WOMEN AS FAMILY BUSINESS SUCCESSORS

Women today are challenging the stereotype and assumption that men are the best and most qualified candidates for taking over the family business. Women are no longer being perceived as only homemakers and supports of the men in the family. In fact, there is significant research that indicates some women are better than men at taking over the family business. This paper is a compilation of examples from various articles outlining the contributions of many women to their family businesses. Specific characteristics and qualifications are identified as well as a philosophical outlook on business. It is evident that more and more women are becoming successors to the family business. They are a vital alternative to the succession planning process. Whether the choice be son, daughter or spouse, maintaining a family business requires selecting the most qualified individual for a successful business. WOMEN AS FAMILY BUSINESS SUCCESSORS Recent studies reveal that as many as 175 of the Fortune 500 businesses are family owned. Other studies indicate that at least 80 percent of the nations 500 largest businesses are famil