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8 Ideas To Strengthen Your Family-Owned Business
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Article 3: Give Women The Reins
When filling management spots and planning for succession in your firm, break the glass ceiling for the women in your family.
“Proponents of women as business leaders will be excited to learn how women are making their mark on U.S. family firms,” says I. Elaine Allen, Ph.D., researcher for the 2003 MassMutual Financial Group/Raymond Institute American Family Business Survey.
More than 34 percent of U.S. family firms that participated in the survey reported that the next CEO may be a woman. That’s good news for family businesses, because women are proving they have the right stuff to successfully run family firms. The survey found that:
- Women-owned family businesses are nearly twice as productive as their male counterparts.
- Women-owned family businesses also do more with less. Although revenues are slightly less, they generate sales with fewer median employees, employing 26 individuals compared with 50 at male-owned firms.
- Women-owned family businesses even have a 40-percent lower rate of family member attrition.
- If the CEO’s retirement is anticipated, women-owned family businesses are more likely to have chosen a successor than their male counterparts.
With those kinds of statistics, it’s no wonder that the number of women-owned family businesses have increased by 37 percent in the last five years.
Your family business can tap the power of women too. Give them seats on the board of directors. Promote them into management positions. And when it’s time to hand over the CEO responsibilities, make sure you consider giving a woman the reins.
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