An executive who was “bought” twice is now on the “buying” side. A report on a seminar in which Boost Capital's Takao Ozawa discussed how to use acquisitions as a management growth strategy.
The seminar was held as part of the Growth Strategy Seminar 2026 in Tokyo, with Takao Ozawa, Representative Director of Boost Capital Co., Ltd., as the speaker. Drawing on his experience of selling companies he founded to Rakuten and Yahoo, Ozawa said he had experienced both sides, as the party being acquired and the acquirer, and introduced ways of applying M&A to corporate management.
Regarding domestic M&A market trends, approximately 5,100 M&A deals were recorded last year, roughly double the approximately 2,500 recorded in 2015. These figures are based on publicly announced deals, and it was suggested that the actual market is larger when undisclosed transactions are included. Business succession deals were the most common type, and it was explained that approximately 600,000 companies are profitable but have no successor.
It was explained that behind major acquisitions such as Ikkyu, ZOZO and Kurashiru is a simple evaluation process referred to as the “formula.” The acquisition price and expected synergies for each deal are explained mathematically, and an acquisition may be completed if a rational narrative can be established. It was also pointed out, however, that Kurashiru was an unusual case with limited reproducibility.
As conditions for success as a buyer, the seminar emphasized setting the objective first and looking for acquisition targets by working backward from the desired position in 5 and 10 years. Investment in loss-making companies is difficult, while with profitable companies, selling remains an option if synergies cannot be identified. The importance of having a long-term vision was also emphasized.