BMO Harris Bank recently released survey results indicating that, as of the present, women entrepreneurs exhibit disparities in critical aspects of business financial planning, transition planning, and financial literacy in comparison to male entrepreneurs. The study uncovered that 64 percent of women business owners lack a comprehensive financial plan for their enterprises, contrasting with the 59 percent of men who do have such plans according to a press release by BMO Harris Bank.

The report reveals that only 33% of female business owners have transition plans, compared to 52% of men. Among the 25% of women without transition plans, the main reasons are not planning to sell their business (39%), never considering a transition plan (25%), and lacking retirement plans (21%) according to a press release by BMO Harris Bank.

Kaitlin Skopec, Director, Corporate Advisory, BMO Commercial Bank, said, "Transition planning is a vital and necessary tool for business owners to ensure the enduring and lasting success of their companies. It safeguards employees, stakeholders, family members – and most importantly, the business owner – from unexpected changes and external forces that are beyond their control. It is not about 'thinking about the end', it is about planning for the future. It is never too early to start thinking about a transition plan."

Shannon Kennedy, Head, U.S. Advisory and Interim U.S. CEO, BMO Wealth Management U.S., said, "Women tend to live longer, face industry-specific financial hurdles and center their wealth planning around their families. Having a detailed financial plan for their business is vital to ensuring continued growth and expansion, business owner's overall personal financial wellbeing, and making certain their families are taken care of. BMO has long supported women business owners and their unique wealth planning needs, and we look forward to continuing to be a leading partner for our clients to help them make progress."

BMO Harris Bank highlighted its commitment to gender equality in leadership positions, stating, "At BMO, we have 40 percent women representation in senior leadership."

The survey findings shed light on the gender gap in financial planning and transition planning among women entrepreneurs. BMO Harris Bank aims to address these disparities and support women business owners in achieving their financial goals and long-term success.