JPMorgan is warning that a succession-planning gap threatens continuity, jobs and accumulated wealth as Baby Boomer small-business owners approach retirement. A new report, "Powering 10 Million Small Businesses," found that 70% of 1,000 surveyed owners were in the early stages of succession planning, while only 8% had reached an advanced stage. A separate May 2026 Chase survey found that 40% plan to retire within the next decade. Roughly 12 million businesses representing nearly $10 trillion in assets are expected to change hands over the next decade, while 27% of employer firms with owners aged 55 or older are uncertain about their plans or intend to close rather than sell or transfer. The challenge is especially pronounced in industries JPMorgan considers critical to national security, where more than half of firms have an owner aged 55 or older. JPMorgan’s American Dream Initiative, launched on March 31, 2026, aims to support 10 million small businesses through financing, coaching and training, including nearly $80 billion in lending over 10 years. The bank is also backing succession-policy proposals and a proposed Small Business Administration toolkit.