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Partnerships can be immensely beneficial for a company, but without proper organization and management, they are likely to fail, regardless of initial potential. The most successful and enjoyable companies I’ve started involved partners, regardless of ownership stakes, as I treated all as equals. Collaboration fosters rapid progress toward shared goals. It’s essential to establish basic rules to maintain a strong partnership. I’ve learned costly lessons from two previous partnerships, and I urge others to learn from my experiences rather than face similar challenges themselves. Understanding these dynamics is crucial for a thriving business partnership.