Much has been written about the Great Wealth Transfer and the trillions of dollars expected to move from older generations to their heirs. Women are expected to control a significant share of that wealth.

But there’s a part of the wealth transfer conversation we don’t talk about nearly as much: What happens when the asset being inherited isn’t a portfolio or a house, but a business?

Inheriting a business can mean inheriting employees, customers, debt, family expectations and responsibility for decisions that affect far more people than the new owner. And unlike inheriting a portfolio, you can’t simply rebalance it.

McKinsey estimates that women controlled approximately $18 trillion in U.S. assets in 2023, up from $10 trillion in 2018. By 2030, that figure is projected to reach $34 trillion.

As wealth changes hands, some women won’t simply become wealthier. They’ll become owners of privately held companies.

Inheriting Ownership Doesn’t Mean Running the Business

Becoming the owner of a family business doesn’t automatically mean becoming its CEO. A new owner has choices.

She might step into the business and eventually lead it. She might retain ownership while professional management operates the company. She might sell. Or she might share ownership with siblings or other family members.

Each path comes with very different responsibilities.

Even an owner who never works in the business needs to understand its financial performance, governance, risk, capital needs and value. And when several family members inherit ownership, things can become complicated quickly.

One owner may want profits distributed while another wants to reinvest. One may work in the business while another doesn’t. One may want to sell while another wants to preserve the company for another generation.

An inheritance intended to create wealth can create conflict when nobody has discussed what happens next.

Succession Requires More Than an Estate Plan

This isn’t an issue families should leave until ownership changes hands.

PwC’s 2025 U.S. Family Business Survey found that succession planning had affected 44% of U.S. family businesses during the previous year. PwC also emphasizes that successful succession involves more than preparing another family member to take over. Leadership continuity and governance matter too.

That’s why succession planning needs to go beyond deciding who receives the shares. Families need to talk about what future owners actually want.

If someone wants to run the company, that person needs meaningful experience and increasing responsibility before the transition.

If the next generation wants ownership without operational responsibility, the company needs a management team capable of operating without the founder.

If they would rather sell, then building a transferable and attractive business becomes part of the family’s wealth planning.

And if several family members will inherit ownership, governance and decision-making structures should be established before they’re needed.

Give The Next Generation Options

There’s another important consideration for today’s business owners: Don’t assume the next generation wants the same future you wanted. A founder may see the company as a life’s work and assume keeping it in the family protects that legacy. The next generation may see things differently.

That doesn’t mean the succession has failed. In fact, one of the best things a founder can do is build a company that doesn’t require the next generation to make one particular choice.

A strong business with capable management, healthy financial performance, documented processes and low dependence on its founder creates options. The next generation can operate it, own it, grow it or sell it.

The Great Wealth Transfer isn’t simply going to move money from one generation to another. It will also transfer ownership of privately held businesses. For women receiving some of that ownership, the inheritance may come with far more responsibility than a traditional financial asset. The goal shouldn’t be to inherit someone else’s job. It should be to inherit a valuable asset and have the knowledge, preparation and freedom to decide what happens to it next.

Melissa Houston, CPA, CEPA , is a Fractional CFO and business value advisor who helps founder-led businesses improve financial performance, build enterprise value and prepare for a future exit. She is the host of The Sellable Firm Podcast and author of Cash Confident: An Entrepreneur's Guide to Creating a Profitable Business .

The opinions expressed in this article are those of the author and are intended for informational purposes only. They should not be considered accounting, tax, legal, or financial advice. Readers should consult qualified professionals regarding their specific circumstances.