BizReach
👤 Soichiro Minami (Ex-Morgan Stanley M&A banker who met 27 headhunters and got 27 wrong offers — so he built the market Japan lacked.)🌐 siteLinkedIn
Japan hired new grads and promoted from within. BizReach built the mid-career poaching market — and charged both sides.
Will it work? · our read
Both sides pay. BizReach manufactured a market Japan lacked, then owned both ends: seniors pay to be scouted, firms pay to scout. Result: 90%-plus margins and a 15-year moat. Cyclical, but deep.
01How the money moves
Senior pro lists a scoutable resume (paid)
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Firms and headhunters subscribe to scout
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Both sides pay; about 90% gross margin
02The numbers
¥68.6B/yr ($460M)FiledBizReach net sales, FY25/7
FY2025/7 (filed Sep 2025)source:
JPY 68,610M (BizReach segment, FY2025/7)
KPIs from Visional's FY2025/7 results (filed Sep 2025). FY2025/7 filing
A segment of TSE-listed Visional (group net sales ¥80.2B / $535M, FY25/7).
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You have the verdict. Members get the work behind it.
- The CENTS scorecard — where it's strong, where it's soft
- The founder's key move, and the counter-move
- How it could die — the evidence, and how sure we are
- The case against our own call
- A 🚀 launchpad prompt — the case, as a plan for your business
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See a full teardown, free → ImportYetiSourcesSources last checked 8 October 2026
Visional FY2025/7 results (Sep 2025) — net sales, BizReach segment, KPIsVisional IR — financial results library (TSE: 4194)Japan Times — BizReach's 'pink-slip party' origins and IPO plansCORD — Soichiro Minami, founder profileNews On Japan — BizReach and the new reality of job switching
Revenue is BizReach's own segment net sales, JPY 68,610M (about $460M) for the fiscal year ended July 2025 — a filed figure in Visional, Inc.'s FY2025/7 results (TSE: 4194, released 11 Sep 2025), which I read directly from the release PDF. Parent-group consolidated net sales were JPY 80,161M (about $535M, +21.2% YoY). Gross margin about 90.9% is the consolidated figure; BizReach segment operating margin (before corporate allocation) was 41.4%. KPIs — 3.07M+ scoutable job seekers, 38,100+ registered direct employers, 9,000+ active headhunters — are from the same filing (page 11). USD conversions are approximate at about 150 yen per dollar and move with FX. Founder story (Morgan Stanley, 27 headhunters, 2009 founding, 2008-crisis 'pink-slip party') corroborated by Japan Times and CORD. verified:true — numbers are first-party from the company's own results release. Note: the release is a PDF, so an automated raw-text string check may report it UNREADABLE rather than confirmed (not wrong); the figures sit on pages 3-6 (net sales) and page 11 (KPIs). We never score you.