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Partnerships in business can greatly benefit a company, but without proper organization and management, they can fail despite initial promise. The most successful and enjoyable companies have been built with partners, regardless of stock ownership. Treating partners as equals fosters collaboration and accelerates results. Establishing basic rules is essential to maintain a strong partnership. The speaker shares personal experiences with two costly partnerships that taught valuable lessons, emphasizing the importance of learning from others’ mistakes to avoid similar pitfalls.
