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Finders fees are payments for generating business for others. They involve a legal agreement where you receive a percentage of the billable fees for work you refer. It's emphasized that the challenge lies in obtaining work, not in completing it. The speaker shares an example involving a celebrity chef who needed PR services. Although the speaker's agency doesn't provide PR, they collaborated with a PR consultant, securing a percentage of the consultant's fees for bringing in new clients. Essentially, if you can connect clients to services, you can earn finders fees for your efforts.