Recap:

In this episode of the Owning It Podcast, host Joey C. interviews Shahara Wright, a business attorney specializing in helping entrepreneurs create businesses that give back to their communities. They discuss the different legal structures available for entrepreneurs who want to make an impact, such as nonprofits and donor-advised funds (DAFs), and the challenges associated with each. Shahara emphasizes the importance of thinking carefully before starting a nonprofit, suggesting that some entrepreneurs may want to consider supporting existing organizations instead. They also cover topics like budgeting for charitable contributions, the importance of understanding how nonprofits function, and ways businesses can incorporate giving into their models.

Show Notes:

00:00 – Introduction to Shahara Wright and her expertise

01:32 – Shahara’s background and how she started her firm

03:05 – How Shahara helps businesses grow and structure

04:13 – Steps to legally start a nonprofit

08:02 – Why entrepreneurs should think carefully before starting a nonprofit

11:12 – Tips for budgeting for charitable giving

13:00 – Joey’s approach to giving back through One Tree Planted

16:00 – Researching and vetting charitable organizations

21:00 – Understanding Donor-Advised Funds (DAFs) as an alternative

25:00 – How to connect with Shahara Wright - https://thewrightlawyer.com/