No marriage, or at least very few, start their journey under the assumption and expectation that one day they, the happy couple, will part ways. Yet, most sort out the legal aspects of practicalities should it happen.
When D and I bought our flat 3 years ago we did the same. We’re not expecting to break up but should it happen things need to be in order. The same applies when you start a business with someone. It’s not about being pessimistic, or planning for a breakup. It’s about ensuring that whilst still on good terms you make the arrangements should something, for some reason change.
Very few startups go down the route and become an equivalent of Facebook or Instagram. A large proportion fail, pivot or just last for a few years. As for our products and byflock time will tell what will happen. Of course I hope we’re not going to fail and sure, a real success would be great but even if it’s only small, my now ex co-founder and I need to have things in order. Just as everything else needs to be in order with regards to the people who are and will be involved in the company and working on our products.
These things are not about friendships or trust but about ensuring there aren’t any doubts. When we take someone on board they must know under what conditions and rights. And the same applies from them to us. All cards must be on the table and the arrangements and legal aspects clearly understood by all parties. Just as with a normal marriage you never know what will happen later on. Though you may start out on very good terms there are few things like money that can make people change. Or, you simply decide that it’s time to part ways. What ever the situation and who ever the person – co-founder, employee, freelancer or advisor – different scenarios and aspects must be considered so that everyone is on the clear on all practical things. And that’s the biggest part that we’re sorting setup wise at the moment. Finding the right balance so that byflock really can become what we have in mind.
Tomorrow – Day 346 | Staying home out of consideration to others and yourself
Image source: www.flickr.com/photos/calliope/2616074529
