"Our health is good, and we just decided that it was time to turn it over to another generation," said Delbert McDougal, McDougal Companies CEO.
He says after nearly 32 years running the company, he and his wife are passing the reins to their sons Mike and Marc.
"And its something that works out very well because Marc is in the sales side of the business, and Mike is an accountant so its not like they are in each others hair day after day because they've both got a position and with them communicating with each other i don't see there will be a major change in the business at all," said McDougal.
McDougal says the crown jewel of their Lubbock real estate development has been the Overton redevelopment project, called the largest privately funded urban renewal project in America.
"We bought our first apartment in Overton in 1970 so and then we saw it in the good times, we saw it in its bad times, and we saw it in its worst times and to have a tech ghetto that buffered Texas Tech from downtown is not a good thing for the city so I just opted to go do it myself," said McDougal.
McDougal says he and his wife are looking forward to traveling more once they retire, but he still plans to consult on several company projects including downtown development.
"I am not interested in cutting it off December 31st I want to complete, to be way down the road with downtown project," said McDougal. "I think the legacy that I would like to leave behind is one that there is still room in America for a family owned business and certainly one that you can keep that legacy going for not only my generation but the boys generation and then with their kids coming up."
Here is the news release from the McDougal Companies:
McDougal Company founders set December 31 retirement
Delbert McDougal, CEO and Carolyn McDougal, Exec. Vice President will step aside from their housing, construction and real estate company on December 31.
“Carolyn and I have been blessed to have both sons work in the company for many years, and we are ready to turn the reins over to them so we can enjoy more time with our grandchildren,” McDougal said.
While officially retiring and leaving the CEO role, Delbert will continue to consult on several projects, including downtown Lubbock redevelopment, and North Pointe and Willow Bend residential developments.
Marc and Mike McDougal will establish a management committee to provide strategic direction for the McDougal Companies.
Beginning in 1972 with a $10,000 loan to purchase an aging 16-unit apartment complex, the McDougals built a multi-million dollar apartment, property development, construction, and realty company over the following forty years.
Today, the McDougal Companies own or manage more than 2500 apartments in twelve Texas cities. They have developed or built more than $400 million in commercial and residential property, and the realty company has listed or sold more than $1.5 billion in homes and commercial property.
The McDougals are best known for the Overton Park redevelopment, which turned a blighted area between Texas Tech and downtown Lubbock into a modern mixed-used success story. Overton Park has been called the largest privately funded urban renewal project in America.