In some cases, this is done abruptly. Your replacement, the person who will be responsible for the general management of the co-operative, could step in only on the day you leave.

But we never advise going about things that way, and we are sure you will agree. There are a number of ways and several possible scenarios for gradually handing off your managerial powers. It all depends on you and the type of co-operative buying out your business.

Transferring Managerial Powers

If the co-operative is made up of your business's employees and managers, you can proceed the same as you would if your son, or your daughter, were the future buyer of your business:

• by gradually incorporating responsibilities, before the business is transferred, into the job of the person or persons who will be responsible for the co-operative's future management; or
• by creating an assistant manager position.

If, however, the co-operative is made up of your business's customers or suppliers, it will be practically impossible to go about it this way, at least until the months leading up to your departure. It may be wiser instead to reach an agreement with the co-operative's steering committee for you to assume a role as adviser or mentor for the new general management over a pre-determined period after