<50’s>
I focused on work, but my 50s were filled with painful memories.
I transitioned from my initial position at age 50 and subsequently held roles at two different organizations throughout my fifties. Although these experiences presented significant challenges, upon reflection, they proved to be highly valuable and rewarding.
The first company had strong finances but lacked internal controls, with management acting independently and emotionally. It went public mainly so the owner could profit from shares, while ownership remained with the owner, family, and close partners. There was no change in governance after listing.
It’s been twenty years since I left the company. The owner’s son has become the president, and recently initiated a takeover bid structured as a management buyout (MBO). For over two decades, the price-to-book ratio (PBR) has remained below one, and even if the company stays listed, he may not see a promising future for himself. It seems he intends to revert to being unlisted and run the business as a family operation once again.
Over the past two decades, the previously stable shareholding structures established by former owners have deteriorated. This shift has contributed to a rise in activist involvement in Japan, with companies lacking effective management increasingly becoming targets.
Although activists only control 36% of the shares and cannot take over the company directly, their stake—being more than a third—effectively blocks the president from making key decisions. If the president lacks strong management skills, the fund may ultimately gain control of the company.
Some companies, such as Toyota Motor Corporation, retain significant influence as founders despite holding only a small percentage of shares. However, evaluating whether these companies have earned sufficient recognition beyond the owner’s family can be challenging, as indicated by a price-to-book ratio (PBR) below one.
When I joined, the so-called “family business” was really just the third generation selling the company with impressive but irrelevant education.
The next company I worked for was also family-owned. The majority shares were given to the daughter, who lacked management skills and common sense but had strong backing. Despite emotional decision-making, the business performed adequately due to its assets and technology. However, poor management led to high employee turnover, including skilled veterans.
Like before, the owner treated company assets as personal property and expected unquestioning obedience from employees. The second and third generations, lacking proven achievements, may act forcefully to hide their own insecurity.
I worked there until retirement, was rehired for two years, then left when my contract ended. I’m not sure about the internal situation, but my main supporter also resigned at the same time, and it appears someone else has taken on that supporter role.
Before retiring, I considered my future and pursued graduate studies in international politics and informatics. To refresh my knowledge of financial planning, I spent a year after retirement earning the CFP credential.
<60’s>
My sixties were a period of personal and professional fulfillment.
After retiring, I primarily tried to make a living through running, FP, and asset management, but eventually accepted a contract position at a biotech startup. In this role, I handled not just core corporate responsibilities like managing board meetings and shareholders’ general assemblies but also oversaw procedures for capital increases. My scope of work extended to accounting, general affairs, and intellectual property management. Since about half of my tasks were conducted in English, I had the valuable opportunity to refresh my language skills.
I was employed at a startup company for three and a half years until its closure due to financial challenges. Subsequently, I transitioned to a role as a consultant for special projects within local government. The position required expertise in finance, international work experience, English proficiency, and prior involvement with startups.
My previous experience qualified me.
Finance now closely aligns with IT, so my graduate studies in informatics have been valuable. My previous experience working in English is also useful when collaborating with foreign startups.
During my early sixties, I was still active and exploring the mountains. But in my late sixties, my health declined due to several illnesses. Fortunately, some high school friends helped me find an excellent hospital, allowing me to keep working and running.
<70s and after>
What comes after 70s?
In my 60s, I feel satisfied with my achievements and now want to give back. Since the Great East Japan Earthquake, I’ve been donating regularly, and as I plan to use my resources during my lifetime, I hope to increase my contributions whenever possible.
My wife is the most important person in my life, and I want her to be happy. I hope we can travel together, enjoy great food, and explore new places.
Next are my daughter and grandson. I’ll use the inheritance tax settlement system to provide early financial support.
Afterwards, my focus will be on my brothers and friends. Since they are all financially independent, I’ll offer my support whenever my knowledge and experience can be of help.
My contributions include FP counseling and teaching senior university courses, with the aim of sharing my knowledge for others to benefit from.
Since my father developed dementia in his mid-70s, I want to pursue graduate studies while my mind is still sharp. My chosen theme is “urban business.” I also plan to write a thesis that summarizes the current role of financial counselor.
I intend to keep hiking and running in the mountains until I’m in my mid-70s. After that, I’ll assess my health and fitness. I used to say I wanted to run a full marathon at age 80—now I realize that’s just eight and a half years away. My goal is to progress steadily without pushing myself too hard.