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Partnerships in business can greatly enhance a company's success, but without proper organization and management, they are likely to fail. The most enjoyable and rapidly growing companies often involve partners, and regardless of stock ownership, all partners should be treated as equals. Collaborative efforts lead to faster, more effective results. It’s crucial to establish basic rules to maintain a strong partnership. The speaker shares personal experiences of costly lessons from two past partnerships and emphasizes the importance of learning from others' mistakes to avoid similar pitfalls. Ultimately, leveraging partnerships can be beneficial when managed correctly.