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Let’s assume you know that your credit union needs to collaborate to reduce operating costs but are unsure of how to start down the path. A certain amount of planning is necessary, however, you shouldn’t over plan and as a result never “pull the trigger.” A collaboration is a relationship, not a transaction. Many changes and adjustments will occur as the relationship matures. Collaborations are never perfectly planned from the beginning. Having said that, it is important to define the expectations of the parties as to the scope of services, the level of services, how costs will be shared and how decisions are to be made. Once those issues have been agreed to and each credit union can make its own business case as to how the collaboration will benefit it, the collaboration can begin.

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Guy Messick

Credit Union Times

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