The changing business environment and evolving culture of cooperatives create a need to re-evaluate the drivers of cooperative performance. Literature suggests that these drivers could be operational, practices or perceptions. Our model of cooperative performance integrates these variables to determine if they have a causal influence on performance. The model is built from a survey of managers in Texas. The results indicate that company size and structure, perceptions of external environment, and best practices could potentially be driving performance as measured by return on equity; however, the sample size is too small to make any certain conclusions.