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In this video, agency owner Joel Kaplan joins Arturo to discuss essential elements of a contract for agency owners. Kaplan, CEO of Agency Lab, offers a free, customizable contract to viewers. He explains the importance of understanding and modifying key components within the contract for success in running a social media marketing agency (SMMA). Kaplan shares his experience, having previously scaled his own agency to 300K per month. He emphasizes the step-by-step guidance provided in the video, ensuring that viewers know exactly what to change and include in their contracts for effective management and growth of their agencies.