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Partnerships can greatly benefit a company, but without proper organization and management, they can fail despite initial promise. The most successful and enjoyable companies the speaker has experienced were formed with partners, regardless of ownership stakes. Treating all partners as equals fosters collaboration and accelerates progress towards common goals. Establishing basic rules is crucial for maintaining strong partnerships. The speaker shares costly lessons learned from two previous partnerships, emphasizing the value of learning from others’ experiences to avoid similar pitfalls. It's faster and easier to learn from those who have already faced challenges in partnerships.