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Partnerships in business can significantly benefit a company, but without proper organization and management, they are likely to fail regardless of initial promise. The fastest-growing and enjoyable companies often stem from partnerships, regardless of the equity split. Treating partners as equals fosters collaboration towards shared goals, leading to swift achievements. However, it’s crucial to establish basic rules to maintain a strong partnership. The speaker reflects on personal costly lessons from past partnerships that they advise others to avoid. Learning from their experiences can save others from making the same mistakes and facilitate smoother business operations.
