A 2019 government report estimated that about 1.27 million small business owners would be 70 or older by 2025 and have no successors. Read more at straitstimes.com.
Waves of closures will mean the loss of specialised craftsmanship, unique services and original restaurant recipes that make up Japan’s social and cultural fabric, he noted.“I think it will deal a serious blow to Japanese culture and Japan’s attractiveness as a tourism destination.”
“There will always be buyers for firms, with or without successors, that have unique strengths, special know-how and human resources,” said Mr Miyaji, a third-generation president. None of the firm’s three drivers wanted to take over and she was asked to join and help her dad, then in his late 80s.
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