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Partnerships can significantly benefit a company, but without proper organization and management, they may fail despite initial promise. The fastest-growing and most enjoyable businesses often result from partnerships, where treating all partners as equals—regardless of stock ownership—can lead to rapid achievement. It's essential to establish basic rules to maintain a strong partnership. The speaker shares costly lessons from two previous partnerships, urging others to learn from their experiences to avoid similar pitfalls, emphasizing that learning from someone else's mistakes is often more effective than facing the consequences personally.
