Jamie Dimon Says the American Dream Is Slipping Away. The Dysfunctional Boomer Retirement Wave Is a Major Part of the Problem.

Key Points:

• JPMorganChase highlights a critical issue: millions of aging small-business owners lack advanced succession plans, with only 8% having progressed beyond early stages despite 12 million businesses worth nearly $10 trillion expected to change hands in the next decade.
• Research shows a significant portion of baby boomer-owned businesses face closure due to poor succession planning, with surveys indicating many owners are unsure or overwhelmed by the process, contributing to avoidable business shutdowns.
• The problem extends beyond small businesses to large corporations, where many top executives are retiring simultaneously without clear succession plans, reflecting widespread leadership transition challenges.
• JPMorganChase showcases the Cowrie Collective, a successful example of planned business transition and collaboration among Black women entrepreneurs, supported by public-private partnerships and the bank’s programs.
• The bank uses this report to advocate for legislative support and expanded resources for succession planning, aligning with its $80 billion American Dream Initiative to improve small-business lending and transition advisory services.