Hey there, fellow entrepreneurs, family business heroes, and modern moguls! Grab your popcorn because we’ve got some juicy news that’s about to shake up the business world. Imagine training your star employee only for them to waltz over to your competitor with all your secrets—yikes! Well, the FTC has just made a blockbuster move: they’ve banned non-compete agreements! Yes, you heard it right.
According to the FTC's latest ruling, employees can now leave your company and head straight to a competitor without looking back. While there are exceptions for senior management, this pretty much means non-competes are toast. The rationale? It’s supposed to help employees earn more by job-hopping freely. But here’s the kicker: it’s not usually the entry-level folks signing these agreements; it’s the top brass with all the proprietary info!
And what about you business owners ready to sell your baby? Without non-competes, selling a business might just become trickier than a Rubik’s cube. No buyer wants the seller opening shop right next door, right?
So what’s the plan now? Forget the outdated non-compete; how about an exit strategy where if someone leaves and snags your client, they have to buy them out? Picture this: your ex-employee owes you years of revenue if they poach your customers. Sneaky? Maybe. Effective? Absolutely!
Stay tuned as we navigate these uncharted waters together. Got questions or clever strategies to share? Drop a comment below and let's keep the conversation rolling while Uncle Sam sips his tea in peace!
Donna Bordeaux, CPA with Calculated Moves
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.