Non-compete agreements have been a hot topic in recent years. Some argue that they stagnate healthy competition and restrict employees too much. Nonetheless, these contracts are still legally enforceable in Florida, as long as the terms are reasonable.
What benefits could your business gain from utilizing non-compete agreements?
Deterring competitors from poaching talent
Your business prides itself on providing the highest quality of goods and services. Not only do you play a pivotal role in this as the owner, but your team of employees is extremely talented.
You searched high and low to bring in the best individuals, and your rivals may be envious. Having your team members sign non-compete agreements can deter rival firms from poaching your best workers.
Making your clients feel safer
Depending on the nature of your business, you may have access to sensitive information from your clients. For example, you may have in-depth details about their financial budget. You might even have access to their bank account numbers.
To retain customers, you need to be able to ensure that you can keep sensitive information private. Non-compete agreements are one way to do this. Your employees cannot simply go elsewhere and disclose information about your clients when they are subject to a non-compete agreement.
Non-compete agreements can protect the investment you have made in your team members. Nonetheless, it’s important to remember that the agreements signed must be reasonable. For instance, you cannot typically restrict an employee for an indefinite period.
We help businesses implement valid non-compete agreements and protect their interests. Feel free to contact us for a consultation.