You’ve worked hard – very hard – to build a successful construction business. You’ve developed an approach and management style that distinguish you from your competition. You have a solid customer base and great sales. And you have a number of key employees who have learned your system and who excel at customer service. All good news, but do you also have the right agreements in place to protect these business assets when a key employee decides to leave you?
Unfortunately, business owners and employers can be easily drawn into a state of complacency, overestimating the loyalty of their employees while underestimating the aggressiveness of their competitors. In an economic environment where every sale matters, and any advantage can make a difference, companies have little compunction in raiding their competitors’ employees and customers. So just like you’d never think of leaving your valuables where anyone could simply take them, you don’t want to overlook those business resources in which you have likely invested the most time and money – your trade secrets, your customers and your key employees.
You need to put in place non-solicitation, non-competition and non-disclosure agreements – all 3 may appear similar, but they actually accomplish quite different goals.
Look for next week’s post where we’ll provide more information on why you need all 3 to protect your business resources.