๐๐ก๐ ๐๐ญ๐ซ๐ฎ๐ ๐ ๐ฅ๐ข๐ง๐ ๐๐จ๐ฅ๐ฅ๐๐ ๐๐ฌ ๐๐๐ข๐๐ข๐ง๐ ๐๐ก๐๐ข๐ซ ๐๐ง๐๐จ๐ฐ๐ฆ๐๐ง๐ญ๐ฌ ๐ญ๐จ ๐๐๐ฒ ๐ญ๐ก๐ ๐๐ข๐ฅ๐ฅ๐ฌ
๐๐ตโ๐ด ๐ต๐ฉ๐ฆ ๐ญ๐ข๐ด๐ต ๐ณ๐ฆ๐ด๐ฐ๐ณ๐ต ๐ง๐ฐ๐ณ ๐ช๐ฏ๐ด๐ต๐ช๐ต๐ถ๐ต๐ช๐ฐ๐ฏ๐ด ๐ฐ๐ฏ ๐ต๐ฉ๐ฆ ๐ฃ๐ณ๐ช๐ฏ๐ฌ: ๐ต๐ข๐ฑ๐ฑ๐ช๐ฏ๐จ ๐ณ๐ฆ๐ด๐ต๐ณ๐ช๐ค๐ต๐ฆ๐ฅ ๐ง๐ถ๐ฏ๐ฅ๐ด ๐ง๐ณ๐ฐ๐ฎ ๐ฅ๐ฐ๐ฏ๐ฐ๐ณ๐ด ๐ต๐ฐ ๐ฌ๐ฆ๐ฆ๐ฑ ๐ต๐ฉ๐ฆ ๐ญ๐ช๐จ๐ฉ๐ต๐ด ๐ฐ๐ฏ. โ๐๐ฉ๐ฆ ๐ฎ๐ฐ๐ฏ๐ฆ๐บ ๐ต๐ฉ๐ฆ๐บ ๐ฅ๐ฐ๐ฏ๐ข๐ต๐ฆ๐ฅ ๐ช๐ด ๐ฏ๐ฐ๐ต ๐ฃ๐ฆ๐ช๐ฏ๐จ ๐ถ๐ด๐ฆ๐ฅ ๐ง๐ฐ๐ณ ๐ธ๐ฉ๐ข๐ต ๐ต๐ฉ๐ฆ๐บ ๐จ๐ข๐ท๐ฆ ๐ช๐ต ๐ง๐ฐ๐ณ.โ
Having spent much of my career in university advancement, and now working with institutions facing serious financial and enrollment pressures, I found this article both fascinating and, sadly, unsurprising.
Advancement teaches you that an endowment is not one large pot of money. Behind every restricted gift is a promise: a scholarship honoring a loved one, support for a particular academic program, a faculty position, or another purpose that mattered deeply to the donor.
Working with distressed institutions reveals the other side of the equation. When unrestricted cash is disappearing, and payroll, utilities, and other obligations are still due, every remaining dollar can begin to look like a lifeline.
According to @WSJ, nearly 200 private colleges borrowed from restricted endowments in 2025, up from 131 in 2021, often to help cover ordinary operating expenses.
I understand how institutions reach that point. But donor restrictions cannot simply become optional when circumstances grow difficult.
Using restricted gifts to cover structural operating deficits does not repair the institutionโs financial model. At best, it buys time. At worst, it compounds the crisis by damaging donor trust, creating legal and fiduciary exposure, and consuming resources intended to benefit students for generations.
For boards, there is an especially important lesson here: ๐ญ๐ก๐ ๐ก๐๐๐๐ฅ๐ข๐ง๐ ๐ฏ๐๐ฅ๐ฎ๐ ๐จ๐ ๐๐ง ๐๐ง๐๐จ๐ฐ๐ฆ๐๐ง๐ญ ๐ญ๐๐ฅ๐ฅ๐ฌ ๐ฒ๐จ๐ฎ ๐ฏ๐๐ซ๐ฒ ๐ฅ๐ข๐ญ๐ญ๐ฅ๐ ๐๐๐จ๐ฎ๐ญ ๐ญ๐ก๐ ๐ฆ๐จ๐ง๐๐ฒ ๐๐๐ญ๐ฎ๐๐ฅ๐ฅ๐ฒ ๐๐ฏ๐๐ข๐ฅ๐๐๐ฅ๐ ๐ญ๐จ ๐ฌ๐ฎ๐ฉ๐ฉ๐จ๐ซ๐ญ ๐จ๐ฉ๐๐ซ๐๐ญ๐ข๐จ๐ง๐ฌ. Leaders must understand what is unrestricted, what is legally and ethically committed, and how much true financial runway remains.
Perhaps the most painful aspect of this story is the collateral damage: donors who believed they had created something enduring, only to discover that the promise disappeared along with the institution.
Financial distress rarely arrives overnight. Neither should the conversation about strategic alternatives.
๐๐ฒ ๐ญ๐ก๐ ๐ญ๐ข๐ฆ๐ ๐ซ๐๐ฌ๐ญ๐ซ๐ข๐๐ญ๐๐ ๐๐ง๐๐จ๐ฐ๐ฆ๐๐ง๐ญ ๐๐ฎ๐ง๐๐ฌ ๐๐ซ๐ ๐๐๐ข๐ง๐ ๐ฏ๐ข๐๐ฐ๐๐ ๐๐ฌ ๐จ๐ฉ๐๐ซ๐๐ญ๐ข๐ง๐ ๐๐๐ฌ๐ก, ๐๐ง ๐ข๐ง๐ฌ๐ญ๐ข๐ญ๐ฎ๐ญ๐ข๐จ๐ง ๐ฆ๐๐ฒ ๐ง๐จ ๐ฅ๐จ๐ง๐ ๐๐ซ ๐๐ ๐ฌ๐จ๐ฅ๐ฏ๐ข๐ง๐ ๐ข๐ญ๐ฌ ๐ฉ๐ซ๐จ๐๐ฅ๐๐ฆ. ๐๐ญ ๐ฆ๐๐ฒ ๐ฌ๐ข๐ฆ๐ฉ๐ฅ๐ฒ ๐๐ ๐๐ข๐ง๐๐ง๐๐ข๐ง๐ ๐ญ๐ก๐ ๐๐๐ฅ๐๐ฒ.
https://t.co/n46Bl4Tmo6
#highereducation #highered #heconsolidation #higheredconsolidation #universitymergers #collegemergers #universityclosures #collegeclosures
I appreciated the opportunity to speak with @hechingerreport about the challenges and opportunities facing higher education.
One of the questions I hear most often is, "How did this institution get here?"
The answer is almost never, "It happened suddenly."
At @HEConsolidation, we've found that financial distress, enrollment decline, deferred maintenance, demographic shifts, and competitive pressures typically develop over many years. By the time they're making headlines, they've usually been visible internally for quite some time.
That's why we encourage boards and leadership teams to think proactively rather than reactively. Institutions that begin exploring strategic options early, whether through partnerships, academic portfolio realignment, affiliations, or mergers, preserve far more choices than those forced to make decisions under crisis conditions.
One point I hope readers take away from the article is this: institutions generally have more strategic options than they realize, but only if they're willing to confront challenges before they become crises.
The conversation around higher education is changing. We believe institutions that are willing to have these conversations early will be best positioned to preserve their mission and strengthen their future.
The national conversation around higher education is changing.
Not long ago, college closures were viewed as rare, isolated events. Today, institutions, policymakers, students, and communities are increasingly grappling with a different reality: closures, mergers, and strategic affiliations are becoming a more prominent part of the higher education landscape.
@HEConsolidation was pleased to contribute to this important discussion in @hechingerreport, sharing perspectives on the strategic decisions institutions face amid demographic, financial, and competitive change.
One point remains especially important:
Institutions rarely reach a crisis overnight. Financial and enrollment challenges typically develop over many years. The colleges and universities with the greatest range of strategic options are those willing to address these realities early, before circumstances become critical.
Strategic partnerships, academic portfolio realignment, affiliations, and mergers are no longer simply responses to crisis. Increasingly, they are tools for strengthening institutional mission, competitiveness, and long-term sustainability.
The conversation is evolving. The opportunity now is to move from reacting to change to planning for it.
https://t.co/ffLzoFWZJQ
#highereducation #highered #heconsolidation #higheredconsolidation #universitymergers #collegemergers #universityclosures #collegeclosures
One of the most interesting questions facing higher education isn't whether consolidation will continueโit's whether institutions will act early enough for mergers and affiliations to remain viable strategic options.
Federal policymakers appear interested in making mergers easier and faster. Yet many colleges continue to wait until financial pressures become acute before exploring partnerships, affiliations, acquisitions, or mergers.
In my experience, the strongest combinations rarely occur when an institution has no options. They occur when leadership and boards engage strategic alternatives while they still have choices.
That's why the conversation around regulatory barriers matters. Timing can determine whether a transaction creates growth and opportunityโor simply arrives too late.
Recent coverage from @business highlights how these issues are increasingly drawing national attention.
Importantly, the future of higher education M&A is not just about rescuing struggling institutions. It is increasingly about helping stronger institutions grow, expand academic offerings, enter new markets, strengthen workforce alignment, and enhance long-term sustainability.
https://t.co/VxRThMq9e6
#highereducation #highered #heconsolidation #higheredconsolidation #universitymergers #collegemergers #universityclosures #collegeclosures
Is the strategic higher ed merger a myth or a model? Our founder @BrianWeinblatt makes the case โ with evidence โ that mission-complementary mergers have a long, successful history. His response to a recent @InsideHigherEd column:
https://t.co/KPVeFzjTUN
#HigherEducation #CollegeMergers #StrategicMergers #HigherEdLeadership
Iโm proud to support an organization that means a great deal to me: @Les_Derniers - The Last Ones โ a nonprofit preserving Holocaust survivorsโ stories and bringing them into classrooms across the country to fight hate and antisemitism.
And what a week to support it.
Give Miami Day hosted by @MiamiFoundation is now the largest single-city giving day in the nation.
This community has shown that when we come together, generosity wins. And this year, every gift to The Last Ones goes even further thanks to a special $36 Jewish organization match (plus a $25 boost on the first 40 gifts).
If youโd like to help preserve these stories and bring powerful education to more students, you can donate here:
๐ https://t.co/kNhVzhAhrj
Grateful to be part of this work.
@BenitahLeslie
๐จ A Merger Worth Studying: The GOAT of Higher Ed Mergers ๐
When the University of Texas at San Antonio and UT Health San Antonio came together, they created not just a larger institution โ but a blueprint for how thoughtful, mission-complementary mergers can transform a region.
At Higher Ed Consolidation Solutions, we call this the GOAT of higher ed mergers. Why? Because itโs a model:
โ Two strong institutions joining from positions of strength
โ Little duplication, lots of synergy
โ A merger that benefits students, faculty, staff, patients, and the state
And hereโs the key: while not every institution has UTSAโs scale, smaller colleges and universities can still learn and apply these principles. Mission complementarity, incremental collaboration, and visionary leadership matter just as much โ if not more โ for smaller schools.
๐ Read our latest article for insights on what makes this merger historic, and how leaders at institutions of all sizes can borrow the playbook.
https://t.co/AUKJKSLK6l
#highereducation #highered #heconsolidation #higheredconsolidation #universitymergers #collegemergers #universityclosures #collegeclosures
Iโm proud to share that our team at @HEConsolidation (HCS) has launched a new service: Academic Portfolio Realignment & Growth. ๐
Too often, program review is thought of only in terms of reduction. Our approach is different. With a talented team of researchers and consultants who understand both the academic enterprise and local/regional workforce needs ๐๐ผ, we help institutions realign for growthโidentifying underperforming programs while also adding the ones that students, employers, and communities need most. ๐ฑ
This is program review with a growth mindsetโmission-centered, market-relevant, and designed for the jobs of today and tomorrow. ๐
๐ Read more about our new service below.
Not just program reviewโprogram growth. ๐ฑ๐
Colleges and universities everywhere are rethinking their academic portfolios. ๐
At HCS, we go beyond analysis. Our new Academic Portfolio Realignment & Growth service helps institutions not only evaluate underperforming programs, but also add the critical ones they may be missingโgrounded in workforce data, regional needs, and student demand. ๐๐ผ
With our team of seasoned researchers and consultants, we align academic portfolios with mission, momentum, and marketโso institutions are prepared for the jobs of today and tomorrow. ๐
Read more about our new service: https://t.co/uuJPhMsnqf
#highereducation #highered #heconsolidation #higheredconsolidation #universitymergers #collegemergers #universityclosures #collegeclosures
๐ Big things are happening at HCS.
Iโm beyond proud of this exceptional group of professionalsโand our entire HCS teamโfor the expertise, creativity, and dedication they bring to every partnership.
A special shout-out to Kevin Cavanagh, our Managing Director, whose rare frontline merger experience, steady leadership, and deep commitment to our mission make me confident weโre only getting stronger from here.
Hereโs to the work ahead.
Team Expansion Strengthens HCSโs Role as the Leader in College and University Consolidation
@HEConsolidation (HCS) is expanding its team and services to meet rising demand from colleges and universities seeking expert guidance during a time of unprecedented change in higher education. As institutions increasingly explore affiliations, shared services, governance changes, or full-scale mergers, HCS is growing to provide even deeper strategic support and operational insight.
https://t.co/yvMF9dXl81
#highereducation #highered #heconsolidation #higheredconsolidation #universitymergers #collegemergers #universityclosures #collegeclosures
Feeling proud of our team at @HEConsolidation (HCS) todayโespecially those who brought their expertise, professionalism, and steady guidance to our work with @acphsofficial (ACPHS).
Special thanks and congratulations to our client lead and HCS Managing Director, Kevin Cavanagh, for his outstanding leadership throughout this engagement. His work exemplifies the values we bring to every partnership.
Grateful for the opportunity to support ACPHS in this exciting chapter.
๐จ Big news from our client, @acphsofficial (ACPHS)!
We at Higher Ed Consolidation Solutions (HCS) proudly congratulate ACPHS on todayโs public announcement (April 22): the collegeโs Board of Trustees approved a Memorandum of Understanding (MOU) to pursue a merger with nearby @sage_edu. This transformative partnership will result in one of the largest private colleges in New Yorkโs Capital District.
Since December 2023, HCS has had the privilege of working closely with ACPHS leadership and trustees to support their bold vision for strategic growth. After a comprehensive search and a series of confidential discussions with potential partners, Russell Sage College emerged as the ideal match.
We commend @ACPHSPrez and the ACPHS executive team for their thoughtful leadershipโfrom partner identification and due diligence to transparent communication and stakeholder engagement. Their dedication to shaping a vibrant future for ACPHS has been truly inspiring.
This planned merger represents a powerful step forward in strengthening higher education in the region, expanding opportunities for students, faculty, and the communities both institutions serve. Itโs also a model of the kind of collaborative strategy that more institutions are embracing in todayโs evolving higher ed landscape.
๐ Learn more at: https://t.co/zYfcN2789K
https://t.co/UopcTHU6Wp
#highereducation #highered #heconsolidation #higheredconsolidation #universitymergers #collegemergers #universityclosures #collegeclosures #HigherEd #Merger #StrategicPartnership #Leadership #ACPHS #RussellSageCollege #HigherEdConsolidationSolutions #Education
@jimmyjohns Since when do you guys not do deliveries yourselves? By relying on a third-party delivery service, you've lost control of the speed of delivery. Orders are no longer delivered freaky fast.
I am excited to announce our new practice area at @HEConsolidation,ย which focuses on affiliations, partnerships, and shared services for colleges and universities. While we remain proud of our status as the firstโand onlyโconsultancy specializing exclusively in higher education mergers and acquisitions, this new offering directly responds to our clients' growing interest in targeted, flexible solutions that don't necessarily involve a full merger. With our team of seasoned experts, we are uniquely positioned to deliver innovative and effective strategies tailored to our clients' needs.
Mergers, acquisitions, and consolidations have long been at the heart of our mission. However, in response to growing client demand, we are broadening our services. Many clients have discovered that partnering with institutions through affiliationsโrather than pursuing full mergers or acquisitionsโbetter suits their specific program needs.
Today, @HEConsolidation (HCS) is excited to introduce our new practice area in affiliations and shared services. This service is designed to help colleges and universities explore and establish collaborative partnerships, including shared services and academic program affiliations, to improve institutional sustainability and effectiveness.
Leading this new practice area is HCS Consultant Peter Laipson, Ph.D., who brings extensive expertise in planning and implementing innovative academic affiliations and partnerships.
Contact us today to learn more about this and our other services. Through cooperation and collaboration, institutions can achieve growth that would be difficult to realize independently.
https://t.co/HOjZ73J4QP
#highereducation #highered #heconsolidation #higheredconsolidation #universitymergers #collegemergers #universityclosures #collegeclosures
I'm very excited about this new service from the @HEConsolidation team and Consultant Jon Wexler. If there is one refrain we constantly articulate, it is, "Don't wait until it is too late." With the new HCS Merger Runway service, college and university leaders will know precisely how long before things are "too late."
One consistent element among recent college and university closures is the straw that breaks the camel's back: all of them had leadership that waited until it was too late to pursue transformational changes to save their institutions.
@HEConsolidation (HCS) is proud to announce our new Merger Runway service. This service helps leaders identify precisely how much runway or time they have left to make critical decisions, thus informing them of their options.
This service is led by HCS Consultant Jon Wexler, who developed the Merger Runway Index (MRI), a formula detailed in his dissertation for his doctoral degree in higher education management from the University of Pennsylvania. The calculation considers the institution's assets and liabilities, and the full HCS service also incorporates cultural readiness aspects with the financial calculations to determine the merger runway.
Contact us today to learn more about this and other services HCS provides. Don't wait until it's too late and the only option remaining is closure.
https://t.co/PZlyDFzep2
#highereducation #highered #heconsolidation #higheredconsolidation #universitymergers #collegemergers #universityclosures #collegeclosures
I am excited and proud that the @HEConsolidation team developed and implemented these vital board and leadership training sessions. In an era of rapid transformation in higher education, it is incumbent on boards of trustees and senior leadership teams of colleges and universities to stay current with the latest industry trends.
@HEConsolidation is thrilled to announce our new board and leadership training services, focusing on merger, acquisition, affiliation, and consolidation opportunities. These sessions address the critical issues boards face today, providing actionable insights and strategies tailored to their institutionโs unique needs. This is about ensuring trustees are prepared to lead strategically and precisely. Contact us today at [email protected] for a complimentary and confidential conversation about how we can help your board and senior leadership team stay on the cutting edge of institutional transformation in higher education.
https://t.co/AJVIunAIKc
#highereducation #highered #heconsolidation #higheredconsolidation #universitymergers #collegemergers #universityclosures #collegeclosures