Capstone Partners, a leading middle market investment banking firm, released its 2025 Women Entrepreneurs Study, which analyzes the responses of more than 200 female business owners across the U.S. for key findings related to the operating environment, business decisions and growth strategies. By comparing the results of this year’s survey with past data and Capstone’s annual Middle Market Business Owners Survey, the report seeks to identify and elevate key differences and challenges that female founders have faced and continue to confront.
While a known hurdle for women entrepreneurs, securing equity or debt capital has been a key tool for unlocking company growth. Capstone found that 20 percent of women entrepreneurs surveyed had successfully accessed debt capital over the last twelve months (LTM) to support their business strategy and operations, a trend that more than doubles among respondents with 100 or more employees. Of female entrepreneurs, an even larger portion (32 percent) have successfully secured equity capital to fund a growth initiative.
These business strategies have played a significant role in driving revenue growth for female entrepreneurs to date. Of note, 56 percent of women entrepreneurs surveyed have seen more revenue growth in 2025 than in 2024. While female CEOs’ next twelve-month (NTM) economic outlook for the U.S. has soured amid macroeconomic volatility, respondents have remained confident in the NTM outlook for both local and global economies. The largely positive outlook on the back of strong growth trends throughout 2025 has supported the optimism among two-thirds (66 percent) of female entrepreneurs who expect revenue growth in 2026.
Prioritizing inorganic growth
Looking ahead, while most (87.6 percent) women CEOs plan to pursue organic growth initiatives over the NTM, more than half (50.5 percent) also plan on prioritizing inorganic growth strategies as a key expansion tactic. In contrast, only 41.5 percent of broader middle market (MM) business owners plan to prioritize inorganic growth strategies in the NTM. The delta between these groups is also apparent when comparing the specific inorganic growth avenues business owners plan to prioritize, such as equity capital raising (+9.5 percent) and mergers and acquisitions (M&A) (+6.7 percent).
M&A will likely serve as a cornerstone for women entrepreneurs’ inorganic growth strategies over the NTM. Nearly one-fourth (23 percent) of total female CEOs surveyed in 2025 plan to engage in M&A over the next year as either a buyer or seller, compared to just 18 percent in Captone’s 2024 Women Entrepreneurs Report. Similarly, roughly the same composition (22.2 percent) of respondents surveyed in 2025 are considering a merger or acquisition as an exit strategy, demonstrating the versatile utility of M&A for women founders.
To date, 75.7 percent of women CEOs surveyed have completed at least one step in preparation for an eventual exit from their company, a larger share than the 62.1 percent of broader MM business owners who have started preparing for an exit. This trend widens when looking at respondents who have secured an investment banker (96.9 percent) compared to female entrepreneurs who have not (65.7 percent).
Investment bankers ease exit concerns
As female entrepreneurs weigh the merits of exiting the business and life thereafter, increased use of investment bankers in 2025 has, in part, helped ease female entrepreneurs’ exit concerns since the last survey. Notably, women CEOs’ exit concerns have fallen across four categories: M&A process unfamiliarity (-8.8 percent), employee satisfaction (-7.9 percent), market timing (-7.1 percent) and maximum valuation (-2.7 percent). The top concern—emotional ties to the company, with 68 percent of women CEOs surveyed very or somewhat concerned—was the only category where women CEOs’ concern increased (+2.6 percent) since the last survey.
Age and personal financial goals have played an important role for female entrepreneurs as they begin thinking about a future exit from their business. Unsurprisingly, the average time to exit for 18 to 34-year-olds stands at 17 years compared to 12 years for 35 to 54-year-olds and eight years for 55+ year-olds. Similarly, when looking at where respondents plan to spend potential exit proceeds, women CEOs between 18 and 54 identified living expenses and/or hobbies as their top choice, in contrast to female entrepreneurs aged 55+ who plan to prioritize market investments and/or contributions to existing retirement accounts.
While the majority of women entrepreneurs surveyed have started the exit planning process, many still have outstanding questions regarding M&A. Female CEOs’ top questions on M&A included what the M&A process looks like, how to value a company and how to prepare years in advance.
Also included in this report:
- An overview of the current size and growth of women-owned businesses in the U.S.
- Key findings on female executives’ business operations and strategies.
- Commentary and Q&A from select Capstone advisors on key service areas that women business owners identified as areas of interest or demand.
To access the full report, click here.
Women entrepreneurs report reveals advisory services in demand
In addition to analysis of the survey findings, the report features commentary and Q&As from Capstone advisors on key service areas that women business owners identified as areas of interest or demand. The report also includes advice from female executives to the next generation of business owners. The full report contents are highlighted below:
- State of the Market
- Business Operations & Strategy
- Q&A: Performance Improvement
- Q&A: Capital Markets Advisory
- Mergers & Acquisitions
- Q&A: Mergers & Acquisitions Advisory
- Life After Exit
- Advice to the Next Generation
About Capstone Partners
For over 20 years, the firm has been a trusted advisor to leading middle market companies, offering a fully integrated range of investment banking and financial advisory services uniquely tailored to help owners, investors and creditors through each stage of the company’s lifecycle. Capstone’s services include M&A advisory, debt and equity placement, corporate restructuring, special situations, valuation and fairness opinions and financial advisory services. Headquartered in Boston, the firm has 175+ professionals in multiple offices across the U.S. With 12 dedicated industry groups, Capstone delivers sector-specific expertise through large, cross-functional teams. Capstone is a subsidiary of Huntington Bancshares Incorporated (NASDAQ: HBAN). For more information, visit www.capstonepartners.com.
Interested in hearing more from female founders? Check out one woman’s guide to beating burnout.
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