Mediation is a structured process where a neutral third party, the mediator, assists those involved in a disagreement or dispute to resolve their issues. In the context of cofounders, mediation can be particularly relevant when there are conflicts that the parties are unable to resolve on their own.

When mediating between cofounders, the process generally involves a few key steps:

1. Establishing Ground Rules: The mediator helps the cofounders agree on the basic rules of the mediation process, such as confidentiality, the voluntary nature of participation, and the understanding that the mediator is neutral.

2. Understanding the Conflict: The mediator listens to each cofounder's perspective to understand the underlying issues and what each party wants. This involves exploring the cofounders' emotions, needs, and interests.

3. Generating Options: The mediator facilitates a conversation where the cofounders can brainstorm possible solutions to their conflict. This creative process is aimed at finding a mutually acceptable resolution.

4. Negotiating and Reaching Agreement: The cofounders, with the mediator's guidance, negotiate with each other to reach an agreement that addresses their key concerns. The mediator helps them to communicate effectively and to understand each other's viewpoints.

5. Finalizing an Agreement: Once the cofounders reach a consensus, the mediator assists them in drafting an agreement that captures the details of their resolution.

6. Follow-Up: The mediator may check in with the cofounders after the mediation to ensure that the agreement is being implemented and to address any new issues that may have arisen.

Throughout this process, the mediator's role is to facilitate communication, help clarify misunderstandings, and ensure that the conversation remains productive. Mediation between cofounders is aimed at finding a sustainable solution that allows them to continue their working relationship effectively, rather than allowing the dispute to escalate or potentially harm the business.