What Is the New Rule Impacting Noncompete Agreements?

Small Biz Ahead

Episode Notes

Hey everybody, it's Gene Marks and welcome to this week's episode of the Hartford Small Biz Ahead podcast. Thank you so much for joining me. The Federal Trade Commission by a vote of three to two, issued a new rule which effectively makes noncompete agreements ineffective. This has a big impact on your business. Most businesses, noncompete agreements have been around for forever and now the FTC is saying that they are being made to be ineffective. No more noncompete agreements. So what does that mean? Well, first of all, understand where the FTC is coming from. FTC's chair, Lina Kahn, she said in a press release, I just wanna read this to you, that noncompetes cause... they keep wages low, they suppress new ideas, and they rob the American economy of dynamism, including from the more than 8,500 new startups that would be created a year once noncompetes are banned.

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