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C IL | I always think these things are a tough nut to crack because the folks who are entrepreneurial enough to start a business are the folks who have the drive, vision, contacts, and perspective that can really benefit a coop. On the flip side, if they have figured out how to obtain the services they need outside the coop, or at a lower price, they may also not have their finger on the pulse of that the everyday coop member customer needs or thinks.
How many coops truly have a board of directors with enough outside business experience and knowledge to understand the financial transactions and really act as a due diligence check on management? Few, I think.
I live in an area with a couple of large, established, successful coops; both of which I am a member. From a distance, it appears the coop boards are a fairly tight-knit circle of the right subsequent-generations-of-the-original-founders and it appears they make sure their needs and local needs are well met. As the coop grows in scale and territory they have additional members to service, and imho opinions outside those of the long-term control group of folks are important for future success because ‘you don’t know what you don’t know’. | |
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Co-op board of directors conflict of interest
