This ground breaking study examines how women business owners approach exiting their businesses, their priorities and their challenges. The research for Exit Strategies of Women and Men Business Owners was conducted by the Center for Women's Business Research and underwritten by Massachusetts Mutual Life Insurance Company (MassMutual). The findings were released at the 12th Annual Executive Roundtable of the Center for Women's Business Research.

"The majority of both women and men (85%) believe that price is the most important factor when selling their businesses," said Marjorie Alfus, chair, Center for Women's Business Research. "However, women business owners also take into account a broad range of issues focused on the match between the buyer and the company. Women are more concerned than men owners about the future of their businesses and the well-being of employees."

Women business owners are considerably more likely than men owners to take into account the buyer's identity, personality, and background (72% vs. 30%). Additionally, women owners are more concerned than men owners about the buyer's plans for the business (79% vs. 52%) and plans for current employees (86% vs. 61%).

Women and men owners are just as likely to have had a formal valuation done to determine the price of their business (43%), be familiar with what it entails to hire someone to do a valuation (2.8 out of a scale of 5), and equally likely to say they are prepared to oversee the sale personally (3.8 out of 5).

"Contrary to common belief, women and men owners are equally knowledgeable and confident about managing their exit strategy," said Elaine Sarsynski, senior vice president and chief administrative officer, MassMutual. "This study demonstrates the maturation of the women business owner segment of the economy."

Women and men owners are also equally likely to plan to maintain ownership (20%), sell (38%), pass on to family (23%), close (3%) or have no exit plan (16%).

"This study shows that today's women business owners know how to start, grow and exit their businesses," said Susan Sweetser, second vice president, MassMutual. "MassMutual is proud to support this research that sheds new light on how women handle the last stage of the business cycle. We are looking forward to future releases that will cover additional analyses of this very rich study."

The full report, Exit Strategies of Women and Men Business Owners will be available in the fall from the Center for Women's Business Research for $90. (Discounts are available for Center Corporate Partners and NAWBO members.) For further information, contact: Center for Women's Business Research, 1411 K Street, NW, Suite 1350, Washington, DC 20005-3407. Phone: 202-638-3060, ext. 10. Email: info@womensbusinessresearch.org, Web site: www.womensbusinessresearch.org.

Methodology
This study of women business owners' business exit strategies and retirement planning was conducted in 2005 and is made up of two components. The first was a nationwide telephone survey of both women and men business owners. The survey population was a D&B nationally representative prospect list of women and men business owners whose businesses had grossed at least $1 million in revenues in the previous year, and had been in business for at least 5 years. The final sample was comprised of 400 women business owners and 400 men business owners. The margin of error for this sample was 3.5% and all differences specified between women and men business owners were statistically significant at the 95% confidence level. The second component of the study was a series of in-depth interviews with 9 former women business owners who discussed their experiences with exiting their businesses.

Center for Women's Business Research
The Center for Women's Business Research is the premier source of knowledge about women business owners and their enterprises worldwide. The Center's mission is to unleash the economic potential of women entrepreneurs by conducting research, sharing information and increasing knowledge about this fast-growing sector of the economy.

Since 1989, Center for Women's Business Research has "painted the picture" of the women-owned business landscape by providing original research documenting the economic and social contributions of women-owned firms. This knowledge transforms entrepreneurial opportunities for women worldwide and is changing the face of the global business environment.

The Center shares its knowledge with policy makers, financial institutions, corporate leaders, government agencies and the media through research reports, press releases, newsletter publications, seminars, speaking engagements and worldwide on the Internet at www.womensbusinessresearch.org.

MassMutual Financial Group
MassMutual Financial Group is the fleet name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliates, with more than 13 million clients and over $395 billion in assets under management at year-end 2005.

Founded in 1851, MassMutual is a mutually owned financial protection, accumulation and income management company headquartered in Springfield, Mass. MassMutual's major affiliates include: OppenheimerFunds, Inc.; Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; and MML Investors Services, Inc., member FINRA and SiPC (www.finra.org www.sipc.org)