The founders of a notable Lubbock company have announced their retirement.

McDougal Companies CEO Delbert McDougal and Executive Vice President Carolyn McDougal will retire from their housing, construction, and real estate company on December 31st, 2013.

Though Delbert is retiring, he will continue to consult on several projects, including downtown Lubbock redevelopment, and North Pointe and Willow Bend residential developments.

“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,” said Delbert McDougal.

Marc and Mike McDougal will establish a management committee to provide strategic direction for the McDougal Companies.

The company originally began in 1972 with a $10,000 loan to buy an aging 16-unit apartment complex, and the company was turned into a multimillion dollar apartment, property development, construction, and realty company.

They own or manage more than 2,500 apartments in twelve Texas cities, have 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.