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Older Okinawa companies encountering more bankruptcies

Date Posted: 2008-02-08

Defying what would seem to be conventional logic, older established Okinawa companies are experiencing more bankruptcies than start-up businesses.
Half the Okinawa companies filing for bankruptcy are long established companies that have been in business 20 years or more, according to new statistics released by Tokyo Shokou Research Okinawa Branch. Since 2001, the company reports, the trend has been for older companies to go belly up at a far higher rate than those in business less than 10 years.
“This means people no longer believe in name value or history,” a Tokyo Shokou Research official says. “People love fresh young companies.” The official noted that older companies “who have original special planning services or merchandise should change their ways, realizing that life is no longer about name value.”
The average life expectancy for an Okinawa company is 18.5 years, the researchers say, “and then they go belly up. The separation line is in the 15-20 years range.” The average age of company presidents is between 40 and 60 years of age, and Tokyo Shokou Research says that’s another factor. “The younger people start companies, the better they do,” an analyst points out, “but the older the founder is, the more difficult it is to go on.”
Shokou Research says there are notable differences between companies that can survive long periods, and those filing bankruptcy. “Those who thrive have a sensible approach to business, and are able to quickly change,” a Shokou researcher adds. “They can find problems quickly and resolve them quickly, causing business changes to new directions whenever necessary.”

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