Non compete question

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by a searcher from Wabash College
in Chicago, IL, USA

1yr ago

Non compete question

Exploring an acquisition in which the business is held in a trust. There are multiple beneficiaries in the trust, including one currently working in the business, and perhaps another who had previously worked in the business. Would it be fair to expect all trust beneficiaries to sign a non-compete agreement?

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reply by a lender 1yr ago
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA

Yes. I would require anyone with business ownership to sign a non-compete. If you are getting financing it is likely your lenders will want them to sign non-competes as well.

reply by a searcher 1yr ago
from The University of Chicago in Nashville, TN, USA

I second what ^redacted‌ wrote above. Not having all parties sign the NC could come back to haunt you in future years. Happy to chat about some of the things I've heard/seen.