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In this video, Arturo invites Joel Kaplan, a CEO and coach at Agency Lab, to provide insights into creating an essential business contract for agency owners. The video emphasizes the importance of understanding and modifying contract terms. Joel shares his experience of scaling his own social media marketing agency to 300K per month and highlights the support his coaching program offers to agency owners, helping them grow from starting out to managing multiple clients and achieving significant revenue. Viewers are encouraged to watch until the end for a detailed walkthrough of the contract and crucial components to include.