Marguerite Weese, national director of family legacy strategies at Wilmington Trust, said business owners across genders traditionally have not invested in developing the business skills of their female heirs into business leaders. “But it’s clear that women are eager to get their daughters involved. By educating them on business fundamentals and financial literacy from an early age – and by identifying mentors, both inside and outside the family – owners can help the next generation of women build the leadership skills they need to prosper,” she said.
The survey found that when it comes to having a succession plan and a contingency plan, both men and women could use some guidance. A little more than half (51%) of women and 55% of men were highly confident that their business would survive because they have a transition plan in place. And 59% of women and 54% of men are highly confident their business would survive because they have an exit strategy.