A wave of small business owners are nearing retirement, yet many lack a succession plan. Here’s why that’s a costly mistake—and how to avoid it.

Meanwhile, one-third of small business owners expect to sell within the next 12 months (ABA Banking Journal, 2025), and only half feel prepared to do so (InvestmentNews, 2025).

More than half of small business owners are now age 55 or older, putting them within a decade of traditional retirement, yet only 54 percent have a formal succession plan in place.

According to the U.S. Small Business Administration, New Jersey has more than 953,000 small businesses, accounting for 99.6% of all businesses in the state. – DEPOSIT PHOTOS ...

Navigating economic instability is challenging for small businesses, but with proper succession planning, businesses can transition effectively and even thrive. Here are three key strategies to ensure ...

U.S. Bank Survey Looks at Small Business Stressors, AI and Succession Plans Provided by ACCESS Newswire Jul 7, 2025, 6:45:00 AM ...

Ultimately, the landscape of critical supply chains presents both challenges and opportunities for small businesses.

JUST over half of U.S. employer-businesses are owned by people at or near retirement age – 55 or older – Gallup polls indicate. However, the polling company learned that few small business owners with ...

While many owners are not yet ready to step away – with only 54% having created a succession plan – new generations are preparing to take their place: more than one-third (36%) of Gen Z and ...

“My succession plan is we should stay as a family business, which I think would be really great,” she said. Castro noted that her sons are 14, 11 and 9 years old, respectively.