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In this video, Mike discusses the importance of a well-defined partnership agreement. Drawing from his experience as both a sole business owner and a partner, he highlights that clearly specifying each partner's role, responsibilities, and accountability is crucial for a successful partnership. He notes that many partnerships fall into conflicts over duties, with partners often feeling that their colleagues are not fulfilling their roles. Mike emphasizes that even in partnerships where all members are considered equals, it's essential to establish leadership and clarify expectations to avoid misunderstandings and ensure smooth operations.
