By Jessica Baker
June 12th, 2025
Small businesses are a vital part of domestic and global economies. However, succession planning statistics show that the vast majority of U.S. small businesses, even long-standing, successful ones, are facing a critical juncture.
Over two-thirds of small business owners plan to retire in the next two years. Without a solid succession plan in place, many of these small businesses, which have been integral to their communities for decades, will vanish.
Nearly two-thirds of family businesses don’t have a documented and communicated succession plan. It’s estimated that only 30% of small businesses successfully sell, leaving 70% of small businesses without a buyer or successful plan for what happens next.
With nearly 50% of America’s workforce employed by small businesses, the success of these long-standing fixtures is paramount to local and national economies. Unfortunately, today’s small businesses face a succession problem that threatens their future in their respective communities.
Small business succession planning is more than just selling your business when you retire. It’s about creating an exit strategy that takes into account your community, your employees, and the emotional transition of selling a business you’ve worked so hard to create. It’s about establishing a legacy.
Jessica Baker, Teamshares Inc.
