One of the points of Ms. Truesdell's article that I have frequently written about is - when you need a legal document drafted…go to a lawyer. Do not take the document “off the shelf” or from an online source or book. In particular, business contracts must be specifically tailored to the business and the state. (see the previous blog titled, My Bespoke Law Practice on my website.)
Another point from the article is that, if you intend to sign a non-compete agreement (or hire someone who has signed a non compete agreement), it is enforceable! Let’s make a simple example (not used in the article): Ms. Jones joyfully sells her boutique small business to a larger company and signs a non compete agreement, which in part states that she cannot open another similar business in the area. (This a very simplified example.) Ms. Jones has been told by “people” that the non compete does not really mean anything… the buyer of her small business would not want to try to enforce it, etc. etc. Ms. Jones opens another similar small business. Suddenly she finds herself in the middle of expensive litigation. The buyer of her first small business did indeed decide to enforce the non compete agreement! Was the ‘advice’ that Ms. Jones received worth the price of litigation?
There are various types of non compete agreements, and the statutes vary by state. Remember, they are legal documents and enforceable.
The bottom line…Beware signing any agreement or contract without appropriate legal advice.
To read the entire article, go to the NFIB website, www.nfib.com. According to their website: “NFIB is America’s leading small business association, promoting & protecting the right of our members to own, operate and grow their businesses.”
You can sign up to be on their email list for future articles.
Working to Preserve Your Wealth and Protect Your Future in a Constantly Changing World.
This post has been brought to you through the Law Office of Barbara Ann Dalvano. This information is provided for educational purposes only and to generate ideas, provoke thought and facilitate conversation. It is not intended to create an attorney-client relationship. Each person’s situation is different and this information should not and cannot be relied upon as legal, tax, accounting or investment advice. Please read the entire disclaimer for more important information.
Barbara Ann Dalvano, Esq.
Phone and Text Message: (719) 963-2933
Email Address: [email protected]
Visit our website at www.attorneybarbaradalvano.weebly.com