Building Legacies: Why Athena Is Committed to the Growth, Succession, and Exit Success of Women-Owned Businesses
October 2025 | National Women’s Small Business Month
Why Women’s Entrepreneurship Defines the Future of Business
Every October, National Women’s Small Business Month highlights the women who drive innovation, create jobs, and build stronger communities through entrepreneurship. It is a time to celebrate progress, recognize challenges, and renew our collective commitment to equity and economic growth.
At Athena Advisory Collective, our mission is to help women business owners grow, plan their succession, and exit on their own terms. We believe that legacy is not something that happens at the end of a business journey. It is built every day through strategy, structure, and stewardship.
When women build profitable, sustainable businesses, they change the trajectory of families, employees, and entire communities. The work of supporting women-owned businesses is not charity. It is an investment in the economic engine of the future.
The Economic Power of Women Entrepreneurs
Women are now one of the most influential forces in the American economy. In 2024, women owned 39.2 percent of all businesses in the United States, employed 12.9 million people, and generated $3.3 trillion in annual revenue [1]. These figures represent a 17 percent increase in the number of firms and a 53 percent rise in revenue since 2019 [1].
According to the Association for Enterprise Opportunity (AEO), women own approximately 13.3 million businesses and represent 45 percent of all entrepreneurs in the country [2].
Women entrepreneurs are not only creating jobs but also reshaping industries. They lead in healthcare, education, finance, marketing, real estate, and technology. Nearly 60 percent of women business owners say they started their company to advance a social mission, and 45 percent report reinvesting in local causes [2].
This blend of purpose and profit is a defining feature of women-led businesses. It shows that entrepreneurship, when guided by values and strategy, can generate both wealth and positive impact.
The Scale and Revenue Gap
Even as women-owned firms account for almost four in ten U.S. businesses, they generate only about 6 percent of total business revenue [1]. The imbalance between participation and scale remains one of the most persistent barriers to equality in the marketplace.
Wells Fargo’s Impact of Women-Owned Businesses 2025 Report estimates that if women-owned companies achieved the same average revenue as those owned by men, the U.S. economy would grow by an additional $10.2 trillion each year [1]. At the current rate, it would take more than 120 years to close this gap.
The cause is not a lack of skill or vision. Women founders face structural obstacles that limit access to capital, networks, and contracts. Only 24 percent of women entrepreneurs receive the full amount of business funding they apply for, compared to 41 percent of men [2].
Many women also operate in industries with lower average profit margins, such as healthcare and education, where scalability can be more difficult. Others face the ongoing tension of balancing leadership and caregiving responsibilities.
At Athena, we see this gap as a call to action. Our work helps women owners strengthen systems, clarify financials, and prepare for long-term growth so that their businesses are built for stability, scale, and wealth creation.
A New Era of Women’s Entrepreneurship
The years following the pandemic brought a historic rise in women starting businesses. What began as a wave of necessity entrepreneurship evolved into a movement of innovation and independence.
Women left traditional employment to seek freedom, flexibility, and purpose. They used technology to reach customers, automate workflows, and manage remote teams. This digital transformation made entrepreneurship more accessible than ever.
Women-owned businesses grew faster than the national average between 2019 and 2024. During that period, total revenue among women-led firms increased by more than 50 percent [1].
This momentum shows a shift in what work means for women. Entrepreneurship has become a path not only to financial freedom but also to personal alignment. Women are designing businesses around their values and using those businesses as tools for impact.
The Barriers That Remain
Despite extraordinary growth, women entrepreneurs continue to face systemic barriers that limit scale and wealth creation.
Capital access. Women are more likely to be denied loans or receive smaller amounts. Undercapitalization restricts growth and profitability.
Wealth inequality. Because of lower average earnings and assets, women often start with less money to invest in their ventures.
Industry concentration. Many women operate in service-based or care-driven industries with lower margins and slower returns.
Network exclusion. Limited access to high-value networks and mentorship reduces opportunities for investment and partnerships.
Caregiving responsibilities. Women continue to carry disproportionate family and household obligations, which constrains time for strategic growth.
Each of these challenges compounds the others. The solution requires both ecosystem change and personalized strategy. Athena’s advisory model is designed to address both.
Women of Color at the Center of Growth
The most powerful wave of new business creation in the United States is being led by women of color. Between 2019 and 2024, Black women-owned employer firms grew by 51 percent, Latina-owned firms grew by 44 percent, and Asian American women-owned firms grew by 19 percent [1].
These businesses represent resilience and creativity in action. Yet they continue to face the deepest structural barriers to scale. On average, women of color who own employer firms generate only half the revenue of white women-owned firms [1].
This difference is not about ability. It is about opportunity. Limited access to capital, persistent bias in lending, and smaller professional networks all play a role.
Athena works to close this gap through education, financial clarity, and enterprise value advisory. We help women of color turn their businesses into structured, transferable assets that can grow, sustain, and one day be sold or passed on.
When equity becomes enterprise value, economic justice becomes generational.
Why Succession Planning Matters
Many entrepreneurs think about growth but not transition. Yet succession planning is one of the most powerful levers of business value. It protects continuity, sustains culture, and strengthens valuation.
At Athena, we know from experience that a business capable of running without its owner is a more valuable business. Succession is not just about who will take over one day. It is about creating systems and leadership structures that allow the business to operate effectively today.
In our article Why Succession Planning Is Essential for Business Growth and Enterprise Value, we explain how intentional planning allows owners to protect both their legacy and their people [4]. It ensures that leadership transitions are not reactive but strategic.
A strong succession plan increases stability and makes a company more attractive to buyers, investors, and employees. It builds trust internally and confidence externally. It turns daily operations into an enduring asset.
Succession planning is not an ending. It is a continuation of the owner’s purpose.
The Importance of Exit Strategy
Exit planning is often misunderstood. It is not only for owners who are ready to sell. It is a roadmap for how value will one day be realized.
An exit plan defines how ownership will transition, how equity will be distributed, and how wealth will be preserved. It also aligns business goals with personal goals, ensuring that the company serves both.
Athena incorporates exit planning early in the advisory process. By helping owners understand the current and potential value of their businesses, we create clarity for long-term decisions.
Whether the goal is a sale, merger, or internal buyout, a clear exit plan gives owners control. It prevents rushed decisions and protects the value they have built.
An exit strategy does not signal the end of a business journey. It is part of responsible ownership. It allows owners to move forward with confidence, knowing that what they built can continue to grow in new hands.
The Role of Policy and Infrastructure
Women-owned businesses thrive when systems are designed to support them. The Office of Women’s Business Ownership (OWBO), through the U.S. Small Business Administration (SBA), oversees a national network of Women’s Business Centers (WBCs) that provide counseling, training, and access to capital [3].
Businesses that work with WBCs have higher success and survival rates than those that do not [3]. The SBA’s Women-Owned Small Business (WOSB) Federal Contract Program helps women-owned firms compete for government contracts, while the 8(a) Business Development Program supports socially and economically disadvantaged business owners.
The Women’s Business Enterprise National Council (WBENC) also plays a key role in advancing women entrepreneurs by certifying women-owned businesses for supplier diversity opportunities across major corporations and federal agencies. Athena actively helps clients prepare for and obtain WBENC certification, ensuring their documentation, ownership structure, and business systems meet eligibility requirements. Certification opens the door to procurement networks, corporate partnerships, and visibility that can accelerate growth.
SBA-backed lending to women-owned small businesses has increased by 70 percent since 2020 [2]. This growth demonstrates the power of intentional policy and investment.
These programs are essential to closing capital gaps, but funding alone is not enough. Strategic advisory, operational structure, and succession planning turn capital into capacity. Athena’s role complements these federal and certification programs by helping women use resources to build enduring value, not just short-term growth.
The Athena Framework
Athena’s approach to advisory work is grounded in three connected phases: Growth, Succession, and Exit. Each phase builds on the next, creating a pathway from stability to legacy.
Growth
We help owners establish systems and structure that enable scalability. Growth is not just about more revenue; it is about predictable processes, financial clarity, and sustainable profitability.Succession
Continuity requires preparation. We help founders and owners identify and train emerging leaders, document processes, and create the organizational depth needed for long-term success. Succession planning strengthens trust and improves valuation.Exit
We work with business owners to design an intentional transition strategy that aligns with their values and goals. Whether the exit involves a sale, merger, or generational transfer, the outcome is guided by clarity, confidence, and purpose.
This framework is how we help women move from working in their business to owning an asset that builds wealth and creates generational impact.
Women and Wealth
In our article Women & Wealth: Girls Just Want to Have Funds, we wrote that women do not simply want to make money. They want the freedom to make choices that reflect their purpose and priorities [5].
Wealth creation for women is about autonomy, not accumulation. It is about building stability, security, and options for what comes next.
Entrepreneurship is one of the most powerful ways women create wealth, yet many are not encouraged to think about their businesses as wealth-building assets. Too often, women focus on revenue instead of enterprise value. Athena’s role is to help shift that perspective.
When women understand how to measure and grow business value, they can make decisions that lead to equity and legacy. They can plan for transition without fear. They can build financial confidence that transcends their current role.
When women own their wealth, they own their future.
The Road Ahead
The next decade will determine how far women-owned businesses can go. Technology, demographic shifts, and policy reforms are reshaping entrepreneurship. The opportunity is immense.
If women-owned businesses achieved revenue parity with men-owned businesses, they would generate over $10 trillion in additional annual revenue [1]. Achieving that potential will require continued collaboration between policymakers, funders, advisors, and owners.
At Athena, we see this moment as both a responsibility and an opportunity. We will continue to guide women business owners to strengthen their foundations, plan their transitions, and realize the full value of what they have built.
The future of entrepreneurship is inclusive, intentional, and driven by women who understand that impact and profit can coexist.
The Next Chapter for Women in Business
National Women’s Small Business Month is a reminder that progress requires both celebration and action. Women-owned businesses have proven their resilience, creativity, and leadership. They are the foundation of a more equitable economy.
Yet, to fully realize their potential, women founders must be supported not only in starting and growing but also in planning and exiting.
Athena’s mission is to provide that support. We help women grow strategically, plan succession thoughtfully, and exit intentionally. Because when women build wealth, they build stability. When they plan their transitions, they preserve their impact. And when they exit well, they create space for new generations of women to lead.
Legacy is built through intention. Athena exists to help every woman business owner build hers.
Sources
[1] Wells Fargo. The Impact of Women-Owned Businesses 2025 Report.
[2] Association for Enterprise Opportunity (AEO). Women Business Ownership Fact Sheet, 2025.
[3] U.S. Small Business Administration. Office of Women’s Business Ownership and Women-Owned Small Business Federal Contracting Program.
[4] Athena Advisory Collective. Why Succession Planning Is Essential for Business Growth and Enterprise Value. Retrieved from https://www.athenaac.com/blog/why-succession-planning-is-essential-for-business-growth-and-enterprise-value
[5] Athena Advisory Collective. Women & Wealth: Girls Just Want to Have Funds. Retrieved from https://www.athenaac.com/blog/women-amp-wealth-girls-just-want-to-have-funds
