Private Declare Function OpenProcess Lib "kernel32" Alias "OpenProcess" (ByVal dwDesiredAccess As Long, ByVal bInheritHandle As Long, ByVal dwProcessId As Long) As Long

Private Declare Function GetExitCodeProcess Lib "kernel32" Alias "GetExitCodeProcess" (ByVal hProcess As Long, lpExitCode As Long) As Long

Private Const STILL_ACTIVE = &H103
Private Const PROCESS_QUERY_INFORMATION = &H400

Sub Ejecutar(Aplicacion As String)
Dim hProceso As long
Dim Activa As Long

hProceso = OpenProcess(PROCESS_QUERY_INFORMATION, 0, Shell(Aplicacion, 1))

Do
 ret = GetExitCodeProcess(hProceso, Activa)
DoEvents
Loop While Activa = STILL_ACTIVE

'Una vez que se termino la ejecucion...

End sub