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More than 100,000 small businesses are facing closure every
year because of a dearth of effective succession planning, according
to a Government report.
The research blames a lack of business support beyond the
start up phase, earlier retirement and fewer family members willing
to take over businesses for the problems associated with business
transfers.
The report also warns that poor succession planning can damage
local economies and hold back growth. It calls for more support,
training and advice for entrepreneurs.
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