This is a two-part teaching case developed through in-person interviews which were conducted with the managers of locally owned farm supply/grain marketing cooperatives in Indiana and Colorado in the spring of 2000. The case has been written so that each part can be used individually or together and can also be used in either the undergraduate classroom or in extension programming with cooperative managers and directors. Part I focuses on how to use financial analysis in business reorganization decisions and Part II focuses on how to analyze alternative business reorganization possibilities from a strategic management perspective.