When it comes to starting up your company with other people, you absolutely do not need to entertain any form of sentiments in choosing who your partners would be.
Like I always say, If you want to go fast, go alone but if you want to go far, go together.
Even the good book says that one will chase a thousand and two shall chase ten thousand.
These for me are the basis for a partnership business or collaboration. There is so much you can achieve together.
However, as a start up, you must be very careful in choosing who your business partners or Co founders will be, otherwise you will end up shooting yourself in the leg.
It goes without saying that whoever you decide to partner with in business must be someone that you trust enough to do business with.
If you cannot trust them, then you are not allowed to do business with them. Trust is a key factor to consider before partnering with someone.
It also goes without saying that whoever you decide to bring on board your company as a partner or Co founder must be someone who shares the same vision with you as far as your business is concerned.
It is important that you and your partners are on the same page concerning the management of the business.
Very importantly, there are three factors that you should consider before taking on a Co-founder or partner in your business.
Your Co-founder or partner should be any of the following categories of persons.
1. Someone that has access to the cash that you cannot access.
2. Someone that has access to quality network that you cannot access.
3. Someone that has the expertise and experience that you do not have and can’t easily pay for.
After taking all these precautionary steps that has been mentioned above, ensure you seal the relationship with a Co-founders or shareholders Agreement.
More importantly, ensure that your Agreement contains a Share vesting provision and a one year Cliff.
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by Barinaada Bema Alexander