:quality(80))
People often open a bottle of champagne to celebrate special occasions. It could be the signing of a contract or perhaps a successful business succession. When you choose a bottle of Veuve Clicquot, you’re not just enjoying a fine drink—you’re also savoring a piece of female entrepreneurship.
For behind the brand lies the story of a remarkable woman: Barbe-Nicole Clicquot-Ponsardin, better known as the Widow (Veuve) Clicquot, took over the company in the early 19th century following her husband’s death and led it to the top of the global market with a spirit of innovation and business acumen.
This shouldn’t really come as a surprise. And yet: even today, corporate succession is still a male-dominated field. Women make up only about 25% of top-level corporate leadership—and the growth in that figure is negligible. Over the past ten years, the proportion of female executives has increased by only 1%—we’re not talking about the last century, but the 2000s!
While initiatives like “Girls’ Day” do encourage young women’s interest in technical careers, they do little to change the gender balance in the boardroom. This annual event (on April 3, 2025) takes place in Germany every year and gives girls and young women the opportunity to learn about careers in engineering, IT, the trades, and the natural sciences—that is, in fields where women are traditionally underrepresented. The question is: Why do women so rarely take the helm of companies—and how can we change that?
Succession as a Career Path: Women Who Are Doing Things Differently
Several inspiring examples show that women can indeed be successful as successors. One of them is Lisa Stuhler, founder of Tilia Nachfolgekapital. She pursues a strategy that is still uncommon—not just for women, but overall: she specifically seeks out companies for succession planning.
While many female entrepreneurs often enter the business world only through the existing family business or start their own company from scratch, Stuhler takes a third path: The Munich-based entrepreneur seeks out established companies with a valuation of at least €5 million in industries where she already has experience, with the aim of acquiring them in full or through a majority stake. Her example shows that women don’t have to wait for the “chance” of an internal succession—they can actively acquire companies and shape them themselves.
Another example is Isatu Waag and Sarah-Jane Haab, founders of Immonu GmbH, who are jointly digitizing the property management industry. On the one hand, they are entrepreneurs with their own startup; on the other hand, they are pursuing succession opportunities: It is part of their business model to take over established property management firms during the succession process, which they have already done successfully on multiple occasions. Their approach shows that succession isn’t just about preserving an existing company—it can also be the key to innovation and growth. Especially in traditional industries, female leadership can provide new impetus and drive change.
Academic research also addresses the role of women in business succession. Prof. Dr. Birgit Felden, an expert on business succession in Berlin, emphasizes that women often lead companies in a more sustainable and employee-oriented manner. Nevertheless, daughters are less frequently designated as successors in family businesses, and external succession by women remains the exception. Nevertheless, there are specialized programs for aspiring female entrepreneurs and successors, such as the nationwide Gründerinnenagentur (bga) campaign “Succession Is Female!” or the Association of German Women Entrepreneurs’ project to promote more female succession.
Why do women so rarely take over businesses?
Despite inspiring role models, there are still many hurdles:
Lack of Role Models & Networks
While men are often integrated into entrepreneurial networks at an early age, women often lack the right mentors and contacts to even consider a succession opportunity.Financial barriers
Women often face greater difficulty accessing venture capital or loans. Studies show that female founders are less likely to find investors—and the situation is similar when it comes to business succession. Dr. Prüver of EY refers to this as a “gender investment gap.”Cultural Expectations
Even today, there remains an unconscious bias that men are considered “natural” entrepreneurs, while women tend to choose safer, less capital-intensive career paths.Self-Perception & Risk Appetite
Research shows that, even with equal qualifications, women often act more cautiously and assess themselves more critically than men. This can lead them to pass up opportunities before they even arise.
What Needs to Change?
There is no reason why women shouldn’t take over companies just as naturally as men. To promote this, we need:
Greater visibility for female successors
Successful female entrepreneurs like Lisa Stuhler or Isatu Waag need to become better known to inspire other women.Better access to financing
Banks and investors should provide more targeted support for business succession led by women.Early support & networks
Programs that actively prepare women for succession options and equip them with the right contacts are essential.A Shift in Mindset in Family Businesses
Parents should view their daughters as potential successors just as naturally as they do their sons.
Conclusion: Women Must Discover Succession for Themselves
Business succession is an opportunity—and a major one at that. It offers a direct path to entrepreneurial responsibility without the uncertainties of starting a new business. Successful examples show that women can and should take this path. But they need greater visibility, support, and the right kind of encouragement.
It’s time for more women to take the “CEO’s chair.” Perhaps soon we’ll be raising a glass of Veuve Clicquot not just on special occasions—but to the next successful generational transition led by a female entrepreneur.
