Small Businesses Face Succession Gap as 12 Million Set to Change Hands

JPMorgan Chase warns that 12 million small businesses may change hands over the next decade, with 70% of owners still in early succession planning. The transition is particularly pronounced in industries critical to national security, where more than half of firms have an owner age 55 or older. The American Dream Initiative aims to support 10 million small businesses through financing, coaching, and training, with JPMorgan planning nearly $80 billion in small-business lending over the next 10 years.