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Noncompete Ban: What Every Estate Planner Must Know About the FTCs New Rule and Its Impact on Estate and Succession Planning

The Federal Trade Commission (FTC) has issued a new Rule prohibiting noncompete agreements. While this has been the subject of considerable discussion among employment and corporate attorneys, similar attention has yet to be given to this development among estate planners. The rule has a far-reaching impact on estate planning. The ramifications of how small, closely held, and family businesses that have used noncompete provisions, non-solicitation, and nondisclosure agreements will now address protecting themselves and retaining key employees and contracts must change. The valuation of companies may be significantly affected. For some family and closely held businesses, the impact of succession planning could be dramatic.

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