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Partnerships can be highly beneficial for a company, but without proper organization and management, they are likely to fail. The most successful and enjoyable companies often involve partnerships, regardless of ownership stakes. Treating partners as equals fosters collaboration and accelerates progress towards goals. Establishing basic rules is crucial for maintaining a strong partnership. However, past experiences with two particular partnerships led to costly lessons learned, which the speaker advises others to avoid. It is often more efficient to learn from others' experiences rather than encountering the same challenges firsthand.
