BROADCASTS.com

b'

In this week's episode of the Maximize Business Value Podcast, Tom delves into Chapter 25 - "Secure Agreements with Key People." Join us as we unravel the importance of formalizing agreements with employees and how it plays a pivotal role in protecting your business.

Tom emphasizes the critical nature of three key agreements: confidentiality, non-solicitation, and non-competition. Confidentiality agreements, in particular, safeguard your intellectual property, ensuring that work product remains the property of the company even after an employee departs. This shields your business from the risk of valuable intellectual property being used by a former employee to compete against you.

Non-solicitation agreements prevent the poaching of customers and employees by former staff. Tom shares real-world scenarios where businesses lose not only key personnel but also clients, emphasizing the legality of such actions, known as tortious interference. A well-crafted non-solicitation agreement, enduring post-employment, acts as a deterrent against such practices.

Non-competition agreements, the third pillar, prevent former employees from joining a competitor or establishing a competing business.

While it's ideal to have all three agreements, Tom acknowledges the intricacies across different states and recommends consulting with a business or employment law attorney. Annual renewal of these agreements serves as a reminder to employees of their obligations, akin to renewing insurance policies.

MAXIMIZE BUSINESS VALUE BOOK: https://amzn.to/2AvazXT
MAXIMIZE BUSINESS VALUE PLAYBOOK: https://amzn.to/3Vv2KWq

Schedule a time with Tom: http://calendly.com/tombronson

Our latest eBook: https://www.masterypartners.com/ebooks

CONNECT WITH TOM
Facebook: https://www.facebook.com/masterypartners
LinkedIn: https://www.linkedin.com/in/tom-bronson/
Website: https://www.masterypartners.com/

Please be sure to like and follow for more great content to help YOU maximize YOUR business value!

Tom Bronson is the founder and President of Mastery Partners, a company that helps business owners maximize business value, design exit strategy, and transition their business on their terms. Mastery utilizes proven techniques and strategies that dramatically improve business value that was developed during Tom\\u2019s career 100 business transactions as either a business buyer or seller. As a business owner himself, Tom has been in your situation hundreds of times, and he knows what it takes to create and implement the right strategy. Tom is passionate about helping business owners and has the experience to do it.

\\xa9 2023 Mastery Partners, LLC.