JP Morgan Chase & Co. (NYSE:JPM) is highlighting 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, reported Fortune on Monday.

Millions of aging small-business owners are approaching retirement without a clear plan for what will happen to the companies they built. 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.

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Retirement Wave

The succession gap extends beyond owners simply preparing to exit. 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. The American Dream Initiative aims to support 10 million small businesses through financing, coaching, training and other resources, with JPMorgan planning nearly $80 billion in small-business lending over the next 10 years.

The succession issue has also surfaced among companies focused on helping retiring owners find buyers. Teamshares CEO Michael Brown previously said many small-business owners nearing retirement lack succession plans, while some struggle to find buyers and may ultimately dissolve their businesses.

The American Ownership and Resilience Act, the Small Business Succession Planning Act and the Retire Through Ownership Act are among the policy measures highlighted, along with a proposed national succession toolkit through the Small Business Administration, according to the report.

Disclaimer: This content was produced with the help of AI tools and was reviewed and published by Benzinga editors.

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