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“Succession planning should include both genders and this can be done with clear roles and expectations. A good solid family financial structure is a must,” says Elaine King, Founder & President, Family and Money Matters Institute.

King is leading the roundtable discussion at the marcus evans Latin Private Wealth Management Summit Fall 2017 in Cancun, Mexico, October 9-10.

Are women different from men when it comes to managing money, leading or governing?

As a female family business advisor, I get asked if women are better than man managing their finances quite often. And what comes to mind are the wonderful, impactful contributions the female leaders I admire have made such as: Melinda Gates, Angela Merkel, Sheryl Sandberg, Tory Burch and Diane von Furstenberg. So it is hard to take a side, because both genders have contributed and impacted the economy in a positive way. However, every business owner should focus on the proven growing trend today which is that 70 percent of family businesses are influenced internally by female leadership or will have female leaders in their family enterprise in the near future. It is fascinating to just think about the legacy they will leave behind.

For this trend, business owners must be aware, adapt and implement a plan to attract the best female members of their family and community. They should be aware of what they value, adapt to their greatest impact, and implement an environment where everyone can thrive.

What impact will this have in the future?

The greatest impact is on strategic planning, long-term sustainability and relationship building, which at the end of the day ensure the legacy of the business and the union of the family.

Numerous studies have shown that more women in leadership roles leads to better financial and all-around performance. Women leaders tend to increase focus on corporate governance, corporate responsibility, talent dynamics and market acuity.

The impact they create is one where success is not only measured by financial capital but also by human capital. They ensure actions are impactful for the benefit of financial growth but also for the community, improving quality of life.

The largest and oldest family businesses in the world are moving women further into leadership roles than other organizations are. Why is this important? What role can family offices play?

This is important because family businesses as a whole create an estimated 70-90 percent of the global GDP, and 50-80 percent of jobs in most countries.

Family offices must focus on inclusiveness, sustainability, longevity and growth. They have to keep the best interests of the family and business in mind at all times, to make sure the business is prosperous for future generations.

Family businesses should invest in ensuring all the women in the family are educated to follow their passion, in governance and most importantly financial planning. This will guarantee the necessary skills in leading an enterprise or a country, and continue to inspire other women to lead.

Some businesses skip a generation and name the next generation in the succession plan, when in fact the mother can play an important role.