It's been almost a month since Bill Gates announced his slow departure from Microsoft, the company he launched with Paul Allen way back in 1975.

In 2008, Bill Gates, the world's richest man, will step back from the daily operations of the company and delve into more philanthropic work.

Why the long goodbye? Why not make the departure short and sweet? Probably two reasons: to make the transition easier, and to quell the tension of nervous investors. After all, the departure of the world's most famous CEO cannot be an easy pill to swallow for some.

Though most investors have swallowed the pill with relative ease. Since announcing his exodus, Microsoft's share price has risen 8% and continues to gain momentum. Maybe Gates's recent departure plan is a textbook example of how some CEOs should let go of the reins.

But what does the retirement of Gates have to do with penny stocks? A lot I think. Microsoft started out small...just like most penny stock companies do. And, sniffing an unexploited opportunity...they jumped in and made history.

And that history has spawned operations in 102 countries with a staff of 61,000. Microsoft's software is also used on close to 1 billion personal computers worldwide. Regardless of whether or not you send Bill Gates a birthday card each year, you cannot underestimate the role that Microsoft has played on our society.

And that success has in large part, been the results of having a strong, creative management team. Sure a lot of CEOs like to be thought of as the mast head...but Gates is a little more subdued, saying it's important for folks to get "beyond the myth of one person doing a high percentage of things."

So, if you want to invest in a successful penny stock company, look for one that is in a strong growth industry and one that has assembled a great management team. A creative management team means that the loss of a CEO will not mean the demise of the entire company. This is not always the case with some penny stock companies.

The loss of a CEO shouldn't be disruptive; it ought to be a sign of new possibilities and fresh thinking.

That said, I'm not looking for the next Microsoft. Im too impatient to wait 20 years to see giant gains. What I want is a penny stock company with the same insight, and enthusiasm of a Bill Gates and Paul Allen.

Picking a good penny stock is not easy. It's more than just numbers. Ultimately it's about the people who run the ship. A lot of great companies never leave the harbor because their leadership is rudderless.

It may sound pretty basic, but I'm willing to bet that a large majority of people never investigate the management team of a penny stock company they're interested in.

Want to find out if your penny stock pick has what it takes to be a winner? A little research is all it takes. After all...publicly traded penny stock companies are responsible to you the share holder.

So if you have any questions about who's running the company, check out their website (and they really should have one in this day and age). Or, call the company's Investor Relations department, or, better yet, call and ask for the CEO.

With a penny stock company your chances of being able to speak to the CEO directly are quite good. Your odds of picking up the phone and speaking directly to Bill Gates and Warren Buffet are not.