Mrs Hancox was a founding member of Meat Industry Excellence, which is seeking industry reform, and has resigned from the group to pursue election.
She and her husband Nelson operate Kowai Downs, Mt Allen and Wohelo Ltd, with 27,000 stock units.
They have four children, all of whom are involved in the farm.
She described the red meat sector as being at ''tipping point''.
''Never has the time been so right to develop a clear strategy for the industry. We want to create a new co-op, with a new identity, where our farmers come first, where they will be looked after and their loyalty rewarded,'' she said.
She had recently attended processor supplier meetings and listened to farmers and she was confident there was grassroots support for change.
Farmers should reap the benefits of being the world's ''No 1'' lamb exporter and in the top five for beef.
''One strong, efficient co-op must be an extension of our own farm businesses to bring money back to farmers' pockets.''
It was time for processing companies to come together and form a new single co-op with 70%-80% of the sector, focused on strong committed supply policies and processing strategies which would achieve the scale required to make the industry viable on the world stage.
Control of the industry must be retained - foreign ownership would cause farmers to revert to being price takers, she said.
''The backbone of New Zealand'', farming families were being progressively pushed out with high land values and increasing on-farm costs, she said.
MIE chairman John McCarthy said Mrs Hancox had ''worked tirelessly'' to improve outcomes for farmers and co-operative shareholders.
She had the qualities for industry leadership, he said.
