Predictable fee revenue, real estate underneath, and demand that does not vanish in a downturn. Also: a trust structure that cannot be bought, regulators in every state, and an asset whose value walks out of the gate if the teaching slips.

Has the school actually decided, and does whoever we are speaking to have the authority to decide?
Affiliation in good standing, no live disputes over land or control, records that exist.
Enrolment trend, retention, and whether the academics are holding — the thing that decides the next five years.
We check these before making an introduction. We do not audit, and we do not stand behind anyone's numbers — your diligence is still your diligence.
Range, geography, and whether you want to run it or back someone who does. We will come back when something genuinely fits, not with a mailing list.
