Maxwell took over the space and started paying rent last December. But it took her until February to get all the requisite city licenses. Meanwhile, she struggled with start-up expenses, and she had fewer kids than she expected off the bat.
At WomenVenture, a staff business analyst and volunteer attorney vetted her business model, trained her to manage the books and loaned her $9,000 to cover several months rent and other expenses. The conclusion was Maxwell had the experience and capacity to grow the business. She just needed a cash infusion to get her through the first few months.
Roseanne Hope, a volunteer WomenVenture attorney, also helped Maxwell renegotiate her lease.
Wyatt, a former CPA and business manager, said Maxwell is an ideal candidate for WomenVenture, which has shed ancillary services in recent years to focus on the growing number of female entrepreneurs who boast experience and great work ethic, but not much capital.
“Yolanda was struggling a year ago,” Wyatt said. “She had only six kids in the day care. Now she’s at 28 and there are people vying for open spots.
“You don’t want to make a loan that makes a family’s situation worse. But we have stopped looking [just] at credit scores and assets. Some of these people don’t own houses. We look at the people. And household cash flow. We underwrote based on Yolanda, her business and her family. She had experience and character. We believe the business had the ability to pay the loan. We have many successful child care businesses in our portfolio.’’
This also is a smart move by Wells Fargo and the other financial institutions, corporate, foundation and individual donors who support WomenVenture.
A disproportionate number of start-up small businesses in the Twin Cities are headed by women and minorities, including immigrants, who are long on talent but short on capital. They are not “bankable” by federally insured depositories.
Banks and foundations fund outfits such as WomenVenture, Neighborhood Development Center, Northside Economic Opportunity Network, and other nonprofits that provide training and small operating loans to help the businesses develop. Most of them are located in frayed-edged, business-hungry cities, small towns and inner-ring suburbs.
“The growth and success of diverse-owned small businesses depends on the entire ecosystem of organizations that work with and support these businesses,” said Joe Ravens, Wells Fargo’s Minnesota president, who also lauded WomenVenture.
Wyatt said the Wells grant, its single-largest private grant ever, validates its approach.
“In Minnesota, women own 35 percent all small businesses, yet they access only 4 percent of all bank capital,” Wyatt said. “And while the number of African-American women-owned business has increased by 79 percent, the average median income for African-American Minnesotans has fallen 14 percent and the poverty rate has increased.
“We have an incredible opportunity to help these women start and grow profitable, sustainable businesses.”
Roseanne Hope is excited to announce that she became a new member of the Board of Directors of Camp Fire Minnesota this Summer! On Oct. 27th, Camp Fire will be having our annual event, “Feel the Warmth – Wine, Whiskey & Beer Tasting”. Hope Law is a sponsor to this popular event benefitting Camp Fire Minnesota. It’s a wonderful organization that supports future youth leaders and helps them light the spark within by providing after-school programs and summer camps including scholarships for low-income youth. Tickets are almost sold out. Please join us if you can! Check out the website to see what other wonderful things Campfire Minnesota is accomplishing! http://campfiremn.org/Events/index.htm
Volunteer Spotlight: Roseanne Hope
Roseanne Hope is owner and principal of Hope Law, a boutique commercial real estate and business law firm located in Edina. After a 20 year career working as an attorney for large law firms like Dorsey & Whitney, Faegre Baker Daniels and Robins Kaplan, Roseanne co-founded Compendium Capital in 2009, a small woman-owned business that worked with the FDIC and failing banks during the financial crisis. She then went on to found Hope Law, a certified Women’s Business Enterprise, which serves both private and nonprofit clients. Roseanne is also a founding member of Minnesota Commercial Real Estate Women (MNCREW), an organization that is celebrating its 20th anniversary this year and that provides a supportive network for women working in the male-dominated real estate industry.
Roseanne has been volunteering with WomenVenture for over a year, teaching classes on commercial real estate for new entrepreneurs and working with small business owners one-on-one, providing lease review and negotiation pro bono. She feels rewarded when she sees entrepreneurs succeed who would not otherwise have been able to afford an attorney. As a business owner herself, Roseanne encourages entrepreneurs to stay motivated and focused through the inevitable ups and downs of business ownership. When not working, Roseanne is busy marathon training, travelling, and volunteering with a variety of organizations!
August 16, 2016
The Minnesota State Bar Association announces the certification of: Stephanie Angolkar, Iverson Reuvers Condon; Ryan Blumhoefer, Schmitz Ophaug Dowd & Blumhoefer, LLP; Jonathan Drewes, Drewes Law PLLC; Roseanne Hope, Hope Law PLLC;Timothy Netzell. Netzell Legal Services PLLC; Daniel Piper, University of Minnesota; Bradley Schaeppi, LandlordLaw.MN; Jerry Steinke, Jerry B Steinke Attorney at Law; and Alyssa Troje, Lapp Libra Thomson Stoebner & Pusch Ctdas a MSBA Board Certified Real Property Law Specialists. This Certification program is administered by the MSBA and approved by the State Board of Legal Certification.
The certified specialist designation is earned by leading attorneys who have completed a rigorous approval process, including an examination in the specialty area, peer review, and documented experience. Certified attorneys have demonstrated superior knowledge, skill and integrity in their specific field and can use the designation of specialist to advertise their credentials. The MSBA has been accredited as an independent professional organization for certifying attorneys as Criminal Law Specialists, Real Property Law Specialists, Civil Trial Law Specialists and Labor and Employment Law Specialists. This achievement has been earned by fewer than 3% of all licensed Minnesota attorneys. More information about Certified Legal Specialists is at http://www2.mnbar.org/certify.
With over 15,000 members, the MSBA is the state’s largest and most influential voluntary organization of attorneys, providing continuing legal education and public service opportunities for lawyers, and assistance to the legal system. The MSBA has been accredited as an independent professional organization for certifying attorneys as Real Property Law Specialists since 1988.
May 24, 2016
For Immediate Release
HOPE LAW PLLC NETS NATIONAL CERTIFICATION AS WOMEN’S BUSINESS ENTERPRISE
Contact: Roseanne Hope, Hope Law PLLC
Minneapolis, Minnesota. Commercial real estate law firm Hope Law PLLC has been awarded national certification from the Women’s Business Development Center (WBDC), a regional certifying partner of the Women’s Business Enterprise National Council (WBENC).
“The national standard of certification by WBDC is a meticulous process, but one well worth the effort– especially if organizations want to demonstrate a true commitment to fostering diversity,” said Hope Law principal Roseanne Hope. “We are proud to be recognized as a Women’s Business Enterprise, and we look forward to working with industry and government partners that share our commitment to promoting women-owned businesses.”
The rigorous certification process includes an in-depth review of all facets of the business as well as a site inspection. Certification confirms that the business is at least 51% owned, operated and controlled by a woman or women.
The mission of the Women’s Business Development Center (WBDC) is to provide services and programs that support and accelerate women’s business ownership and strengthen their impact on the economy. By including women-owned businesses among its vendors, corporations and government agencies demonstrate a commitment to fostering diversity and to the continued development of their supplier/vendor diversity programs.
About Hope Law PLLC
Hope Law helps corporations and government entities satisfy their supplier diversity requirements by providing high-value, cost-effective commercial real estate legal advice. Hope Law delivers corporate real estate services that combine the efficiency of in-house counsel with the perspective of an outside real estate practitioner. Representing a diverse group of small to mid-sized clients, Hope Law PLLC works with real estate developers, lenders, private equity investors, corporate real estate departments, small business owners, women entrepreneurs, non-profits and other institutions. Hope Law also has advised owners on a variety of properties, including office, medical facilities, mixed-use, shopping centers, national retailers, industrial and manufacturing facilities, hotels and resorts, and single/multi-family residential units.
Principal Roseanne Hope, with over 25 years of experience, understands the powerful impact that women-owned businesses have on families, community and the economy. This is her second successful start-up. In addition, Hope is co-founder of Minnesota Commercial Real Estate Women (MNCREW), and also served as its first president. She is a former board member of the Women’s Foundation of Minnesota, and Ms. Hope currently teaches real estate courses and provides pro bono legal counsel to women entrepreneurs at Women Venture.
For more about Hope Law, visit www.hopelawoffice.com.
The Women’s Business Enterprise National Council is the nation’s largest third party certifier of businesses owned and operated by women in the United States. WBENC is a resource for the more than 700 U.S. companies and government agencies that rely on WBENC’s certification as an integral part of their supplier diversity programs.
by Ann Drew Yu, Life Coach and Creator of The Intention Program™
Recently, I had the pleasure of doing a Feng Shui consultation with Roseanne Hope, principal attorney at Hope Law PLLC, as she prepared to open her new law office. We spent 90 minutes together, preparing her new office space, discussing her intentions for Hope Law, and revisiting the fascinating path that led her to this point.
Below are highlights from our conversation.
Why did you decide to open Hope Law?
I like being an entrepreneur. In 2009, I started Compendium Business Strategies with Julie Tanaka and Bren Buckley. We consulted with the FDIC and financial institutions and invested in and restructured pools of distressed commercial real estate assets.
In 2013, when the economy began to recover, I decided it was a great time to take a break and pursue a dream I’d had for years – traveling around the world. I spent time doing incredible volunteer activities – teaching English in Thailand, jobs training for trafficking survivors in Nepal, and developing social justice curriculum for law schools in Southeast Asia. These positions allowed me to give back and meet people from all over the world who were making a difference. I loved it!
Other adventures I pursued were riding an elephant bareback in the jungle, paragliding in the Annapurnas, sailing and snorkeling (and trying to dive) in the Great Barrier Reef, climbing Kilimanjaro, and trekking to Machu Picchu.
In 2014, when I came back from my adventure, everything felt like a fresh start. I eased into the transition by pursuing another dream – writing a memoir about my travel experience. This process helped me reflect on what I wanted next, and the answer became clear.
I wanted to open my own firm (Hope Law), get back into the corporate world, and return to the professional work and relationships I’ve devoted myself to for twenty-five years. Although I loved writing and will still work on my book in my spare time, I like to collaborate with people and help them close deals. It’s a wonderful sense of accomplishment and teamwork that energizes me.
What do you like about your industry?
I love that I have an opportunity to work with smart, sophisticated people in a collaborative team approach. That’s very satisfying and stimulating. As one of the founding members of MNCREW 20 years ago, it’s been rewarding to see the great progress women in our industry have made. I also like that it’s fast-moving with a lot of different components and variety. No deal is the same.
When you and I worked on your office, we spent time identifying your intentions for Hope Law. Would you share some of them?
Sure, first and foremost, I look forward to doing quality work with people I’ve built relationships with and served for 25 years, plus working with the new clients I’ll meet along the way. I’m fortunate to have many friends in the legal and real estate fields who have helped me get started through referrals and sharing marketing strategies and administrative secrets.
Of course, I intend for my business to be profitable and to be rewarded for my efforts. However, being a business owner can be consuming, and it’s important to me to keep balance in my life. Running, skiing, cooking and spending time with friends and family are my passions. I love to travel and explore the world, but I think I got the wanderlust out of my system…for a while!
Also, I want to make a contribution and give back to the industry. I’m planning to mentor young women in the field through MNCREW and other venues. I am training new women business owners in entrepreneurial skills, real estate and business law at Women Venture. And finally, my succession plan includes eventually bringing on a younger attorney to work with me.
Your new office is in the Pinehurst Building at 50th and France. I understand that you did the legal work for the redevelopment 15 years ago. That is a fascinating backstory. Was that a coincidence?
Ha! No it’s not a coincidence. Actually, it’s a fortuitous result of a long-term professional relationship. When I was practicing law at Dorsey and Whitney several years ago, I worked with Tom Lohmann, Dan Wozniak and Paul Maenner on all parts of this deal-the original acquisition, redevelopment, financing and leasing of this property. In addition to working on leases for this property over the years – most recently on the new Edina Realty office – I’ve also worked with them on other projects. Over time, we became friends.
When I decided to launch my practice in January, I gave them a call to let them know. They said, “We have a project for you to work on. And, why don’t you come office here?” It was a perfect set-up, close to my home. It’s a beautiful property in a fantastic location. I’m proud to have played a role in its development. I feel fortunate to be here.
Hope Law PLLC is a boutique real estate and business law firm providing strategic, confidential and expert advice for small businesses, private equity investors and corporate real estate departments. Principal Roseanne Hope has been advising clients on real estate leasing, acquisitions, financing and operations for 25 years. Her new office is conveniently located at 50th and France in Southwest Minneapolis.
Ann Drew Yu is a Minneapolis-based life coach and creator of The Intention Program. In addition to helping clients cultivate mindfulness and positivity, she is a certified Feng Shui consultant who helps clients create work spaces that are professional, prosperous, and balanced.