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Partnerships can significantly benefit a company, but without proper organization and management, they are destined to fail, regardless of initial promise. The most enjoyable and rapidly growing companies often involve partnerships. Although they aren't always 50/50 splits, treating partners as equals fosters effective collaboration toward shared goals, leading to quick results. To maintain a strong partnership, it is essential to establish basic rules. The speaker reflects on two costly partnership experiences that taught valuable lessons, underscoring the importance of learning from others' mistakes to avoid similar pitfalls.
