Business

Local Snapshot: Most Small Business Owners Aren’t Prepared for Succession, New Chase Survey Finds

NEW YORK, May 04, 2026--New Chase survey data shows a significant gap between small business owners’ retirement timelines and their readiness to transition leadership. While nearly half expect to step away within the next decade, only a small share say they have a fully developed succession plan.

articleJp Morgan Chase & Co.May 4, 20265/company/jpmorgan-chase-and-co/news/local-snapshot-most-small-business-owners-arent-prepared-for-succession-new-chase-survey-finds
Local Snapshot: Most Small Business Owners Aren’t Prepared for Succession, New Chase Survey Finds

About this update from Jp Morgan Chase & Co.

[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":1024,"height":512,"url":"https://media.zenfs.com/en/business-wire.com/01ea2cbd69e0d13954c09551a415e687"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/59M4LY69LSpRWtU6R5W1Zw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQ4MA--/https://media.zenfs.com/en/business-wire.com/01ea2cbd69e0d13954c09551a415e687","width":960,"height":480},"resize_sm":{"url":"https://s.yimg.com/ny/api/res/1.2/0zU5HQSSE35.rnT21RhoGQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTY0MDtoPTMyMA--/https://media.zenfs.com/en/business-wire.com/01ea2cbd69e0d13954c09551a415e687","width":640,"height":320},"lightbox":{"url":"https://s.yimg.com/ny/api/res/1.2/4CROijOF1PqM7ThFZMt9Yw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTIwNDg7aD0xMDI0/https://media.zenfs.com/en/business-wire.com/01ea2cbd69e0d13954c09551a415e687","width":1024,"height":512}},"lazy":false},{"type":"text","content":"Nearly half of small business owners plan to retire within 10 years, creating a critical opportunity to strengthen succession planning, preserve jobs and sustain community impact","length":178,"tagName":"p","attribs":{}},{"type":"text","content":"NEW YORK, May 04, 2026--(BUSINESS WIRE)--New Chase survey data shows a significant gap between small business owners’ retirement timelines and their readiness to transition leadership. While nearly half expect to step away within the next decade, only a small share say they have a fully developed succession plan.","length":314,"tagName":"p"},{"type":"text","content":"Conducted nationally - with market-level analysis in Austin, Detroit, New York City, Salt Lake City, and San Francisco - the survey asked owners about their business operations, goals, and readiness for transitioning ownership. The data points to a pivotal moment for small business across the U.S.: an ownership transition that, if planned effectively, can help preserve jobs, sustain local economies, and extend the legacy of businesses that anchor their communities.","length":469,"tagName":"p"},{"type":"text","content":""Running a small business is deeply personal; it represents years of hard work and commitment," said Ben Walter, CEO of Chase for Business. "Taking the time to plan what comes next is one of the most important steps owners can take to protect their legacy and help...

More updates from Jp Morgan Chase & Co.

Salt Lake CityNEW YORKsuccession plansmall business ownersChaseSan Franciscoowners planplanning