While Monn and Herzog aren't rich men, both have enough money put away to retire in comfort, they say. Neither partner is interested in leaving his share in the business to a family member. In five or ten years Monn and Herzog hope that some deserving employee will be able to buy Irion. "I got the company because I was the most passionate about the craft," says Monn. "I want to pass it along to someone who will preserve the business. If we die, the workmanship could die out with us."

Great craftsmen aren't always good managers, though. How can Irion find the right person to run the business after they retire?

Contact local trade schools. They may be able to recommend artisans with managerial skills, suggests organizational psychologist Shelly Funderburg.

Seek out experts. Irion also could canvass contacts in the museum world for a new CEO with the requisite knowledge and passion for fine furniture.

Don't overlook current employees. Funderburg suggests monthly staff meetings where everyone can weigh in on current projects and the company's future. "Do you ever take the pulse of people in the shop?" she asks. "People tend not to do that in a small business where you see the staff every day. But one of your workers just might want to take on different responsibilities."

Turn workers into owners through an employee stock plan. "If your workers have skin in the game, they'll have ideas and passion," Funderburg says. The key with any stock plan is to transfer shares gradually so that employees have an incentive to work hard. "Don't give away the house too early," she cautions.