When starting a co-op there are usually a few people who drive it forward – a core group or individual dedicated to getting the co-op up and running. But when these early leaders step away or retire, it can create a void in leadership.
That’s why it’s essential for co-ops to build succession plans and processes that can help transition operations and governance when key people leave.
We were lucky to meet with two leaders with key insights into this important process. On a recent trip to Montreal, Trista and I took a short drive to Kahnawake to visit the caisse populaire, an Indigenous-owned and controlled financial institution. Founded in 1987, the Caisse Populaire Kahnawake is one of Canada’s most successful small credit unions, thanks in no small part to founding member and first general manager Michael Rice and current general manager Mandy Montour.
Michael helped establish the caisse populaire, and when he stepped away as the general manager in 1995, he hand-picked Mandy to take over leadership. After a 35-year career, Mandy is also eyeing retirement, raising some important questions about succession planning.
So how do co-ops remain stable during leadership changes? Luckily for us, Michael and Mandy have some suggestions.
Read the rest at Co-operatives First
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