JPMorgan Chase & Co. (NYSE: JPM) released a report titled "Powering 10 Million Small Businesses" on Monday, highlighting a significant succession-planning gap among small-business owners as Baby Boomer retirements approach. The report, covered by Fortune, indicates that roughly 12 million businesses, representing nearly $10 trillion in assets, are expected to change hands over the next decade.
The survey of 1,000 business owners found that 70% are in the early stages of succession planning, while only 8% have reached an advanced stage. The bank noted that millions of aging owners are approaching retirement without a clear plan for the future of their companies. This issue is particularly pronounced in industries considered critical to national security, where more than half of the firms have an owner age 55 or older.
A 2025 Gallup survey cited in the report found that 27% of employer firms with owners 55 or older are either unsure of their long-term plan or intend to close the business rather than sell or transfer it. JPMorgan CEO Jamie Dimon emphasized the goal of the bank's American Dream Initiative, which aims to support 10 million small businesses through financing, coaching, and training. The bank plans to provide nearly $80 billion in small-business lending over the next 10 years.
The report also highlighted several policy measures, including the American Ownership and Resilience Act, the Small Business Succession Planning Act, and the Retire Through Ownership Act. Additionally, the report proposed a national succession toolkit through the Small Business Administration.
