Partnerships most often fail over things that were never discussed, not over the product. These are the conversations to have while everyone is still friendly. Write the answers down.
Commitment
- How many hours a week, each?
- Is anyone keeping another job, and for how long?
- How long will each of you work without pay?
Money
- How much will each of you put in?
- When do salaries start, and are they equal?
- Will you raise money or stay self-funded?
Equity
- How is it split, and why?
- Does it vest over time? What is the cliff?
- What happens to a founder's shares if they leave early?
Decisions
- Who has the final say on product, money, hiring?
- How do you break a tie?
Goals
- Are you building something to sell, to run for decades, or to grow as large as possible?
- What outcome would each of you call a success?
- What would make each of you quit?
Working together
- How do you each handle disagreement?
- How often will you talk, and how?
Which of these did you skip, and what did it cost? If you have a question that belongs on this list, add it.