Kitakyushu City has entered into Japan’s first municipal partnership with search funds Yamaguchi Capital and Growthix Capital to help local SMEs with business succession. Unlike traditional M&A, this model allows owners to pick their successors. The city will share data on SMEs in need of successors, while the funds aim to introduce suitable candidates. Growthix Capital has committed 4 billion yen to four such projects so far, while Yamaguchi Capital has invested nearly 2 billion yen in seven. Kitakyushu’s Mayor, Kazuhisa Takeuchi, is keen to set successful examples in business succession as 42% of local SMEs currently lack a designated successor. Source: PR Times / Nikkei
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