The national survey, underwritten by Massachusetts Mutual Life Insurance Company, “targeted women and men owners whose businesses were at least five years old and had grossed $1 million
or more in revenues in the previous year.” The study revealed three important ways women business owners differ from their male counterparts:- While women and men business owners are equally motivated by the profitability of a sale, women are much more likely to also take into consideration the impact of the sale on their employees.
- While women who previously owned businesses are well-prepared to sell their businesses, first-time women business owners typically are less so. There is no such difference among men.
- And women business owners are nearly twice as likely as men business owners to intend to pass the business on to a daughter or daughters (37% vs. 19%).
The study indicates a need for help among women business owners from financial services professionals in the area of preparing to sell their business. According to the study women business owners are concerned about the future of their employees as business sales and growth fluctuates. Insurers have an opportunity to offer products to an untapped marketplace.
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