Your School Head-Replacement Cash Reserve

As Board President or Finance Committee Chair, you are cognizant that your School Head will not hold that position forever. You may know the schedule for your current Head’s departure—as with a scheduled retirement—or you may simply be aware that the turnover frequency for the position averages about five years, or you may just be a strategically prudent person by nature. Regardless, you also know, even without specifics, that replacing your School Head will be expensive.

Trends Your School Should Prepare for Now

Planning ahead (and for the worst) is never an easy task. But we believe that planning ahead for a potential marketplace shift and how it could affect your school is integral to long-term viability. We have found that roughly 200 private schools close per year, even during strong economic times. How do you keep your school from becoming one of them?

The Head’s Responsibilities: Key Areas

The Board of Trustees charges you, as School Head and your Board’s only employee, with overseeing the entire scope of day-to-day operations. The breadth and complexity of these operations far exceeds the capacity of any one person to exercise direct monitoring, control, and evaluation of them. Your senior administrators, if your school is organized typically, comprise those whom you charge with these responsibilities. You, as School Head, retain full accountability for their performance, but it is they who directly oversee the people who implement your programs.

Construction Ahead: An Owner's Representative Protects Your Interests

New construction and major renovation projects rank among the most complex undertakings your school ever faces—and the devil is in the details. Costs escalate, disputes arise, technical decisions loom—who is in your corner? Before you build, assess the benefits of hiring an owner’s representative. The sole responsibility of an owner’s representative is to protect the interests of the property holder—in this case, your school—throughout each phase of construction. This professional can offer a combination of experience, knowledge, objectivity, and time that neither you, as School Head, nor others associated with the project are likely to match.