Nancy Stabell

Nancy Stabell – Why Networking and Community Support Are Crucial for Entrepreneurs

Nancy Stabell is the Founding Member of Wood Stabell Law Group, PLLC, which provides strategic, business‑oriented legal services to entrepreneurs, investors, and growing companies. As a fourth-generation attorney, she has over two decades of experience in corporate law, mergers and acquisitions, and commercial real estate. Before founding Wood Stabell, Nancy gained experience in private practice and as a senior in‑house counsel.

Here's a Glimpse of What You'll Learn

[1:58] Nancy Stabell discusses her background in law and entrepreneurship
[3:22] Nancy’s decision to start her own law firm after being laid off
[6:45] How Nancy’s experience as an entrepreneur helps her relate to business owners
[13:26] EO’s role in growing Nancy’s law firm
[15:44] A difficult client decision that tested Nancy’s ethics and decision-making
[20:24] Advice for new EO members on engaging with the community

In This Episode

What does it take to transition from a corporate career to owning your own business? This leap requires a clear vision and the courage to take risks. How can you navigate the uncertainty and build a thriving business from the ground up?

Fourth-generation attorney Nancy Stabell always knew she was destined for a career in law. However, after years in a corporate job, she faced a pivotal moment when a company restructuring left her unemployed. Rather than seeking another position, Nancy took the plunge and began her own firm. At first, she worked out of a closet and built her client base through coffee meetings. Nancy emphasizes the value of working with entrepreneurs and building meaningful relationships that align with your passions.

In this episode of The Decision, Robert Hartline and Eric Jackson sit down with Nancy Stabell, Founding Member of Wood Stabell Law Group, PLLC, to discuss her journey as a founder. She talks about starting her firm after being laid off, navigating her first year in business, and the value of joining EO for growth.

Quotable Moments:

“You’ve just gotta big D decide. It’s kind of like rappelling. You got to take that step off the cliff.”
“Law firms are not necessarily particularly healthy environments either, but this company was particularly unhealthy leadership.”
“What you put into it is what you get out of it. And I think that really is EO-centric.”
“Number one rule of business is don’t do business with criminals.”
“I was really lucky that I had some people who remembered me and they really liked me.”

Action Steps:

Take the leap to become an entrepreneur: Stepping away from a secure job to start your own business builds resilience and fosters independence. It allows you to follow your passion and create something meaningful, even in uncertainty.
Build a healthy, collaborative work environment: Carefully vetting employees and ensuring team compatibility are vital to a productive, positive culture. A toxic work environment can undermine productivity, so creating a supportive space is key to long-term success.
Leverage community support: Engaging with organizations like EO provides valuable resources and personal connections that can accelerate business growth. Being part of a supportive network allows you to learn from others’ experiences and gain insights into overcoming obstacles.
Invest time in understanding financial drivers: As an entrepreneur, learning the basics of accounting, P&L statements, and balance sheets is critical to sound decision-making. Understanding your finances helps avoid costly mistakes and strengthens your ability to guide others in their businesses.
Be mindful of your relationships with clients: Building trust and maintaining strong connections with clients leads to long-term success. When they reach out, it’s your responsibility to deliver value and maintain the relationship, which can lead to continued opportunities and growth.