Jamie Dimon is warning that the American Dream is slipping out of reach, and a new JPMorgan Chase small business report identifies business succession as one of the problems behind it.
The report, Powering 10 Million Small Businesses, found that 70% of small-business owners surveyed are in the early stages of succession planning, while only 8% have reached an advanced stage.
The stakes are large. JPMorgan Chase estimates that roughly 12 million businesses representing nearly $10 trillion in assets could change hands over the next decade as older business owners retire.
What Does Jamie Dimon’s Small Business Report Say?
The report focuses on a looming small business succession crisis in the U.S. Many owners’ approaching retirement have yet to establish a clear plan for selling, transferring or otherwise handing over their companies.
JPMorgan Chase surveyed 1,000 business owners for the report. The findings show a significant gap between recognizing the need for succession planning and actually preparing for it:
- 70% are in the early stages of succession planning.
- Only 8% have reached an advanced stage.
- About 12 million businesses could change hands over the next decade.
- Those businesses represent nearly $10 trillion in assets.
The issue extends beyond individual owners. When a small business closes because its owner retires without a successor or buyer, employees, suppliers and local communities can also lose an established economic anchor.
Why is Small Business Succession Becoming a Major Issue?
The retirement of older business owners is creating one of the largest ownership transitions in the U.S. small-business sector.
McKinsey estimated earlier this year that 6% to 13% of small-business closures over the coming decade could potentially be avoided through better succession planning. A 2025 Gallup survey also found that 27% of employer firms with owners aged 55 or older were either unsure about their long-term plans or intended to close rather than sell or transfer the business.
The problem is particularly important for businesses where the owner is central to daily operations, customer relationships and decision-making.
Without a successor, a profitable company can still become difficult to transfer.
What is the Baby Boomer Small Business Retirement Wave?
Millions of baby boomer business owners are approaching retirement, creating a large-scale transfer of privately held businesses and assets.
The number of businesses affected varies across studies because researchers use different definitions of ownership and transition. Fortune cited estimates ranging from about 2.3 million baby-boomer-owned businesses to as many as 3 million, with some broader estimates counting several million ownership transitions by 2035.
JPMorgan’s latest report puts the broader transition over the next decade at approximately 12 million businesses and nearly $10 trillion in assets.
These figures describe different measures of the transition, so they should not be treated as interchangeable counts.
Why Does Jamie Dimon Think Small Businesses Matter to the American Dream?
Dimon has repeatedly linked small businesses with economic opportunity.
When JPMorgan Chase launched its American Dream Initiative in March 2026, Dimon said the American Dream was “alive” but slipping out of reach for too many people and future generations. The initiative was designed around small-business growth, housing, financial health, jobs, healthcare and local institutions.
Small businesses are the first major focus.
JPMorgan Chase plans to:
- Provide nearly $80 billion in small-business lending over 10 years.
- Expand its small-business reach from 7 million to 10 million businesses.
- Mentor and graduate nearly 115,000 small-business owners through its Coaching for Impact program.
- Hire 1,000 additional small-business bankers.
- Expand access to capital, advice, training and business tools.
What Happens If Small Business Owners Do Not Have a Succession Plan?
The business may close even when there is demand for what it sells.
That is one of the central concerns raised by the new report. A business can have customers, employees, revenue and valuable assets but still struggle to survive if the owner retires without a buyer or successor.
McKinsey’s research suggests some future closures could be prevented through better ownership-transition planning.
For owners approaching retirement, succession planning can involve:
- Identifying a family or employee successor.
- Preparing the business for a sale.
- Establishing a valuation.
- Organizing financial and operational records.
- Developing management beyond the founder.
- Planning the timing and structure of the transition.
The earlier those decisions are made, the more options an owner has.
What is JPMorgan Doing About the Small Business Succession Crisis?
JPMorgan is combining lending, advisory support and its broader American Dream Initiative to address small-business growth and ownership transitions.
The bank’s 10-year plan includes nearly $80 billion in small-business lending and expanded coaching through its small-business programs. JPMorgan also says it plans to support local commercial corridors and help small businesses compete for government and defense contracts.
The bank’s approach goes beyond providing loans. It includes technical assistance, financial tools, coaching and access to capital.
That matters because succession is rarely a financing problem alone. An owner still needs a buyer or successor, a workable valuation, management capability and a transition plan.
What Does the Jamie Dimon Small Business Report Mean for Entrepreneurs?
The report puts succession planning alongside financing and growth as a major issue for American small businesses.
For owners nearing retirement, the question is no longer only how to grow the company. It is also what happens to the company when they step away.
For younger entrepreneurs, the ownership transition could create another opportunity: millions of established businesses may come to market as older owners retire.
That could mean access to businesses with existing customers, employees, supplier relationships and operating histories rather than starting entirely from scratch.
The scale of the transition is substantial. JPMorgan’s estimate of 12 million businesses and nearly $10 trillion in assets changing hands over the next decade makes succession one of the defining small-business issues of the coming years.
Key Takeaways from the Author
- The succession problem could reform Main Street: The coming ownership transition is large enough to change who owns and operates millions of established American businesses. The issue extends beyond individual retirements because ownership changes can affect employees, suppliers and local economies.
- A profitable business can still disappear: The succession problem is not necessarily about businesses failing financially. Some closures could happen because owners reach retirement without finding a buyer, successor or workable transfer plan. McKinsey estimates that better succession planning could prevent 6% to 13% of small-business closures over the next decade.
- Succession planning needs to start before retirement becomes urgent: Finding a successor, preparing management, valuing a company and arranging financing are processes that can take years. The current planning gap suggests many owners may be approaching these decisions too late.
- The next generation may become a major source of business ownership: A large ownership transfer creates opportunities for younger entrepreneurs, employees and existing operators to acquire established businesses rather than starting companies from scratch. That could preserve businesses that already have customers, employees and operating infrastructure.
- Financing alone will not solve the transition: Capital can help fund an acquisition, but owners and buyers also need valuation advice, legal planning, management preparation and succession expertise. JPMorgan’s focus on lending alongside coaching and transition advisory services reflects the broader nature of the problem.
