Lessons learned from failures and lack of paperwork

The guest, Liz Elting, co-founder of TransPerfect, emphasizes the importance of learning from failures and having proper paperwork in place when starting a business. She shares that her own experience of not having a shareholders agreement caused challenges in decision-making and ultimately led to an intense litigation process. Elting advises against being 50-50 owners without a tiebreaker and stresses the need for a shareholders agreement that defines roles, responsibilities, decision-making processes, and provisions for various circumstances.