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Partnerships in business can significantly benefit a company, but without proper organization and management, they are likely to fail. The speaker emphasizes that the fastest-growing and most enjoyable companies were built with partners, regardless of stock ownership—treating partners as equals fosters collaboration towards shared goals. It is crucial to establish basic rules to maintain a strong partnership. The speaker shares that they learned important lessons from two costly partnerships, which they advise others to avoid by learning from their experiences rather than suffering the same setbacks.