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In this video, Mike discusses the importance of a well-defined partnership agreement, particularly for those currently in or considering a partnership. He shares his experience of being both a sole owner and a partner in several companies. Mike emphasizes that a partnership agreement should clearly outline each partner's roles, responsibilities, and accountability to prevent misunderstandings. Often, partners assume their roles without clarity, leading to conflicts where one might feel their counterpart is not fulfilling their duties. He notes that despite being equals, it's crucial for one partner to take on a leadership or management role to ensure effective collaboration and accountability within the partnership.
