In this paper we explore the process of value co-creation in two elite kaiseki restaurant companies in Japan. The authors first describe key themes that underlie the omotenashi of the tea ceremony. The authors then examine the ways in which these themes influence the service philosopy of Teiichi Yuki, the found of the Kitcho restaurant chain, and Rikifusa Satake, the president of the Minokichi restaurant chain. Based on these analyses, we argue that existing discussions of co-creation, which focus on the customer’s creation of value-in-use, should be extended to permit the analysis of usage experiences that involve multiple, simultaneous, interdependent value-in-processes. In particular, in the two companies examined by the authors, both the master and the customer experience value-in-use during the delivery of kaiseki cuisine. Moreover, given the importance of mutual consideration, the value-in-use experienced by each party is critically dependent on the value-in-use received by the other.