Keisho X Update
Put Your Buyer Profile in Front of Japan's Sell-Side Advisers
Keisho X has opened a free, vetted register for foreign buyers of Japanese small businesses. Tell us what you'd buy in a minute or two, and, only if you choose, we share your profile with Japanese M&A advisers we have vetted. Here is what you give, what you get, and what you control.
Key takeaways
- Keisho X has opened a free buyer register for foreign buyers of Japanese small businesses: searchers, strategic acquirers, funds and family offices. Signing up takes three short steps and a minute or two.
- Your profile says what an adviser needs to judge fit: who you are as a buyer, deal size in yen, sectors, regions, and optionally your timeline and Japanese ability. If you tick the separate sharing box, we review it and share it with Japanese M&A advisers we have vetted.
- You stay in control. Nothing is shared unless you tick the box, a private link lets you edit, withdraw or delete at any time, we log which advisers received your profile and when, and unsubscribing from the newsletter stops only the newsletter.
Japan's small-business succession market runs in Japanese. Owners sell through a regional bank's succession desk, a tax accountant, a local M&A boutique or a public support center, often to buyers those advisers already know, and the best businesses rarely reach a public listing (see our platform landscape guide). If you are a foreign buyer, the hard part is often not finding the money or the nerve. It is becoming someone an adviser thinks to call. That is why we built the Keisho X buyer register. It is free and takes a minute or two.
The problem it solves. An adviser working for a Japanese owner has a duty to that owner and limited time. A buyer from abroad is an unknown. Will they really close? Can they work in Japanese? Do they understand what the owner cares about, which is usually the staff and the business carrying on, not only the price? (See how Japanese owners decide.) Advisers rarely have time to find out from a cold email. As our regional banks briefing puts it, banks don't open the borrower book to strangers. The register's job is to make you a little less of a stranger: a short, reviewed profile that tells an adviser, in their terms, whether you fit the business on their desk.

Why now. Family succession is no longer the default. In Teikoku Databank's 2025 successor survey, about one in five new company presidents in 2025 arrived through what TDB calls "M&A and other" (acquisitions, secondments and spin-offs), on preliminary figures. Internal promotions now edge out handovers to relatives. TDB credits seven straight years of decline in companies without a successor to wider access to succession support, from public and private advice desks to M&A intermediaries and, in particular, regional financial institutions. Those are the advisers this register is for.
Show the data
| Route to the top job | Share of 2025 changes |
|---|---|
| Internal promotion | 36.1% |
| Family succession | 32.3% |
| M&A and other | 20.6% |
| Outside hire | 7.6% |
| Founder | 3.4% |
Preliminary 2025 figures from Teikoku Databank's survey of about 270,000 companies. "M&A and other" combines acquisitions, secondments and spin-offs. Source: Teikoku Databank, nationwide successor-absence survey 2025 (全国「後継者不在率」動向調査), 21 November 2025.
The cost of waiting is also rising. On 8 October, Teikoku Databank reported 296 bankruptcies in April–September 2026 in which the lack of a successor was a factor, the most for any fiscal first half since its series began in FY2013. In Tokyo Shoko Research's separate count, most such cases were micro companies whose owner had died or fallen ill (our briefing on the numbers explains what they do and don't say). The lesson for buyers is that the sale happens upstream, while the owner is still well. The advisers who see those owners first are the people this register puts you in front of.
Show the data
| Fiscal year | Bankruptcies |
|---|---|
| FY2015 | 370 |
| FY2016 | 349 |
| FY2017 | 342 |
| FY2018 | 420 |
| FY2019 | 479 |
| FY2020 | 445 |
| FY2021 | 476 |
| FY2022 | 487 |
| FY2023 | 586 |
| FY2024 | 507 |
| FY2025 | 533 |
FY2026 is not shown because only half of it is in: 296 cases in April–September 2026, a first-half record. TDB's estimate for the full year is about 600. Source: Teikoku Databank, successor-shortage bankruptcy survey FY2024 (後継者難倒産の動向調査), 7 April 2025, for FY2015–FY2024; Teikoku Databank, bankruptcy report FY2025 (倒産集計 2025年度報), 8 April 2026, for FY2025; Teikoku Databank, bankruptcy report for the first half of FY2026 (倒産集計 2026年度上半期報), 8 October 2026.
What you tell us. The form has three short steps.
- About you. Your name and email. We confirm the address before anything else happens.
- What you're looking for. Four quick choices: which kind of buyer you are (individual or searcher, strategic or corporate acquirer, PE or investment fund, family office, or other); the deal size you'd consider, in yen with a rough dollar guide, from under ¥50 million to over ¥5 billion, or "not sure yet"; the sectors you'd look at, or "open to any sector"; and where in Japan, from Hokkaido to Kyushu and Okinawa, or "anywhere". If you like, add your country of residence, when you'd like to buy, your level of Japanese ("none" is a valid answer) and a short note for advisers.
- Sharing. One separate checkbox: share my profile with vetted Japanese M&A advisers. Leave it unticked and you are simply a newsletter subscriber.
That is all. No pitch deck, no proof of funds, no call to book. If you only want the newsletter, the first step has a "Just subscribe" button.
What happens next. We email you a link to confirm your address. The same email holds your private profile link; keep it. If you ticked the sharing box, we review your profile before any adviser sees it. Only after it is approved, and your email is confirmed, do we share it, and only with Japanese M&A advisers and intermediaries we have vetted. They see what you entered (name, email, buyer type, deal size, sectors, regions and any optional details), plus when you gave consent and when we approved your profile. They never see our internal notes. Once you confirm your email, you also receive the Japan Succession Brief, our briefings on the policy, data and deal-making behind Japanese succession.
What you keep control of.
- Nothing is shared by default. Sharing needs its own tick, and you can withdraw it at any time.
- A private link to change anything. Edit your answers, stop sharing while keeping your profile and the newsletter, or delete your profile for good.
- A record of who received it. We log which advisers received your profile and when. Under Japan's privacy law (APPI) you can ask us to disclose those records.
- The newsletter is separate. Unsubscribing stops only the newsletter. Your sharing choice stays as you set it until you change it.
- No one can overwrite you. Once your email is confirmed, re-submitting the form with your address does not change your profile. We email you your private link instead.
The full details are in our privacy policy.

What it is not. The register opened this month. We won't dress it up: we make no promise about how many advisers will see your profile or how many businesses you will hear about. It does not replace the groundwork that wins Japanese deals: presence, Japanese-language capability and a credible continuity plan, all covered in our complete foreign buyer's guide. What it does is put a clear, reviewed description of you in front of the people who decide which buyers to call, at no cost and with little effort.
Two minutes, then back to work. If you are serious about buying a business in Japan, the cheapest step you can take this week is to be findable by the advisers who sell them. Tell us what you'd buy, decide whether to share it, and change your mind whenever you like.
Frequently asked questions
- What is the Keisho X buyer register?
- A free register for foreign buyers who want to acquire a Japanese small or medium-sized business through succession. You describe what you would buy (buyer type, deal size, sectors and regions). If you give separate consent, Keisho X reviews your profile and shares it with Japanese M&A advisers and intermediaries it has vetted, so they can contact you about businesses for sale. Every member also receives the Japan Succession Brief newsletter.
- Who sees my profile?
- Only Japanese M&A advisers and intermediaries that Keisho X has vetted, and only if you ticked the sharing box, confirmed your email, and your profile passed our review. Advisers see your name, email, buyer type, deal size range, sectors, regions and any optional details you added. They never see our internal notes. If you leave the box unticked, nothing is shared with anyone.
- Can I change my mind later?
- Yes. Your confirmation email contains a private link where you can edit your answers, withdraw your consent to sharing, or delete your profile at any time. Withdrawing stops further sharing; for advisers who already received your profile, we will ask them to stop using it if you request this. Unsubscribing from the newsletter stops only the newsletter and does not change your sharing choice.
- Does joining guarantee deal introductions?
- No. The register opened in October 2026, and we make no promise about how many advisers will see your profile or how many businesses you will hear about. What it does is put a clear, reviewed description of you as a buyer in front of the people who decide which buyers to call.
Related reading
Foreign Buyer Lens 8 min
The Complete Foreign Buyer's Guide to Japanese SME Succession
How Japanese business succession (jigyo shokei) actually works for foreign buyers: the market reality, the process from thesis to close, realistic timelines, and the mistakes that end deals before they begin.
Read the guide
Process & Reality 7 min
How Japanese Owners Decide: Continuity, Employees, and Trust Signals
The seller's side of Japanese succession: why owners delay, what they actually optimize for, how decisions really get made around the owner, and the concrete trust signals that make a foreign buyer credible.
Read the guide
Ecosystem Watch 2 min
Regional Banks Are Quietly Becoming Japan's Succession Dealmakers
Regional banks and shinkin now run serious succession M&A operations. Why their incentives finally align with deal-making, and how a foreign buyer turns one bank relationship into sourcing, diligence, and financing at once.
Read the brief