Navigating the Future: JPMorgan Chase's Latest Insights on Small Business Succession Planning

On May 4, 2026, JPMorgan Chase unveiled the findings of a new survey that reveals a significant gap between small business owners' retirement plans and their readiness for leadership transitions. Conducted nationally, the survey highlights that while nearly 40% of small business owners expect to retire within the next decade, a staggering 70% have either no formal succession plan or are still in the early stages of planning. This disconnect poses risks not only to the business owners' legacies but also to the communities they serve.

Ben Walter, CEO of Chase for Business, emphasized the personal stakes involved in running a small business: “Running a small business is deeply personal; it represents years of hard work and commitment. Taking the time to plan what comes next is one of the most important steps owners can take to protect their legacy.” The survey results underscore the urgency of this planning phase, as effective succession can preserve jobs and sustain local economies, ensuring that businesses continue to thrive for generations.

The survey reveals that only 8% of respondents feel fully prepared for a transition in ownership. Key areas such as business valuation, tax strategy, and successor identification remain largely unaddressed. This reveals an opportunity for small business owners to act swiftly in their planning efforts.

The survey's findings also highlight regional disparities in succession readiness. For instance, 58% of small business owners in both Detroit and Salt Lake City anticipate retiring within the next decade, compared to 38% in New York City. Notably, 56% of San Francisco and 53% of Austin owners have already contemplated identifying a new owner, indicating a proactive approach in these markets. Despite these figures, overall readiness remains low, with many owners still at the beginning of their planning journey.

When contemplating their eventual exit, many small business owners prioritize legacy over financial gains. A significant 66% reported that both job preservation and maximizing sale value are important considerations. In particular, 70% of Detroit owners rank job preservation as a top concern, while business owners in Salt Lake City and Austin place a higher emphasis on maximizing sale value. In contrast, owners in New York City and San Francisco are particularly focused on maintaining their roles as community anchors.

The survey also highlights the critical role that expert guidance plays in aiding small business owners' readiness for succession. Owners who do not consult with experts such as bankers are 4-8 times more likely to remain in the early stages of planning. In contrast, those who engage with trusted partners—especially in markets like San Francisco, Salt Lake City, and Austin—are more likely to advance their planning efforts effectively.

Many owners cite time constraints, competing priorities, and uncertainty about where to start as significant barriers to effective succession planning. However, the survey indicates a clear opportunity for Chase and other financial institutions to equip owners with the necessary tools and guidance to navigate this complex process with confidence.

The survey's findings coincide with the launch of Chase's “National Treasures” campaign during National Small Business Week, aimed at celebrating the essential role of small businesses in local communities. The initiative encourages owners to prepare for future transitions through legacy building and protection. It builds upon JPMorgan Chase’s broader American Dream Initiative, which seeks to reach 10 million small business owners over the coming years through enhanced access to coaching, resources, and education.

In 2025, JPMorgan Chase invested over $11.5 million to support future planning for small businesses, further demonstrating the firm's commitment to fostering economic opportunity and stability in the small business sector.

As the landscape of small business ownership evolves, the need for proactive succession planning has never been more pressing. With nearly half of small business owners looking to retire in the next decade, the emphasis on preparing for ownership transitions is crucial not only for their legacies but also for the economic fabric of their communities. JPMorgan Chase's recent survey serves as a clarion call for business owners to take action and secure the future of their enterprises and the communities they serve.