On May 4, 2026, JPMorgan Chase released a small-business succession survey showing that only 8 percent of owners describe themselves as fully prepared to transfer ownership, even as nearly half plan to step away within the next decade. The bank polled roughly 1,000 owners nationwide in March 2026, with deeper looks at Austin, Detroit, New York City, Salt Lake City, and San Francisco.
The gap between intention and readiness is widest exactly where solo owners and microbusiness operators tend to cluster. That sets up a real risk for self-employed pros who built a business around their own brand and skills, with no playbook for what happens when they want out.
What The Chase Survey Actually Found
Chase reports that owners who do not engage with an outside expert, such as a banker, accountant, or attorney, are 4 to 8 times more likely to remain stuck in early planning stages. Time, competing priorities, and uncertainty about where to start were the most frequently cited obstacles by owners.
Local results showed San Francisco at 56 percent and Austin at 53 percent of owners who have at least thought about identifying a new owner. New York City reported that 38 percent of owners expect to retire within 10 years, the highest near-term retirement rate among the cities Chase highlighted. The bank tied the release to its “National Treasures” campaign during National Small Business Week.
Why This Matters For Self-Employed Owners
Many self-employed pros run businesses that are hard to separate from themselves. Without a documented client roster, repeatable delivery process, and contract terms that survive a handoff, the business can lose most of its market value the day the founder steps away.
The survey also exposes a planning gap that delays decisions such as succession funding, insurance, retirement account drawdowns, and key-person coverage. Coverage of National Small Business Week 2026 highlighted the same theme of legacy planning, and the Chase data quantifies how few owners have moved beyond the conversation stage.
What Self-Employed Owners Should Do Next
Block 90 minutes this month to write a one-page succession outline. List the buyer profile, the price floor, the timeline, and the assets that travel with the business, including client lists, intellectual property, and recurring contracts.
Then book a 30-minute meeting with a banker, accountant, or business attorney before the end of June. Chase’s data show that even a single external review meaningfully shifts owners out of the early-stage rut, and most professionals will price a discovery session at zero or near-zero cost. Owners with a recurring revenue model should also revisit operating agreements to ensure that transfer rights, non-compete clauses, and client consent provisions remain valid.
What To Watch Next
Watch for the IRS to issue further guidance on OBBBA-modified Section 1202 qualified small business stock rules later this year, since those rules can change after-tax outcomes for owners who sell instead of winding down. The SBA’s reauthorized 7(a) and 504 lending programs also include succession-friendly buyer financing pathways that picked up funding through 2025.
Chase indicated this Local Snapshot is part of an ongoing campaign during National Small Business Week. Expect follow-on releases through the rest of May 2026, with new metro-level data and free planning tools that owners can pull from the Chase for Business resource hub.
small business succession planning: Unsplash
