Key facts
- JPMorgan Chase CEO Jamie Dimon warned the American Dream is slipping out of reach for many.
- Millions of aging small business owners lack succession plans, according to JPMorgan Chase.
- Roughly 12 million businesses, valued at nearly $10 trillion, are expected to change hands in the next decade.
- A JPMorgan survey found only 8% of business owners are in advanced stages of succession planning.
- 27% of employer firms with owners 55 or older may close rather than sell or transfer, a Gallup survey found.
JPMorgan Chase CEO Jamie Dimon has issued a stark warning that the "American Dream is alive, but it’s slipping out of reach for too many people—and for future generations." A significant factor contributing to this trend is the impending retirement of millions of aging small-business owners who lack concrete plans for the future of their companies.
According to a JPMorgan Chase survey, while 70% of business owners are in the early stages of succession planning, only 8% have reached an advanced stage. This gap is critical as approximately 12 million businesses, collectively valued at nearly $10 trillion in assets, are anticipated to change hands over the next decade. The situation is particularly acute in industries deemed critical to national security, where over half of firms have owners aged 55 or older.
This impending "Great Wealth Transfer" or "Silver Tsunami" is characterized by a "long, reluctant exit" of baby boomers, who hold a substantial portion of America's wealth. A 2025 Gallup survey indicated that 27% of employer firms with owners aged 55 and older are either uncertain about their long-term plans or intend to close the business rather than sell or transfer it. This paralysis in planning could lead to a significant hit to the U.S. economy as these businesses cease operations, potentially widening the existing wealth divide.