Maryland business owners need to think about succession planning for a number of reasons. Often, the founder of a company is very talented, hard-working and difficult to replace. As the founder ages, potential recruits to the organization might turn down offers for fear of instability when the founder leaves.
Those within the organization might be concerned as well and might be more vulnerable to offers from headhunters. People may be anxious about who will take the founder's place, and there might also be long-term issues that need to be addressed like renewing leases. Even for employees who remain with the company, work may suffer and morale may drop as people become concerned about this.