207 - Non Compete And NDA's
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In this video, I'm sharing my thoughts on non compete and non disclosure agreements. As a business owner, it's important to understand the enforceability of these agreements in your local area and seek legal advice if needed. In the real estate photography industry, employees leaving to start their own business is not uncommon, and I believe this is due to a lack of job role segmentation. I used to train my team members to do everything from shooting to editing, which made it easy for them to transition to their own business. However, when they started servicing our customers, that was a problem. I've had employees leave to start their own business about five or six times since starting mine. While I never pursued legal action, it did prompt me to make changes to our business practices, such as implementing NDAs and non competes, and emphasizing role segmentation.
Building relationships with customers is crucial for retaining them, especially if they have a connection with a particular photographer who leaves. As a business owner, it's important to deliver value outside of what a one-off photographer can provide. While I use NDAs and non competes, I focus on controlling the controllable within my business and delivering value to my customers. I have my team sign these agreements yearly, and if I see a reason big enough, I would pursue legal action.
It's important to consult with an attorney and develop the best strategy for your business when implementing NDAs and non competes. At the end of the day, my priority is my business and how we operate. These agreements help me protect my business and ensure that my team members understand the importance of confidentiality and their role within the organization.
In conclusion, non compete and non disclosure agreements can be useful tools for protecting your business, but it's important to understand the local laws and consult with an attorney. Focusing on building relationships with customers and delivering value outside of individual photographers can also help retain customers. Remember to control the controllable within your business and develop the best strategy for your business.
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