By Brian Weinblatt, Ph.D.

Navigating mergers in higher education can be unfamiliar and daunting for most college and university presidents, their cabinets, and trustees. This is understandable—many leaders have not encountered these complex scenarios firsthand. While articles on mergers and closures frequently appear in higher education publications, these issues often feel distant. Presidents may wonder about potential opportunities or be prompted by trustees to explore them. This raises an important question: where do we begin?

The first thing to understand is that you’re not alone. Conversations around mergers are taking place nationwide—and internationally—at colleges and universities facing severe and persistent challenges. Interestingly, these discussions aren’t limited to financially distressed institutions. Many of our clients are thriving institutions on the "buy side" of mergers, seeking transformational change to enhance their capacity through increased enrollment, expanded faculty, budget growth, and new academic programs. This was the case at my alma mater, The University of Toledo, which merged with the Medical University of Ohio in 2006. Through this merger, the institution nearly doubled its workforce and budget, gained thousands of students, and broadened its academic offerings. In an industry where most changes are transactional, leaders are increasingly realizing the potential for transformational growth.

Institutions have various options when exploring mergers, with some initiating discussions independently. These organic conversations, free from external pressures, often lead to the most constructive outcomes. However, identifying a suitable partner can be challenging, which is where a consultancy specializing in higher education mergers and acquisitions (M&A) can provide valuable assistance.

Engaging a consulting firm is more than just a good idea; it’s often essential. A merger represents a significant milestone in an institution’s lifecycle, akin to a marriage. Managing such a pivotal and sensitive process benefits from the guidance of an experienced third party, who can offer critical insights and provide political cover for presidents and boards. While consultants play a central role, their work complements—not replaces—the active involvement of key leaders, such as the president and board members, whose engagement is critical from the outset.

What should college and university leaders look for in a consulting partner? In a word: experience. Few professionals have navigated the complexities of higher education M&A, and the right consultants bring firsthand knowledge, having learned hard lessons through direct involvement. Avoid consultants without specific expertise in this field, as they may lack the depth of insight required to guide institutions through regulatory, governmental, and industry shifts effectively.

When selecting a consulting partner, institutions typically consider a few options. Large consulting firms with diverse industry practices may have higher education M&A teams, but these come at a premium, and those doing the groundwork may lack firsthand experience in higher education. Another option is a general higher education consultant who has recently expanded into M&A. While they may offer relevant experience, they may not possess the deep expertise needed for complex M&A projects.

Finally, we strongly encourage you to work with a consultancy focused exclusively on higher education M&A, staffed by individuals who have led these transactions as institutional leaders. Only those who have navigated these processes can bring the nuanced perspective, sensitivity, and discretion necessary to successfully guide an institution through a merger.

A note on law and accounting firms: while their expertise is critical to the M&A process, we advise against relying on them solely for merger guidance. Although they provide essential legal and financial insight, they generally lack the broad experience in academic affairs, student services, faculty engagement, and research oversight that a specialized higher education M&A firm offers.

Founded in 2018, Higher Ed Consolidation Solutions (HCS) is a team exclusively comprised of current and former college and university trustees, presidents, provosts, and vice presidents who have led multiple mergers. Our unique experience and expertise distinguish us. With HCS, you can be confident that your consultants have firsthand experience and understand the distinctive dynamics of campus communities, ensuring a smooth path to realizing your M&A goals.

For a confidential, complimentary consultation, please reach out to info@higheredconsolidation.com.