The transcript of "Cashing Out" or "Exit to Equity" with Joseph Johnson, Ray DiSanto, Ebby Halliday, Matt and Russ Seeley, Jim Schell, Peter Schenck, Lorraine Miller, Tracy Myers, Bob Orenstein, Larry Starks, Ray Smilor, Freddie Thode, Rick Valencia, Ned Lester, David Porter and Steve Watkins as seen on Small Business School, the series on PBS member stations.

The transcript for this episode

last update: January 2007

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Cashing Out

Give It Away

HATTIE: Number two. Give it away. Transfer ownership to people in the family or a key employee. It happens all the time.

LEONORE BERGERT (Accounting Department Supervisor): She's the world's greatest salesperson.

ROBERT DOYNA (Halliday employee): She's a legend in her own time.

HATTIE: (Voiceover) Who is she? She's Ebby Halliday, but everyone in Dallas already knows that.

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Transcript Segments



	1.		Think Now About Later

	2.		Walk Away

	3.		Give It Away

	4.		Sell To Someone Close To You

	5.		Sell To Someone Like You

	6.		Sell To The Highest Bidder

	7.		Sell To Your Employees

	8.		Sell Through A Direct Public Offering

	9.		Sell Into The Private Equity Capital Market

Unidentified Photographer: (From ceremony) OK, show us your award and be proud.

HATTIE: (Voiceover) Since 1945 she's been selling people in Dallas houses, and she's still in the office every day. This may be the largest privately held real estate company in the country, reaching its all-time best this year by moving 17,500 families into homes and ringing up over $3 billion in sales.

HATTIE: And I just read that you've given 49 percent of your stock to the employees. Why would anybody do that? I mean, why don't you just take a big fat check from some outside investor and walk away?

EBBY: I didn't want to do that. I felt an obligation to the people who have helped build this business.

HATTIE: You'd wrestled with this decision, and it was clear to you that it was the employees who built this business. EBBY: Well, there was never any doubt that I didn't want anybody else to have our business.

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