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In this video, Mike discusses the importance of having a clear partnership agreement when entering a business partnership. He shares his experiences as both a sole owner and a partner in various companies. Mike emphasizes the need for well-defined roles, responsibilities, and accountability for each partner to avoid conflicts. He highlights that without clearly established duties, misunderstandings can arise, leading to frustration about what each partner should be doing. Mike points out that while partners may be equals, it's crucial to designate leadership within the partnership to ensure smooth operations and effective collaboration.
