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In this video, Mike discusses the importance of having a well-defined partnership agreement. He shares his experience as both a 100% owner and a partner in various companies. Emphasizing the need for clearly outlined roles, responsibilities, and accountability among partners, he notes that many conflicts arise from a lack of these definitions. He highlights that while partners may view themselves as equals, one partner should ideally take on a leadership role to ensure the partnership functions effectively. This clarity helps prevent misunderstandings and fosters a more productive collaboration.