Eminent Development Corporation: Entrepreneur Julian Walters has worked with SBDC on multiple business concepts
In 2022, eager to turn his business ideas into reality, Julian Walters met with SBDC director Michelle Somes-Booher to learn about the Wisconsin Small Business Development Center at the University of Wisconsin-Madison (SBDC). At Somes-Booher’s urging, Walters joined the SBDC’s Entrepreneurial Training Program (ETP), then worked with the SBDC on projections, and has maintained his relationship with the SBDC ever since, as he’s iterated on several business ideas and moved forward with Eminent Development Corporation.
“I’m a poster child for all the services SBDC offers,” Walters says. “ETP helped me write my business plan, which I tailored with Heather [Ferguson, SBDC program manager] and feedback from Michelle. When I was ready, I sent it over to the Projections clinic, and they helped me project out a budget and make sure that when I went to propose my business plan to financial institutions, I’d fleshed out all the possible scenarios.”
In the meantime, Walters enrolled in an MBA program and continued working in real estate. As his real estate career took off, he launched Eminent Development Corporation and landed a large grant to support a low-income housing development on Park Street in Madison.
“The skills I learned from working with SBDC, especially talking through projections, taught me how to structure a business,” Walters says. “I had to project 15 years down the line and how income and expenses could impact development.”
Eminent Development Corporation is awaiting news on additional grant funding and anticipates beginning a twelve- to fourteen-month construction period in the first quarter of 2025, with anticipated completion in the middle of 2026.
“One thing I like most about the SBDC is that they’re super patient,” Walters says. “I never felt pressure to launch anything specific, even when my business plan and projections were done. They have always said, ‘We’re here as a resource, and when you are ready, we’ll be here to support you.’”
“One thing I like most about the SBDC is that they’re super patient,” Walters says. “I never felt pressure to launch anything specific, even when my business plan and projections were done. They have always said, ‘We’re here as a resource, and when you are ready, we’ll be here to support you.’” ~Julian Walters
Walters also says Somes-Booher and her staff always make sure the SBDC feels welcoming.
“They’re easily accessible and flexible, and their connection with UpStart is helpful,” he says.
Somes-Booher and her team create the curriculum for WARF’s UpStart program, which trains cohorts of women and BIPOC entrepreneurs about every aspect of business ownership, from social media marketing to buying insurance to writing a business plan. SBDC staff and business community members teach the courses, and many entrepreneurs develop a collaboration with the SBDC after completing UpStart.
Walters says SBDC’s free services are critical to the success of diverse entrepreneurs in Madison.
“The barrier is capital–you might have money to start up but not to pay for business prep, planning, etc.,” Walters says. “SBDC is a huge help. They told me about other funding opportunities and connections, so SBDC is a one-stop shop to help get a small business off the ground.”
Dedicated to community
Walters is dedicated to helping his community and uses what he’s learned at the SBDC in those contexts, including planning and hosting JuJu’s Block Party, an annual large-scale basketball tournament that brings together the community in the South Park Street area of Madison. Walters loved the block party as a child, when it was run by neighbor/community leader Johnny Winston until 2009. An avid basketball player, Walters played professional basketball in Europe for several months, but his career was curtailed by the COVID-19 pandemic.
In fact, SBDC staff participate in Walter’s annual community event JuJu’s Block Party.
“I went home unemployed, with no money, and I had to figure out what was next,” Walters says. “In that time of isolation, I pivoted to real estate, and that led me to job with Urban League of Greater Madison, where I was the manager of the home ownership program. I helped purchase, renovate and sell homes to income-eligible families, which was super cool. From there, I was able to pivot to Common Wealth Development as project manager for a year, and then I started Eminent Development Corporation in 2023.”
JuJu’s Block Party began in 2021 as a streetball tournament and has grown since then, adding activities, food trucks, free haircuts, and a filled backpack giveaway. This year, three scholarships were awarded to graduating seniors with plans of attending college in the fall.
“The event provides resources to every family member–backpacks for children, resources for adults–all in an environment that’s fun and entertaining,” Walters says. “The business practices I learned from the SBDC helped me fundraise to pull off the event.”