This paper discusses exit strategies in U.S. agricultural cooperatives. Compared to other mutual organizations, liquidations and conversions have not been common in U.S. agriculture. We attribute this phenomenon to the “stickiness” of the cooperative organizational form in agriculture. Hypothesized factors that lead to this conclusion include existence of considerable economic incentives for the continued role of cooperatives, low member pecuniary incentives to pursue an exit strategy, and lack of disruptive institutional and market changes. We conclude that if property right constraints continue to be ameliorated with selective incentives and innovative structures, producers will be more likely to invest in cooperatives.