A non-compete agreement can be a very valuable tool for your business. It allows you to train workers in how to do the job well and to give them access to all of your important information without worrying that they’re just going to turn around and start their own company or take their knowledge and talents to a competitor.
A non-compete agreement typically doesn’t last forever — it may have a set period of time, just as three or five years — but it gives you some security.
Understanding why non-compete agreements are important
The main value of a non-compete agreement is that it protects whatever it is that gives your company an edge.
For example, maybe you have next-level tactics that increase productivity beyond what your competitors can manage, and you need to teach those tactics to your employees for the business to thrive. Or perhaps you have a set of clients that your competition just hasn’t discovered yet, and you don’t want to compromise that revenue source.
You can’t always keep this type of information from your employees. You need to give it to them to run your business. The non-compete agreement is just one way to make sure you can do this without worry.
What if a former employee breaks the agreement?
Unfortunately, former employees do not always respect the documents they signed, either out of ignorance or because they don’t think you’ll take action. If someone’s failure to adhere to a non-compete agreement has harmed your business and potentially put your entire future in jeopardy, you must react swiftly. Speak to an experienced attorney today about your options.