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Management-succession planning requires contemplation of one's own mortality which is unpleasant, leading to many business owners choosing to do very little formal planning when it actually comes to selecting and grooming successors, says Deloitte tax partner, Craig Holland. Executing an effective succession strategy can take, on average, between three and five years according to Pitcher Partners, and this means firms and sole practitioners need to start implementing a strategy from the outset, set goals for the business and decide who will take control in the future.
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