In 1966, Ballard set up a family holding company named Harold E. Ballard Ltd. (HEBL) for his assets, including his shares in MLGL, as part of an estate freeze. Ballard distributed 103 common shares in HEBL, with his three children (Bill, Harold Jr., and Mary Elizabeth) each receiving 34 which were held in trust, and his wife Dorothy receiving 1, which Harold would inherit upon her death three years later. Harold retained 308,000 preferred shares in HEBL. While the equity of the company was vested in the common stock, both common and preferred shares each received a single vote, ensuring that Harold retained control of the company.