Korea SMEs and Startups Agency (KOSME) said on the 24th that it visited Saehan in Chungju, North Chungcheong Province, and held an on-site communication meeting with small and medium-sized corporations on business succession.
Many small and medium-sized corporations in Korea are facing a transition period for business succession as the first generation of founders ages. According to the "Survey on the Status of Small and Medium-Sized Enterprises" released by the Korea Federation of Small and Medium Enterprises last year, about 30% of small and medium-sized corporations in Korea are considering a sale or closure if succession to children is difficult. Corporations without successors risk core technologies not being properly utilized or a break in management know-how.
The meeting was arranged to hear from small and medium-sized corporations pursuing business succession and to seek practical support measures. On site were National Assembly member Lee Jong-bae and KOSME Chairman Kang Seok-jin, along with the first generation of founders and the second generation carrying on management. About 30 participants, including Saehan CEO Jeong Sun-il, Taejeong Machine CEO Shin Tae-su, Samhwa corporations advisor Kwon Byeong-su, Daewoo Wire CEO Shin Hyeon-gu, Jinseong Rope CEO Kim Jin-suk, and M-Tech CEO Kim Gyeong-hui, shared their views.
The meeting proceeded in the following order: ▲ presentations on cases of generational change and innovation transition among small and medium-sized corporations ▲ listening to difficulties and suggestions regarding business succession and discussing policy support measures ▲ a field tour of Saehan's smart manufacturing site. The attending businesspeople proposed strengthening systematic policy support in areas such as providing information needed in the business succession process, strategy development, digital and AI transition, fundraising, entry into new markets, and training of professionals.
Lee Jong-bae said, "Business succession is not simply a generational change but an important task that affects employment and the broader regional economy," adding, "As a National Assembly member of the Trade. Industry Energy. SMEs. and Startups Committee, I will work with the government, local governments, and related agencies to strengthen the legal and institutional foundation and create a stable environment for succession."
KOSME Chairman Kang Seok-jin said, "What matters most is faithfully reflecting voices from the field of business succession in policy," adding, "We will continue to strengthen support so that corporations facing generational change can achieve continuous growth through innovation and a leap forward, and we will expand linkage systems among projects."