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Cofounder relationships can also be challenging to maintain.
The Secret Formula
In my experiences coaching cofounders, I see time and time again that the secret formula for a successful relationship is mutual trust and respect. Although these two qualities go hand in hand we usually do not trust someone we do not respect, and vice versa , they should be thought of distinctly. Trust is made up of sincerity, reliability, and competence. If any of these three things is missing, there is no trust. Cultivating and maintaining a strong partnership with a cofounder requires deliberate and mindful effort.
You can build trust and respect from the start by being crystal clear about the different skills you and your cofounder bring to the table. You probably would not have been drawn to them in the first place if they were merely a mirror image of you. The best partnerships are based on contrasting styles and strengths, not overlapping ones.
Defining complementary roles is essential in avoiding duplication, a significant problem I see with startup cofounders. Entrepreneurs are by nature fiercely independent and value autonomy.
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Giving your partner space to operate is a show of trust in their competence and reliability. It also demonstrates that you genuinely respect them as an equal.
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Truly letting go of one aspect of the operation and allowing your cofounder to run with it is one of the most powerful ways to build a strong working partnership. Entrepreneurs willing to jump into the startup world are risk-takers and are likely to develop ideas for other projects down the road. The glue that keeps cofounders together is the shared vision that brought you together in the first place.
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You need to keep that vision and the values it represents front and center and not take it for granted. In my work as an executive coach, I frequently speak with clients about the importance of strong workplace culture.
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For a startup, that culture begins with you and your cofounder. Mutual respect is a shared value that transcends the company you have started together, and it will help your relationship weather unexpected difficulties or twists and turns. Startups have to be agile and make sharp pivots, sometimes reinventing themselves. A larger company may acquire your company, requiring significant reorganization. Launching a startup can feel like a high-wire act, one without a net.