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In today's video, Mike the businessman discusses the importance of having a proper rental agreement for vehicle rentals. He highlights that many people, including his mentees, often overlook this crucial step out of excitement when securing clients. Mike emphasizes that a well-drafted rental agreement, created by a lawyer (he invested over a thousand dollars for his), is essential for protecting oneself legally and financially. He warns that skipping this step can lead to significant issues during incidents or legal matters. Ultimately, establishing a proper rental car agreement is vital for a successful and secure rental business.