What firm is the oldest in the world?

What firm is the oldest in the world?

A family-owned company Kongo Gumi, which, apparently, the oldest firm in the world, ceased to exist after more than 1400 years of activity, according to the newspaper The Marker. The company, named after its founder, was opened in the year 578 ad, and at the end of last year, announced its bankruptcy. The secret of longevity Kongo Gumi was the fact that the firm worked on the private market, building Buddhist temples. Masakado of the Congo, the 40th Director of the company, said that one of the reasons for its success was its flexible internal policy. This is manifested, primarily, that the reins of the company received not the eldest son in the family, and the one who showed the ability to hold this post. Running the company could not only man – grandma Masakado was the 38th Director of the company. The company name is not changed and in that case, if the family had not left a male heir. Despite existing in Japan the tradition, men and heirs agreed to leave the existing name. By combining conservative approaches and the flexible policy, the company was able to survive in difficult times. Thus, in the period of modernization beginning with the Meiji period, the company, having ceased to receive state subsidies, began building office buildings, and during the Second World war, moved on to the production of coffins. The cause of the fall of the company was an economic bubble created in Japan in the 80-ies. Then the company took substantial loans, investing money in real estate. After the bubble burst in 1992, the asset value of the company plummeted. Another reason was the Westernization of Japanese society. In the 90 years the number of donations has declined dramatically, leading to a drop in demand for the construction of new temples. In 2004, when the company’s earnings fell 35% , the management tried to save her by dismissing some of the workers and reducing wages, but in 2006 it became clear that the debts in the amount of 343 million dollars, it is not possible to return. In January of this year, the company assets were purchased by the construction company “Takamatsu”.

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