Women have struggled to be heard: family real estate firm's Lisa Wolverton

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It can be a unique path for women in Canada’s enterprising families. We profile some of their stories in our Women and Canadian Business Families series.

Lisa Wolverton is one of three owners of the Pacific Investment Corporation, a family-owned real estate holdings and investment company. She is president of Vancouver-based, private family foundation the Wolverton Foundation, which dedicates itself to offering children better exposure to the arts.

Wolverton is also president of The Philanthropy Workshop’s Canada tributary. The Philanthropy Workshop, a donor education network of 450 members in 22 countries, was founded in 1995 by the Rockefeller Foundation, whose mission is to solve the world’s most urgent social issues.

Previously, Wolverton was a member of the board of directors of UNICEF Canada for six years and the board of Family Services of the North Shore, and she has served on several other philanthropic boards. She currently resides in West Vancouver with her three children.

Here Wolverton shares her next-generation experiences among the men in her family’s enterprise, and some of the surprising leadership roles women have had in its history. She also shares some of the regret women in her family have had, not feeling supported enough to be leaders.

Wolverton’s story resonates with Michelle Osry, Family Enterprise Consulting leader, and partner at Deloitte Canada.

“Many of my women clients have shared with me that it was simply assumed they wouldn’t be interested in a role in the family business,” says Osry.

“Business and financial education and support was simply not prioritized. Many women have therefore felt ill-equipped to step into a role in their family businesses or to raise their hand to serve on their family boards or shareholder councils. Many women, despite their leadership capacities, have been limited to roles on the sidelines, not always in an official position or with financial compensation.

“Despite these less visible roles, we know that women have nevertheless played and will continue to play an invaluable role within family enterprises, serving quite often as the emotional caretakers of the family – the multigenerational family ‘glue.’ But the opportunity is, of course, much greater, and much needed.”

Wolverton, however, also expresses how her own mother’s strength and compassion has influenced her to be more driven in her leadership roles in philanthropy and not-for-profit work today, and as a mother to three daughters.

What would you say has been the traditional role of daughters and wives in successful family enterprises, and how has that impacted you, personally?

“I can’t speak for anyone else but, in my experience, daughters and wives have not traditionally been groomed for leadership roles in the family business. I certainly was not. My father, the patriarch of the family and the second generation to take on the business, was very traditional in his views with respect to gender.

“He pushed both my brothers onto the floor of the stock exchange in their youth but was reticent to push me in this direction. Having said that, his uncle, Fred Wolverton, ran Wolverton & Co. alongside his sister Bella. She was as much of a lead in the business as he was during his leadership and lifetime, so there are exceptions. My mother also did not have a role in the business, nor was she particularly privy to any of the business activities. This is unfortunate which she has reflected on in her later years.”

How is that role for women in family enterprise changing, in your experience?

“My experience and the exposure I have had to other family offices, particularly within TPW [The Philanthropy Workshop] global philanthropic community, indicates that there hasn’t been much change for my generation.

“However, I do see some opportunities for the next generation, and in my family, we are intentionally focusing on passing agency to the next generation. We have pivoted to encourage and focus on transparency, equality, and flexibility for the next generation. We want them to have more than just a voice at the table, we want them to be able to really influence the business based on their own values, regardless of gender.”

“For me, even though I have not taken a leadership position in the business operations, I have an equal seat at the table with my two brothers on strategy and governance. This is a shift from G2 [the second generation] to G3.

“I also have taken on leadership roles in other areas of my career, and I model that for my three daughters. I firmly believe that equality starts in the home.”

What has been the key to that evolution for women?

“Our culture is shifting with the next generation. I see young women successfully advocating for themselves within their families to take on leadership roles. Traditionally they were often placed in and around the philanthropic giving in the family office, which is also very important, but not on the business side.

“I started with this path – taking on a leadership role with our philanthropy – and then took a seat at the business table, as well. But again, equality starts in the home. There must be intentionality about setting up both girls and boys in the family to enter the family business. This cannot be an after-thought.”

Have you faced any challenges, despite the progress, in terms of any difficult family relationships or doubts from business associates because of your gender?

“I have not but I do hear this from other peers. Some of my fellow TPW members struggle with older generations to be heard, to have their voices respected and to have real influence, even within their philanthropic roles. At TPW, we speak a lot about family dynamics and how to effectively navigate them and create change. Having this ‘safe space’ and being connected to others who share similar challenges has been a real resource for me.”

Responses have been lightly edited for clarity and length.

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