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In today's video, Mike the businessman emphasizes the importance of having a proper rental agreement for vehicle rentals. He notes that many individuals, including his mentees, often get excited about securing a client and neglect to follow essential processes, such as having legally sound rental car agreements. Mike highlights that he invested over a thousand dollars to have his agreement created by a lawyer to ensure it covers all necessary aspects. He stresses that failing to have a solid rental agreement can lead to various issues, including legal complications, especially in the event of an incident. Having the right agreement is crucial for protecting oneself and the business.