But now you want to sell your business. And your would-be buyer doesn't want to find himself competing with your knowledgable and expert employees either. Too bad, says a Virginia federal judge. Your noncompete agreements can't be assigned to a new company without your employees' consents. That, said the judge, would violate public policy.
Employment agreements are contracts for personal services.
They are based on mutual trust and confidence. A staff member's trust and confidence in an employer is what creates a willingness to sign a covenant restricting the right to compete. An employee, however, probably won't be willing to accept such restraints for the benefit of a perfect stranger. If this looks like a problem to you, then cure it by adding clauses allowing assignment of employment contracts to companies that purchase the assets of your business. Yes, you will, unless the deal is part of a contract by which you hire a new employee.