06.18.24

Female Business Owners Need a Nudge When It Comes to Succession Planning: BMO's Carol Schleif

by: Gregg Greenberg

Business owners need to be reminded sometimes of the need for succession planning, says Carol Schleif, chief investment officer at BMO Family Office. “We did a survey earlier this year to evaluate planning, and it was about equally split between men and women,” said Schleif. “And the women business owners in particular were substantially less likely to do succession planning.” Schleif says it’s often the role of the financial advisor to remind clients of the need to consider succession. Schleif says women business owners tend to procrastinate when it comes to succession planning because they are more conscious of their employees and customers compared to men in her experience. As a result, she has seen a number of female business owners create plans to sell their businesses to their employees.

Read the full article on InvestmentNews