Hey there, studio owners, entrepreneurs, and fearless businesswomen! Ready for a plot twist that rivals a soap opera finale? The Federal Trade Commission (FTC) has just dropped a bombshell by banning non-compete clauses. Yes, you heard that right—your newly trained key employee can now walk out the door and join the competition without a second thought!
Imagine investing time and resources in training your star employee, only to watch them saunter over to your competitor with all their newfound knowledge. Thanks to the FTC, this scenario is now a reality. While top executives might still have some exceptions, most non-competes are now as extinct as the dinosaurs.
This shake-up also spells trouble for business owners looking to sell. Buyers usually want reassurance that the seller won't set up a competing shop next door. Without non-compete clauses, selling your business could become more challenging and potentially devalue it.
So, what’s a savvy business owner to do? Instead of non-competes, consider employment contracts that require departing employees to buy out customers they take with them. It's not about preventing competition but ensuring you’re compensated if an ex-employee lures away your clients.
Stay tuned as we dive deeper into these new rules and explore creative strategies to protect your business. Curious about how to navigate this new terrain? Click through for the full article and let’s turn this legal shake-up into an opportunity for growth and innovation with pyop accounting—your dynamic partner in business success.
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Donna Bordeaux, CPA with PYOPAccounting.com
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.
