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In this short clip, Patrick Bet-David, Adam Sosnick, Tom Ellsworth and Vincent Oshana talk about the consequences of the FTC banning non-competes.
Watch the PBD Podcast Ep.224 here:
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So FTC proposal to ban non-compete Clauses here we go I love it when this Starts this way so FTC says proposal to Ban non-compete clauses could boost Pay by 300 billion dollars a year now Let's see who's saying this could boost 300 billion dollars per year okay so Your FTC has proposed a rule that would Ban the non-com class in the United States the rule would prevent employers From imposing Clauses and contracts that Prohibit employees from joining a Competitive after leaving the company Typically for a set of period of time Proponents of the rule argue that Non-compete agreements contribute to Wage stagnation by limiting the ability Of workers to switch jobs to secure Higher pay opponents argue that Non-complete Clauses facilitate Retention and encourage companies to Invest in training and promote employees Especially in a tight labor market at The FTC estimates that this could boost Wages by nearly 300 billion dollars Annually and expand career opportunities For approximately 30 million Americans By the way they have no clue if that Does or not the last part is purely Propaganda saying they estimate that the Rule could boost could boost 300 billion Dollars annually and expand career Opportunities for approximately 30 Million Americans Tom we know a lot
About non-competes you've been in the Business space for a long time you know What this means you know who which state Is the worst non-compete state which is The state of California right what are Your thoughts on this non-compete Proposal that they're given well first Of all I want to when a government Agency uses the phrase 30 million Americans it's it's so funny you should Just Google that and go back because Remember Obama said we have to do this For health care for the 30 million Americans who need coverage remember That it's always 30 million Americans Needed what are these 30 million people They're talking about I'd like to know Where they are maybe they're talking About California because it's exactly 30 Million exactly it's it's all those you Know it's all those fake statistics like When you you hear that you know every 16 Seconds a woman somewhere in the world Is having a baby and I'm like well then That's the girl you gotta stop It's hilarious you just got to find her Yeah but whenever I see this stuff think About it but let's talk about Non-competes this is just the headline And this is being put out by the Government because let me tell you how Non-competes really work I work for you Whoever's listening here and you don't Want me you want me to have a
Non-compete so you say that if I leave You know that for two years I can't Recruit anybody well that's disruption I Can't do that and for two years I can't Tortiously interfere with any of your Contracts like steal your customers okay Well that's already on the books but This if you want to keep somebody in Non-compete you have to pay them a Little bit we've seen this we see it in Financial services sector you know I'm Going to give you half your salary for One year and one year and then when that Expires you can go do something else That's what a non-compete is you know What they call it in the UK it's called Gardening leave well he's on gardening Leave and it's built in to your contract This is if you're going to leave they Will pay you one year of your salary to Be on gardening leave now what that Means is for one year your brain is not Being paid by a competitor so it makes a Gap between the time you leave to the Time that your brain is working for Somebody else that's how non-competes Work somebody in government seems to Think that the non-competes prevent Somebody from getting a higher paying Job no it doesn't I've had people tell me you've had People tell you what are you doing I'm Just waiting out a year and I'm taking This other job and I'm doing this I got
A really good job it's a good Opportunity and I'm waiting a year and I'm taking it this is this is a nothing Burger you know non-competes are built To protect the company but you can't Handcuff somebody from making a living In the United States With a non-compete there has to be Consideration and Pat you and I have Dealt with a lot of lawyers to say well What consideration are you willing to Pay him for six months so that he sits It out he or she before they take the Next job you know for me I'll give it to You from a couple different perspectives First of all I don't think non-competes Have any weight today anyways like you Know how sign an NDA okay when's the Last time an NDA carried anyway do you Know how many ndas I've had signed and People have you know flipped on the NBA Ncas have some uh uh weight they still Carry some weight in certain States but Not necessary So non-compete yeah agreement so a Non-compete carries some weight but not An NDA here's a challenge so the thing The market has to realize is the Following here's what the market has to Realize You know how sometimes you go and you Negotiate for something and then when You get it and you get in the car and You're like oh I got what I wanted
Why did I get what I wanted What are the consequences of what I got Could man He just sat there and he said yes to it Holy moly what is he gonna do about this Okay cool let's process this together Hey uh Mr employer uh if you don't give Me a raise I'm gonna go to this other Company and they're allow me to work From home and they're paying me forty Thousand dollars more with a twenty Thousand dollar signing bonus but I'm Telling you if you give me a twenty Thousand dollar signing bonus forty Thousand dollar raise and allow me to Work from home I won't go anywhere I'll Still loyal to you um Many employers experienced that in 2021 What happened today you know what's the First thing Bob Iger said yesterday go To Bob Iger and put four day work week Type in Bob Iger four day work week okay Bob I agree yesterday right there just a Top article right to click on that Bob Iger uh uh uh said uh yeah Bob Iger just Yesterday said zoom in a little bit Bob agrius said he said everybody's got To return to work four days a week from The start of March this is Disney woke All of that stuff it doesn't work Working from home period no you're not More productive with a fridge there and The TV during the video game there stop Trying to convince people and all these
Huffpo writers and all these journalists Who all they do is write and you know do What they do none of them actually know What when they talk about how it's Beneficial to work from home no it's not I can tell you right now it's not Beneficial for me to work from home and I'm a pretty disciplined guy yesterday I'm trying to shoot a video from my Office I I'm not even kidding with you I Turn off the light so everybody knows And I have a big house so I can hide From everybody and I still can't hide First Jimbo comes by the window He knows you know how long Jimbo will Bark until I open the door 10 minutes so People on the zoom are hearing Jimbo Bark so then I go tell Jimbo be quiet it Works for five minutes five minutes Later Then Tico comes Hey Dad I have a corn Video I want to show you so I have to Watch his porn video with 27 minutes With this kid that made a porn video on Two songs then I tell Tico that's funny Then he leaves Senna comes hey can I get In your lap hi Vinnie hi Vinny when are We gonna make another video down like Santa can you please leave then Jen Comes back hey babe did you call me babe I'm trying to shoot a video what would You like to eat then she lives and my Dad comes back a lot of music Okay so then it comes back hey Kim
Honestly you know what I'm gonna do I'm Gonna I'm gonna call tikon right now Know what time I what time was our pump What time was our prep for deposit 6 30 6 30. what time was our prep course you Really I'm doing this video I'm calling Tikram right now so ticker knows okay Literally You're on the podcast last night you and I Karina comes and says let's schedule a One hour to do the video right which I Knew that was not gonna work out so when You and I did that we did the podcast Prep you and I got on at 6 30. yeah what Time did you and I finish with Everything last night my time not your Time time it was 10 30 10 45. this is Supposed to be one hour because I'm Sitting there everyone's interrupting By the way if you don't know tickering He's one of the most incredible special Greatest fan in the world loved by Everybody we love you teachers Hey give your president wife a uh high Five that's a high value No here's what I'm trying to tell you Don't tell me you are more focused at Your house yeah And by the way to the fools who bought It to them and it's like a six-year-old Kid selling mommy and daddy who are 40 Years old why it's okay for the Six-year-old boy to be in the room with A six-year-old girl and close the door
Nothing's gonna happen exactly what the Hell did we do when we were that age Yeah so so now for these people to say Well not compete it's because it's going To increase the economy by 300 billion Dollars you know what the employer says All right cool I already know visually What meetings are coming up you know What the meeting is I'm gonna give you The visual tell me if you believe this Or not okay here we go with the visual Hey Patrick you know I love working with You I love what you stand for by the way I'm giving the script for other people Yeah they want to use it against me Take notes everybody it's been great Employees but I'm gonna tell you you Know I think I've earned the right to Get a 50 raise and if you don't give it To me I'm going directly to the Competitor because they've offered me Three jobs to go to the direct Competitor and they feel the Intel that I've learned from being here all the Strategies of how we come up with clips And how we cut them and how we do this And how we get sponsorship all our Contacts I'm going to take it over to The competitor but okay if you pay me This I will never betray you never Because I'm a loyal type of a guy Why are you laughing that script Rob was Going to use the script not wrote that Because they lay it all out and then
They go by the way I'm loyal Look you're gonna pay me twice as much Tell me how that doesn't Think about but you guys are laughing no I'm telling you I'm on the other side I Think I sit in front of some of these People and they use these scripts and I'm like Did you just tell me and you made a Threat and then you told me you're um You believe in loyalty yeah so so here's The point guys go ahead and do it go for It you know what all this means if for Those who want the CEO and the executive To fully work on them and lock onto them And hey I'm gonna be the next person That CEO and that guy's sitting there Saying I'm looking for guys I had an Interview the other day Four four I spoke to a very powerful person in America the other day Okay and we're Having this conversation And a conversation came about this one Person another very very powerful person In the world And he says let me tell you about this One person everybody knows who you know You know who this person I'm just not Saying the name and don't say anything I Don't know Adam so say it yeah so I'm Talking to this person and the Conversation goes about well listen Patrick obviously we've been following
Your work for years He says how important is loyalty to you I said very he says tell me the names of People that you trust trust trust That you know you can talk openly and I Gave nine names me and Adam for sure but Nine names I gave right and I give these Nine names and first name status I'm Giving these nine names and he says okay So you understand the bigger you get how Much harder it is to trust people Because of how many people backstab you Yes That guy's been backstabbed so many Times That the bigger you get it's harder to Trust more people And I totally agree with them now here's The benefit if a guy like that or me or Somebody that's going to be growing Businesses for many many years Takes a liking to you and starts working With you there's a very high likely Chance you're going to win that that's The that's the uh what what factor That's the X Factor when when there is Somebody behind closers like you know For me I'm not getting spiritual on you but I'm Convinced a lot of the things that Happen to me I'm convinced I've read a Book called David and Goliath it says People who are close who had a close Call of dying they feel they have a
Certain you know not connection like you Have certain favor like you think you're Supposed to do you're destined right It's a very interesting way he explains It but I think God's on my side and I Think God's on our side and I think what We're doing is a necessary message that We have and I think miracles happen Right there's a very unique confidence That show when you walk around known Somebody like that's got your back you Just walk different you talk different You process different you do things in a Different way when you know someone has It kids have that when they know who Their dad is you know players do that When they have a coach a coach doesn't Want the owners be there is a certain Feeling now you want to take this Approach all you're doing is for the Employees that are going to think about Using this against the employer good Luck to you good luck to what happens And go in the marketplace and see if That strategy is going to work out by The way again all this does the Stupidity of things like this it creates A division between the employer and the Employee as if we don't already have Enough Division let's add some more division Between employer and employees and act Like we're on the employee side keep Doing that and see what happens and you
Can only do this once by the way yeah You've that once you know if you pull This trick off and you get a little bit Of money they know you're not loyal You're probably not going to get a next Promotion at the place you just extorted The arrays from and if you left anyway You know If you really did that with a new Employer if someone came to me if I was A week let's say I was a weak-minded Kind of a low ethics uh competitor and I'm welcoming A salesperson to bring in All these you know contacts that came From the other company or something or Or information they really shouldn't Have brought in my door do I trust him No because I can set my watch means Someday he's going to do that to me for His next job so it doesn't work this way You're absolutely right Pat it doesn't Work you you get marked you pull it off Once you're still a marked person Because you respect honesty like you You'd rather have somebody walk in but Not with all this gimmick and Just be like Pat like even and even if They got emotion like Pat I need this raise Eggs For a dozen and I have a date coming Over She wants that would actually work that Would work
You know I want to cook for you you come In the bag I'll serve you what would you like take A bottle I'll bring you dozens of eggs Just take it home but I love you I was Gonna do this whole gimmick And she calls her girlfriend you will Not believe we're having dinner I look At the back by the kitchen what he had Ten dozen eggs Or get organic you should make holy Make marriage that's hilarious Hey go back to uh go back to the Iger Thing that's so funny because what's It's all come home to ruse Tim Armstrong Who was CEO of all Verizon media if I Had one piece above by the way think About this this is 18 months later Pat Remember you know work from home help The workers they're going to give you The same thing they're going to be doing All this stuff right Tim Armstrong if I Have one piece of advice for you young People in your 30s go back to work get In the office you can't build meaningful Constructive relationships with your Counterparts through Zoom as a result You're going to miss out on personal Development and promotion opportunities They come to the office when they want To raise they come to the office when They want a promotion then I ask them How have you engaged with your Co-workers how have you developed no
Answer now let's go back down here third Paragraph for Iger because it's all Coming back Bob Iger as you've heard me say many Times creativity is the heart and soul Of who we are and what we do at Disney And then a creative business like ours Nothing can replace the ability to Connect observe and create with peers That comes from physically being Together nor the opportunity to grow Professionally by learning from leaders And mentors 18 months later Pat remember The a war on business and a war I a let Him work from home I won't hurt your Productivity it's complete BS it's all Coming back so if you like this clip and You want to watch another one click Right here and if you want to watch the Entire podcast click right here [Music]
