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In this Maverick Minute on Personal Guarantees, the importance of understanding business financing agreements is emphasized. A personal guarantee binds the guarantors to repay a loan with their personal assets if the business fails to do so. Examples of personal guarantees are discussed, including questions about whether the guarantee is unlimited or limited. While signing a personal guarantee can be intimidating due to the risk to personal assets, it's important to note that various types of guarantees exist, with some offering greater protection for guarantors and their business partners. Understanding these options is crucial before making a commitment.