Company Announcements

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

NEW YORK--(BUSINESS WIRE)--May 4, 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.

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.

“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 their business thrive for generations to come.”

A Generational Transition is Underway

Despite the scale of this transition, many owners are still early in the planning process:

• 40% of small business owners plan to retire within the next decade
• 70% are in early-stage planning or have no formal succession plan
• 8% report being fully prepared to transition ownership
• Many have yet to address key steps, including valuation, tax strategy, and identifying a successor

For many owners, succession planning remains a future consideration rather than an immediate priority, creating risk, but also a clear opportunity to act early.

Local Insights Show Regional Differences

The survey found that the transition is playing out differently across key markets:

• In Detroit and Salt Lake City, 58% of owners plan to retire within the next decade
• In San Francisco and Austin, 56% and 53% respectively, say they have already thought about identifying a new owner
• In New York City, 38% expect to retire within 10 years

At the same time, readiness remains low across markets, with many owners still in the early stages of planning or yet to begin.

Owners Prioritize Legacy Over Price

When thinking about an eventual exit, owners are focused on more than financial return:

• 66% say both keeping jobs and maximizing sale value matter
• 61% prioritize finding the right next owner
• In Detroit, 70% rank job preservation as a top priority
• In Salt Lake City and Austin, maximizing sale value stands out
• In New York City and San Francisco, owners are especially focused on maintaining their role as community anchors

Trusted Guidance Helps Move Owners from Planning to Action

Access to expert support plays a critical role in accelerating readiness:

• Owners who do not engage with an expert (e.g. a banker) are 4–8x more likely to remain in early planning stages
• Those who have started planning – particularly in San Francisco, Salt Lake City, and Austin – are more likely to work with trusted partners and set a clear standard for how the business will run going forward

The biggest barriers to planning are time, competing priorities, and uncertainty about where to start. There is a clear opportunity to better equip owners with tools and guidance to navigate succession with confidence. For more information and resources on succession planning, visit: Chase.com/NationalTreasures.

The findings come as Chase launches its “National Treasures” campaign during National Small Business Week, celebrating the essential role small businesses play in local communities and encouraging owners to prepare for the next chapter through legacy building and protection. This campaign also builds on JPMorganChase’s American Dream Initiative for small business owners, with a goal of reaching 10 million small business owners over the next several years through expanded access to coaching, resources and education – including succession planning and transition readiness. In 2025, the firm invested more than $11.5 million philanthropically to support future planning for small businesses.

Survey Methodology
Chase surveyed about 1,000 small business owners nationwide in March 2026, including both Chase and non-Chase customers. The markets selected were based on a number of factors, including having a dynamic business environment, a known culture of innovation and entrepreneurship, and a strong Chase for Business presence.

About the American Dream Initiative
JPMorganChase’s American Dream Initiative is a multi-year effort to expand economic opportunity by scaling proven solutions that help the economy work for more people. Through the Initiative, the Firm will provide financing, facilitate capital, offer advice, training and tools, and advocate for policy solutions to help people start and grow small businesses, find affordable places to live, save and plan for their financial futures, get good jobs, access quality healthcare and strengthen local institutions.

The Initiative will start with a firmwide effort to support 10 million small businesses—up from seven million served today—and scale its support for small businesses by hiring 1,000+ business bankers, nearly doubling its Senior Business Consultants, scaling Coaching for Impact to graduate 115,000 entrepreneurs in more markets and committing $80 billion in lending over the next 10 years, alongside local investments in events nationwide. For more information on the American Dream Initiative, visit jpmorganchase.com/America.

About Chase
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading financial services firm based in the United States of America with operations worldwide, assets of $4.9 trillion and $364 billion in stockholders’ equity as of March 31, 2026. Chase serves nearly 87 million consumers and 7.5 million small businesses with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: more than 5,000 branches in 48 states and the District of Columbia, nearly 15,000 ATMs, mobile, online and by phone. For more information, go to chase.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260504710904/en/

Media Contact

Chaffon Davis
chaffon.davis@chase.com

Source: JPMorgan Chase & Co.