Here's what happened to Charter Oak, a successful new mortgage business that didn't protect itself from its own employees. Ten of them left as a group for a larger competitor, allegedly stole files and pending deals, and basically decimated the business. Lacking non-compete, confidentiality, and non-solicitation agreements, Charter Oak lost in court. The case is now on appeal.
It makes you think, doesn't it? Doubtless caught up in the euphoria of establishing a new business, Charter Oak's principals failed to plan for the worst and are now paying dearly for the oversight.
We present many of our posts as life lessons on what can happen if you don't do things the right way. Charter Oak's situation is about as graphic an example as we have found.