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In this video, Mike discusses the importance of having a clear partnership agreement when entering a partnership. He emphasizes that each partner's role, responsibilities, and accountability must be clearly defined to avoid misunderstandings. Drawing from his own experiences as both a sole owner and a partner, he highlights common issues that arise when partners have vague expectations of one another. He stresses that, even in equal partnerships, it is essential for someone to take the lead to ensure smooth operations and decision-making. Clear agreements help prevent conflicts and enhance collaboration among partners.
