Japan to step up support for biz succession at small firms

January 28, 2018

Tokyo- The Japanese industry ministry plans to reinforce prefecture-based networks of experts to support business succession at small companies, in response to the aging of small business owners, informed sources told Jiji Press on Saturday.

The ministry will designate "succession coordinators" for the prefectural networks and "bloc coordinators" for regions of each prefecture, the sources said.

It will also draw up bloc-based lists of succession supporters with their areas of expertise specified, while designating regions that demand intensive support, according to the sources.

Business succession networks, in which local governments work with regional financial institutions, chambers of commerce, certified tax accounts and others, have been launched in 19 of the 47 prefectures in the country.

The networks have started visits to small business owners when they turn 60 years old, to ask them whether they have successors and what their management challenges are.

For business succession support measures, the industry ministry has set aside a total of some 7 billion yen in a fiscal 2017 draft supplementary budget and the fiscal 2018 initial budget blueprint. Jiji Press