FTC Shakes Up the Business World: Non-Compete Clauses Banned

For entrepreneurs, legacy-builders, and stewards of family businesses who want to make the most of their campground investment without it taking the most out of them, Campground Accounting is the full-service CPA and RV enthusiast team that delivers a way out of operations overwhelm, decision-fatigue, and fear of surprises because there’s more to taxes than being on time, and there’s more to life than business.

The Shocking FTC Decision

Imagine this: You’ve just hired a star employee, trained them to perfection, and now they can waltz over to your competitor with all that precious knowledge. Yikes! Have you heard what the FTC has done?

What Exactly Happened?

Stick around, folks. The Federal Trade Commission has just banned non-compete agreements. That’s right—no more locking employees into staying with your company or preventing them from joining the competition if they leave. The only possible exception? Some existing agreements with senior management.

Why the Change?

So, why the sudden change? The goal is to allow employees to earn more by switching jobs without restrictions. Great news for them, but a bit of a headache for business owners, especially when it comes to selling a business or safeguarding proprietary information.

What Can Businesses Do?

What’s a savvy business owner to do? Well, instead of non-competes, consider contracts that require departing employees to buy out any customers they take along. Sure, you’ll need some legal help, but this strategy can still protect your business interests.

Stay Informed

Stay tuned for more updates on how these changes will impact businesses, particularly larger companies and top executives. Got questions about non-competes and what this means for your business? Drop us a line or leave a comment below.

Ready to navigate these changes like a pro? At Campground Accounting, we breathe life into campground ownership, helping you explore options and press play on bigger ideas without missing a beat.

Connect with us!

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Donna Bordeaux, CPA with Campground Accounting

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.

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