Q: What are the pros and cons of different ways to hire?

Recruiting advisers from outside the business has certain problems, according to Tim Parsons, business transition director of Succession Advisory Services.

He said Succession had found that it can take up to six months before production of externally recruited advisers covered costs.

Using agencies or headhunters can increase your costs, warned Mr Parsons, but the advantage often is that you do find the most appropriate person for the job.

Keith Richards, distribution and development director of Tenet, said considering external candidates would always be the more expensive option but it can have the benefit of bringing in fresh ideas and a new perspective.

He said internal recruitment offered the benefit of company knowledge and a tried and tested personality but with the obvious downside of creating another gap internally.