Japan’s family firms turn to M&A when heirs are not so apparent

Diners at a sleek teppanyaki restaurant in Tokyo’s Asakusa district wait happily as chefs sear marbled Kobe beef over open grills. Expectations are high at Kisshokichi, one of the world’s largest Kobe beef chains. But behind the brand’s success lies a dilemma shared by businesses across Japan. Founder Kiyomi Akagi, now in his mid-sixties, faced a question confronting a growing number of ageing owners: who would take over? With no successor prepared to manage the company’s 50 restaurants, Akagi...