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responsibility, we can expect to see a great





deal more female-run family businesses as the next generation step into their


predecessors’ roles


With women taking increased


“I think one common rule that


my dad established is that our husband or wives cannot become too involved in the business. It has to be professionally run to preserve the family unity—and to avoid conflict and misunderstanding.”


JOBS FOR THE GIRLS The rising economic clout of women


has been one of the biggest societal changes in recent decades, and Fiona Lucas, RBC Wealth Management managing director, says there are clear differences in the way women look at the issue of succession. A 2018 study conducted by The


Economist Intelligence Unit on behalf of RBC asked 1,051 high net worth individuals (502 women and 549 men) about their plans for their businesses and wealth. In the UK, 42% of high net worth


women business owners want to pass their businesses on to their families, compared with 24% of men. Lucas says in her experience, women


are more likely to manage the business with the next generation in mind. “With women taking increased


responsibility, we can expect to see a great deal more female-run family businesses as the next generation step into their predecessors’ roles.”


ISSUE 74 | 2018


Lucas says the rise of auxiliary industries like impact investing


could be partially attributed to women controlling more wealth and the “holistic” attitude they brought to the business realm. “Before, women would have looked after philanthropic


ventures on behalf of their wider families. Now, however, as women are increasingly managing wealth of their own creation, philanthropy is more important than ever as women look to align their business objectives with their personal brand and motives. “Impact investing is also aligned with their ambitions to leave a


sustainable legacy. In this way, ensuring that their businesses give back to the community is instrumental for wealthy women as a means of building the reputation of their business.” As more women assume this wealth creation role, expect to see more female business leaders lead from the front.


CAMPDENFB.COM 33


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