traverselegal - July 29, 2013 - Non-Compete Law Basics, Noncompete Law
Often we think that the value of a business is in its hard assets or intellectual property, and that in order to maintain the value in your business for purposes of either selling the business, or otherwise valuing the business in the marketplace, that you require agreements to protect those assets. One thing that employers often forget is that the value of the business is also in its employees. The best way to maintain value in a business for purposes of continuing or selling is to employ legitimate non-compete agreements to restrict movement of key employees to other employers. If you intend to sell your business or to take on investment or partners, those individuals or investors will want to be assured that key employees cannot simply walk away to the nearest competitors. Valid and reasonable non-competes can assist in preserving the value in your company by preserving its most valuable assets, which are its key employees. The lawyers at Traverse Legal can assist you in developing a non-compete that is reasonable and will assure you the best protections of having the non-compete invalidated by an arbitrator or judge in the event of a later dispute. Retaining key employees with the benefit of non-compete agreements will assist in preserving the value of your business.
