JPMorgan Report Warns of Small-Business Succession Crisis

JPMorgan Chase released a report, "Powering 10 Million Small Businesses," finding a major succession planning gap among aging owners. The bank surveyed 1,000 owners, finding only 8% have an advanced plan, while 12 million businesses worth $10 trillion will change hands in the next decade. The report highlights a "Silver Tsunami" of unprepared boomer retirements threatening small-business continuity.