As the country grays, a growing number of small and midsize businesses across Japan face the risk of closure due to a lack of successors.
The problem has recently become more visible in Hokkaido’s northeastern Okhotsk district, where the number of heirless small and midsize enterprises seeking successors or support is on the rise, highlighting the need to boost support for ailing businesses and initiatives aimed at helping them survive.
Between April 2019 and March 2020, 108 local businesses in need of a successor to manage their business sought consultations with Kitami Shinkin Bank, a local community-based credit union. The number of firms was twice that seen five years ago.
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