Empowering Women Entrepreneurs: Insights from Capstone Partners' 2025 Study

In a groundbreaking release from Capstone Partners, a renowned middle-market investment banking firm, the 2025 Women Entrepreneurs Study unveils crucial insights regarding the challenges and triumphs faced by female business owners across the United States. The report, which drew responses from over 200 women entrepreneurs, offers a thorough analysis of their operating environment, strategic decisions, and growth initiatives.

The landscape for female entrepreneurs has often been marred by the difficulty of securing capital, yet this study shows promising trends. Notably, 20% of the surveyed women successfully sourced debt capital over the past year, a statistic that more than doubles amongst those leading organizations with 100 or more employees. Furthermore, a remarkable 32% have secured equity capital to finance growth initiatives. These financial tools have been instrumental in driving increased revenue, as 56% of respondents reported greater earnings in 2025 compared to the previous year. Despite a decline in confidence due to macroeconomic volatility affecting their outlook on the U.S. economy, optimism prevails as two-thirds of the surveyed women forecast revenue increases in 2026.

When it comes to expansion strategies, the data indicates a notable shift as 87.6% of women CEOs intend to focus on organic growth initiatives in the coming year. However, a significant 50.5% are prioritizing inorganic growth strategies, contrasting sharply with just 41.5% of their male counterparts in the broader middle-market sector. This gender divergence is also evident in specific growth avenues, such as equity capital raising and mergers and acquisitions (M&A), where female entrepreneurs show a greater inclination to engage.

Indeed, M&A appears poised to become a cornerstone for many female entrepreneurs over the next year. About 23% of women CEOs plan to pursue M&A as either buyers or sellers—an increase from 18% in 2024. Additionally, 22.2% are contemplating mergers or acquisitions as potential exit strategies. This highlights a growing recognition of the versatile use of M&A in fostering growth and facilitating exits.

The study also delves into the preparation for exits among female executives. A staggering 75.7% have initiated steps toward organizing an eventual exit from their enterprises, compared to 62.1% of broader middle-market business owners. The data further reveals that nearly all, 96.9%, of those with investment bankers have taken these crucial preparatory steps, significantly higher than those without such support.

As many female entrepreneurs contemplate the prospect of exiting their businesses, their concerns seem to have eased, influenced in part by the engaging presence of investment bankers. The findings indicate reductions in anxiety concerning the M&A process, employee satisfaction, market timing, and overall valuation. Nonetheless, emotional ties to their companies remain a significant hurdle—68% of the respondents expressed concern over leaving their businesses.

Personal factors, such as age and financial objectives, significantly shape how female entrepreneurs view future exits. The average time from starting a business to exiting is 17 years for those aged 18 to 34, reducing to 12 years for those aged 35 to 54, and dropping to just eight years for those 55 and older. Tellingly, responses varied based on intended use of exit proceeds; younger entrepreneurs prioritize personal living and hobby expenses, whereas older respondents focus on market investments and retirement contributions.

While many entrepreneurs have begun exit planning, essential questions remain regarding the M&A process, company valuation, and long-term preparation. The report sheds light on these concerns and areas of demand for advisory services, particularly highlighted in commentary segments by Capstone advisors.

Additional insights within the report include an overview of the growth of women-owned businesses in the U.S. and key findings on operational strategies by these executives. The report ultimately serves as both a reflective piece on the current state of female entrepreneurship and a roadmap of advice for the next generation of women business owners.

In conclusion, the 2025 Women Entrepreneurs Study from Capstone Partners underscores the evolving landscape for women in business, emphasizing both the difficulties they face and the strides they are making towards overcoming them. As these women carve out their paths, the need for tailored support and strategic guidance remains undeniable, setting the stage for continued progress in the future.