BulkUp Consulting · Insights

Field notes on Japanese SME M&A

Practical, execution-focused lessons from inbound deals — due diligence, valuation and SPA topics for overseas acquirers.

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Due Diligence
[case003] Hidden Wage Liabilities in Japan: A Labor DD Trap for Foreign Buyers
Hiroki Sato, President & CEO, BulkUp Consulting KK|April 2, 2026|5 min read Japanese SME acquisitions, labor due diligence is one of the most overlooked areas — and often the most dangerous. In a recent transaction involving a Japanese transport company,…
2026 / 07 / 07
4 min read
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Valuation
[Case002] When You Are 40% of the Target’s Revenue: How to Handle Valuation in M&A
If your company already accounts for a large share of the target’s revenue, should you subtract it from the price? The instinct is understandable—but usually wrong. In Japan’s SME market, where decades-long trading relationships are the norm, this question demands…
2026 / 07 / 07
4 min read
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Due Diligence
[Case001] When EBITDA Is Four Times Too High: Hidden Risks in Japanese SME Due Diligence
Foreign buyers often underestimate how Japanese SME accounting practices can distort reported profitability. In a recent engagement, normalized EBITDA diverged from the reported figure by a factor of four. The target was a steel processing manufacturer with a near-breakeven recovery…
2026 / 07 / 07
3 min read

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