JPMorgan Chase & Co. is warning of a succession-planning gap among small-business owners as a wave of Baby Boomer retirements approaches. A new report, "Powering 10 Million Small Businesses," set for release Monday, found that 70% of 1,000 surveyed business owners are in the early stages of succession planning, while just 8% say they have reached an advanced stage. Roughly 12 million businesses, representing nearly $10 trillion in assets, are expected to change hands over the next decade. The transition is particularly pronounced in industries JPMorgan considers critical to national security, where more than half of firms have an owner age 55 or older, and a 2025 Gallup survey 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 initiative's goal of reigniting the American Dream when the bank launched the program in March, with the American Dream Initiative aiming to support 10 million small businesses through financing, coaching, training and other resources, alongside nearly $80 billion in small-business lending over the next 10 years.
JPMorgan Chase & CoJPMorgan launches its American Dream Initiative with nearly $80 billion in small-business lending over 10 years, expanding its lending business.
