Comments on: 5 Tips for Choosing a Co-Founder

By: Jimmy Hendricks

Jimmy Hendricks — Tue, 30 Sep 2008 18:45:53 +0000

Great stuff fresh books. This has been the secret to our success and sanity. Especially having complimentary skill sets.

By: Tony

Tony — Tue, 30 Sep 2008 14:53:01 +0000

The best way to build trust is to start by having impeccable integrity yourself. Always deliver on what you say, keep your word, and conduct yourself as you would expect your partner to. We can’t forget it is a two way street and expect others to reciprocate if we don’t begin by being trustworthy ourselves.

By: Mike McDerment

Mike McDerment — Tue, 30 Sep 2008 14:45:11 +0000

@steven – I love that breakfast table test – thanks for sharing.

By: Steven

Steven — Tue, 30 Sep 2008 14:43:55 +0000

This hits home. I recently let go a friend that was trying to help get my start-up off the ground.

I asked him to come aboard during one of those moments that Mike mentions (dark, lonely, etc.).

In the long run he was not the right fit for my business and its goals.

I have had some investors who also fit this bill.

A successful business colleague told me, a partner is someone you can trust to sit down at your breakfast table in the morning with your kids and never feel uncomfortable.

By: ClickAgent

ClickAgent — Mon, 29 Sep 2008 22:35:58 +0000

Probably also worth it to add that friends/family should be carefully considered. Although immediately logical at first as a potential partner, they may not be the best person since you could risk the personal relationship.

You should ask yourself “Can this friendship survive the entrepreneurial rough spots?”. And… “Do I want to risk this personal relationship if things don’t work out?”.

By: Damir

Damir — Sat, 27 Sep 2008 23:19:26 +0000

You probably meant complEment not compLiment

By: May Chu

May Chu — Fri, 26 Sep 2008 23:04:35 +0000

Very good list of important things to consider when building a team for a start-up company.

When we first started building the company, there were 3 people. They were all family members. Then we noticed that one of the family members was not fully “vested”, didn’t chip in for the bills, dragging things out, being unsure about when to take action…didn’t put the mortgage on the line…

We had to have a talk together and demand everyone to have “clarity” and express their vision for the company. In the end, we had to kick that family member off the team. Sounds cold and harsh, but I really couldn’t have anyone on the team that wasn’t as fully vested. It would have been poisonous to the business relationship and the long term personal relationship we have had with each other.

Bottom Line: there needs to be clear expectations of what each founder/partner should be responsible for within the business.

By: enrique fuentes

enrique fuentes — Fri, 26 Sep 2008 22:49:56 +0000

Good stuff Mike!

By: Mike McDerment

Mike McDerment — Fri, 26 Sep 2008 22:25:28 +0000

@enrique – *totally*. For the record everyone at FreshBooks has options so they have a stake in the company.

By: jane

jane — Fri, 26 Sep 2008 20:50:53 +0000

mike – this post reminds me of a podcast from the stanford entrepreneurs series given by janice fraser (of adaptive path). she advises that entering in to partnership with people takes all of these things you mention and says the most important is trust. i tend to agree.

thanks for this – and for freshbooks. i am a fan.