You can directly share your Word files with colleagues. Each formatted citation is surrounded by field codes that contain full reference information (see Traveling Library).
If you want to convert your document for use with a previous version of Word or a different word processor, you should Unformat Citations before saving in the different file format. Then, you may be able to reformat. The corresponding EndNote library (or libraries) must be available in order to format.
To send a final, formatted document to someone, you may want to Remove Field Codes to save the formatted citations and bibliography as text.
Of course, if you just want to print a copy of the paper for someone, you do not need to do anything to your document other than print it!
Note: Cite While You Write codes are directly compatible between Word documents. Figure citations from Word 2008 or 2011 document are ignored when the file is saved in an older version file format.