How to maintain healthy co-founder relationship?

The partnership you have with your co-founder is arguably the most important relationship you'll build as an entrepreneur, so it's important to keep it healthy. Constant arguments or disagreements about how the business should be run will only divide your relationship and your company, weakening them as well as your chances of success.

Here are nine tips to keep a healthy relation with co-founders:

1- Set clear boundaries for responsibilities

Nathalie Lussier, founder of AccessAlly, said with any co-founder relationship, it's important to set very clear boundaries about what each founder is responsible for and where their area of expertise is.

It takes getting to know your co-founder and having a level of honesty about what you love doing in the business and what you're comfortable with. Things will undoubtedly change over time, but knowing each person's strengths will help.

2- Remember to be a friend

Spend time together outside of work. Most co-founders start as friends and then build their working relationship together. However, when you're focused on growing the business, you may neglect your friendship.

Firas Kittaneh, founder of Amerisleep Mattress, said it is important to be an active friend and listener to get a better sense of how their personal life and circumstances may be impacting their happiness and performance. That way, you can help provide advice, guidance or simply empathy.

3- Make time for inspiration

Whether the relationship with your business partner started as a friendship or it’s professional, fostering the shared inspiration in your business is the cornerstone of your working relationship and is crucial to maintaining momentum.

Nick Venditti, founder of StitchGolf, said you’ll find that you’re both working toward the same goals and laying the building bricks of a relationship that will stand the test of time.

4- Focus on better communication

The most important thing for building a healthy partnership with your co-founder is communication because it's what's at the heart of any good relationship. This is especially true for co-founders, who need to be able to rely on each other for open and honest feedback at all times.

Without communication, it's easier for problems to fester and grow, risking irreparable damage to the relationship.

Communicate openly and honestly with each other about everything—from goals and expectations to fears and concerns. It's also crucial to feel comfortable approaching difficult conversations free from defensiveness or taking things personally.

If you can focus on these aspects of communication, you'll be on the right track to having a long and successful partnership. - Richard Fong, Assured Standard

5- Plan for resolving conflicts

Founder conflict is one of the top reasons startups fail. Quality relationships are crucial to business success.

Ryan Stoner, founder of Dendro, said the key is to notice and remove any emotion that can escalate a conflict. You need to acknowledge the emotions you are feeling while recognizing the concerns and emotions of your co-founder. Respect and recognition should be at the center of your relationship from day one.

6- Taking ego out of the equation

If you are communicating without ego, then there is a high probability that you will not take things personally, and you’ll end up making better decisions for your business.

Candice Georgiadis, founder of Digital Day, said it’s important to be able to have difficult conversations about the business and to do so in a constructive way. It also helps you to be respectful of each other’s time and space. Make sure you take breaks and have some down time together outside of work to refresh your creative edge.

7. Maintain transparency

Maintaining transparency ensures a healthy relationship with your business partner in the long run. The circumstances are not always the same. You can make millions today and be inches away from declaring bankruptcy tomorrow.

Jared Atchison, founder of WPForms, said having transparency is something that keeps you and your partner on the same page. It helps you breed a strong relationship because you know the other person is not hiding anything from you.

8- Ensure you share the same vision

Sharing the same vision would streamline a lot of things and make it easier to fight daily battles. Because you have the same destination, you expect similar things from one another when walking the path that leads there.

Stephanie Wells, founder of Formidable Forms, said your definition of success and failure is more or less the same. This minimizes the chances of conflict during difficult times. And you both are equally motivated by achievement as you weigh it on the same scale. This significantly strengthens your bond and helps you acknowledge a healthy relationship.

9- Hold regular one-on-one meetings

Chris Christoff, founder of MonsterInsights, said you can build a strong relationship with your co-founder by having biweekly (or weekly, depending on your situation) one-on-one meetings. Use this time to review the status of major projects, uncover potential roadblocks and generally strive to improve the workflow for everyone at the company.

This tip is helpful for several reasons. Notably, these meetings will help you squash potential problems. If these issues are addressed early on, you can work together to move forward in a healthy and productive way.

Source: Forbes