Description

Japanese family businesses are among the oldest in the world and many of them prove a history record of 200 years and more. Research on several case studies of century old firms in Japan reveal three factors as secrets of their longevity: (1) the Japanese family system favorizing the succession of the eldest son in the headship of family and business, (2) the option to adopt a member of a branch family, a daughter's husband, or a capable manager into the main family in case of necessity, and (3) the inclusion of the relationship with employees, customers, and members of the local community into the development of a strategy to longevity. The contributors analyse the perspectives on how to deal with the challenges the Japanese family businesses face with regard to the changes in the Japanese society of the past decades.