- A looming succession crisis: JPMorgan found 70% of small-business owners are only beginning succession planning and just 8% are advanced—about 12 million businesses (nearly $10 trillion in assets) are expected to change hands in the next decade.
- Real consequences and creative fixes: many owners may simply close instead of selling, but community-led models like the Cowrie Collective show how shared ownership and public‑private support can preserve businesses and neighborhoods.
- Banks and policy stepping in: Chase is using the report to push succession-focused legislation and has tied it to its own $80 billion small‑business lending pledge plus advisory and philanthropic funding to ease transitions.
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