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Elevating Women Magazine: Volume 5 | Issue 2

Women Who Mean Business

Charting your own path within the family enterprise

Letter from the Editor
Women are stepping into business ownership and leadership like never before.

The number of women-owned businesses has increased by 26% since 2012 — outpacing 19% overall business growth.¹ And with more than 70% of family firms considering a woman as their next CEO,² it’s clear we are witnessing not just a passing trend, but a profound shift in succession planning and the future of business leadership. This marks more than a simple passing of the torch. It represents a shift in vision, strategy and stewardship — one that blends tradition with innovation, and legacy with fresh perspective.

These leaders are not just maintaining the status quo — they are transforming it by bringing a collaborative spirit and deep commitment to both family and community. This new era of leaders is charting bold paths forward and proving that leadership is defined not by title, but by the courage to embrace change, make decisive moves, and carry forward the values that sustain a family’s legacy.

In this issue, we spotlight two extraordinary women who embody this next chapter of leadership. From a woman boldly revitalizing a beloved American brand with grit and vision, to a second-generation owner leveraging her own experience to thoughtfully prepare her daughters for successful stewardship — these stories illustrate the impact of women stepping into their power as business leaders, innovators and legacy builders.

Whether you're stepping into a leadership role within a family enterprise, preparing the next generation to carry forward a legacy, building your own business, or simply curious about the growing impact of women in leadership — we hope this issue empowers you to embrace your unique perspective and turn your vision into meaningful action.

Keep Reading
Portrait of Steph Wagner
CONVERSATIONS THAT INSPIRE

“When you’re trying to revive a business, run a business, take on a business, or start a business, it’s lonely — but you’re not alone.”

Learn how one woman revived her family’s fading brand into a fresh vision.

Watch the inspiring interview
Woman overlooking lake
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Learn More About Our Community

We’ve created a community where women are working together to share their knowledge and experiences. Learn from each other and experts as we navigate pivotal life moments and work to turn the vision we have for our future into action.

PARTNER WITH US

Northern Trust works with high-net-worth individuals and families to optimize the impact of their wealth and legacy. Request a meeting to discuss how we can work together.

Sources

1. 2025 Women Business Ownership Fact Sheet. Association for Enterprise Opportunity.

2. “Creating Inclusive Pathways for Next Gen Women Leaders in Family Businesses.” Wealth Management Magazine. October 28, 2022.