Retiring U.S. Business Owners Face Succession Crisis as Heirs Remain Unfound

Retiring baby boomer business owners in the U.S. are causing a major shift in small business ownership as many lack clear succession plans. Over the next decade, an estimated 12 million businesses and nearly $1 trillion in assets are expected to change hands, but a significant number of owners have not established concrete transition strategies.

A JPMorgan Chase report, set for release on April 14 (local time), surveyed 1,000 business owners. According to Fortune, 70% remain at the initial stages of succession planning, with many businesses facing potential shutdowns rather than sales if successors cannot be found.