The Estate & Asset Protection Law Firm Owner, Shannon Pawley, Provides Strategies For Creating A Succession Plan For Small Business Owners.
Shannon Pawley, The Estate & Asset Protection Law Firm Owner, helps guide small business owners toward the creation of well thought out estate and succession plans.
DECATUR, GA, February ••, 2024: Shannon Pawley, Owner of The Estate & Asset Protection Law Firm, has posted a new article on the law firm’s website entitled “Estate Planning for Small Business Owners.” Ms. Pawley acknowledges the greater importance of estate planning for business owners.
Pawley writes, “As an estate planning attorney, I actively encourage everyone – readers of my blogs and articles, and those who seek my counsel – anyone with significant assets such as real estate, a home, vehicle, boat, digital assets etc. – to create an estate plan.” She continues, “We just never know what can happen in this life. Illnesses spring up, accidents happen. We are often taken by surprise from this earthly plane leaving loved ones in the position of making decisions that they would never have to make if there were an estate plan with health directives in place.” She emphasizes, “And when someone has a small business, the importance of having not only a personal estate plan is important, but even more important is having an estate and succession plan for their business.”
As Pawley acknowledges, “Most people start businesses to create a legacy for their families. And,” she adds, “most small business owners are frequently too busy to step outside of their busy boxes to create a plan for their business should something tragic happen or in the event you simply may want to transition out of the business.”
If you’ve watched the HBO episodic, Succession, that created such a buzz, you may understand a little better the importance of putting a plan in place sooner rather than later. Granted, in that television drama, there were multiple corporate entities in the conglomerate, but the same kind of infighting and drama occurs in small businesses when there are no clearly defined plans.
Pawley goes on to offer five strategies “to safeguard the continued operation of your business.” The first strategy she states, is “a well-designed business succession plan that outlines specific steps to be taken when you retire, sell your business, or pass it on to the next generation.”
As Pawley points out, “One of the primary goals of succession planning is to minimize the potential for disputes among family members or business partners. This can be achieved by establishing a clear plan for the transfer of ownership and management, including the roles and responsibilities of everyone involved in the business.” She adds, “A well-designed succession plan can ensure the continuity of the business and preserve the legacy of the business owner.”
The entire article can be read by CLICKING HERE
About The Estate & Asset Protection Law Firm
The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Shannon Pawley has grown her law practice by providing excellent customer satisfaction with personalized wealth protection plans.
About Shannon M. Pawley, J.D., LL.M
As the owner of The Estate & Asset Protection Law Firm, Shannon M. Pawley and her entire team share a passion which focuses on being able to serve the legal needs of retiring individuals. In our firm, WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability. We also believe that privacy and protection are the keys to personal peace. Born and raised in the Tidewater area of Virginia to a tightknit family with strong military service roots, Shannon learned from an early age the value of hard work and the importance of social awareness to ensure you always leave a situation in a better place than how you entered it. In her junior year of high school, Shannon served as U.S. House of Representatives Page during the 101st United States Congressional Session in Washington, D.C. This experience exposed her to numerous new cultures and worldly issues. Walking away from her experience as a U.S. House of Representative Page, Shannon knew that she wanted to pursue legal studies and be able to assist others in obtaining the best results available in difficult situations.
Shannon earned her undergraduate degree at North Carolina Wesleyan College and pursued a law degree from Michigan State University College of Law. After obtaining her law degree and becoming a licensed attorney in Michigan, she continued her educational pursuit by acquiring a LL.M. (Master of Law) in Taxation from Wayne State University. After moving to Georgia in 2018, Shannon obtained her Georgia law license and has enjoyed being able to pursue her desire of ensuring persons are able to age with dignity, grace and independence.