Our founders agreement discussions were fairly smooth. We agreed on the major points that will make up our founders agreement. We had discussions around what business the company will be in, where it will be located, and what our roles and equity ownership will be. We also discussed how we would treat equity ownership in future businesses.
Equity was divvied up for this particular venture based on industry backgrounds, prior work done to develop this opportunity, and connections each partner was bringing to the table. We both have business backgrounds so that didn't count. How we divvied up equity was the only tricky aspect of our discussions. It helped that we both felt this was not a win/lose negotiation. There will be other ventures where different experiences and connections are required. So both parties were willing to give and take.
Equally important we discussed a deadline by which we had to begin working on the venture full time. Both of us have gigs with major demands on our time. If we didn't set a deadline it would have been very easy to lose momentum or get snared by corporate america's golden handcuffs.
We also discussed duration of the founding period as well as the level of capital we are looking to raise.
Key areas highlighted below:
1. Company description
2. Potential Operating Roles and Decision Making
3. Future Businesses
4. Founders Exit
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