You need a co-founder only when you feel a compelling need to. Often founders go ahead and partner with a friend or an acquaintance and later come to regret the decision. When you do really need a co-founder, write down a job description. This will help you identify the person with best skills. Get someone who you are compatible with and someone who is comfortable in their own skin. You need to get along well and if you have had a history of working together, then BINGO. Negotiate and document early. Documentation is important to avoid shareholding issues at a later point.
- Document role, shareholding
- Hire complementary skills
- Honesty and Integrity
- A personality you like
- Emotional quotient
- Same Vision
But, as you should when making any new hire, make sure you have thoroughly done your homework on a candidate before “jumping in bed” with them.
