Rather than writing herself a big, fat check and walking away from Ebby Halliday Real Estate Company, Ebby decided to give 49% of the company to its employees.

Topic for Discussion: What will happen to Ebby's business after Ebby?

Answer: Of course, this company will go on and on. She said that the many long-term employees deserved to reap rewards because she could not have built the company without them. This overt, generous gesture places the company on strong psychological footing.

While she is healthy enough to pass the business on and praise the leadership, they know she is confident they will succeed without her.

Most companies die with their founder or they die when the founder decides to quit working. Some would throw these types of companies into a category called "lifestyle companies." In other words, the company was a vehicle for the founder to live a certain kind of life. We disagree.

Most small businesses would-could-and-should have a life separate and apart from the founder. If the founder would first learn to trust, it opens the way so the founder could find people in which to place that trust. And the business, with all its customers, suppliers, and employees, should continue to perfect relations, systems, and their contributions to their community and world. Mary Frances was groomed at Ebby's side for over thirty years plus Mary Frances has worked to refine herself into a smart and sophisticated leader.

When you plan to pass the business on to the next generation of leaders remember:

Don't Just Hand over the Keys. Each successor should be carefully groomed to take over the reins. This is critical to ensure a smooth transition.

Respect the Heir. No one will make the same decisions that you would have made and choose the same path that you would have chosen. Don't hamstring the legacy by expecting to clone yourself.

Keep Disagreements Private. The keys to the Executive Washroom are best passed over gradually and there will be disagreements during the transitional period. Neither employees nor customers should be aware of even the remotest hint of conflict. Conflict is natural and healthy as the legacy is implemented but is best kept private to ensure that its significance is not overstated.

You think about it: What keeps you from passing the torch? Do you have someone you are training that can move into your place soon? Are you nervous that if you pass the torch, you won't have anything to do? Do you think your life might feel empty if you don't have to be in the office everyday? If your exit strategy includes an established legacy, do you have a legacy plan and a timeline for its execution?