below.
Do you want to eventually sell the business or keep growing? How are you going to structure the business as you add more talent? These types of questions can open new conversations to the various goals cofounders have for a business.
What vision do you have for the company? Are they similar to your cofounder? Write your answer below.
It’s inevitable, friction and tension will happen between cofounders. And when cofounders don’t have a communication diffusion plan in place when emotions and stress run high, it can lead to additional blow-ups and eventually a breakup.
Try these communication tips and frameworks around difficult discussions to work through tension.
Use these three phrases throughout your conversation so your co-founder feels they’ve been heard, you’ve acknowledged the friction, and then talk about the actions that will be taken afterward. Try this framework during your conversations.
What are you currently doing to build trust with your cofounder? Write your answer below.
Whether there is tension in the relationship or in need of setting up a communication framework to discuss issues, it’ll be worth the investment to engage a coach, mediator or mentor to help strengthen the relationship so the company can continue to thrive.
Who can help us get the guidance we need to improve our relationship? Write your answer below.
This exercise is designed to get you thinking about your and your cofounder's performance levels and open a discussion around any variance.
Set up periodic check-ins with your cofounder where there is no work, no phones, and you have a non-emotional exchange where there is an opportunity to voice concerns and space and freedom to talk about what’s happening in the business and personally.
Designed by Techstars Mentor, Jennifer Cabala, this exercise can help cofounders assess themselves, their family situation ,finances, etc. It is best when cofounders complete the worksheet separately and discuss their answers.