Given the rate of school closures, related to—yet separate from—merger and acquisition threads of discussion in independent school circles, there is a need for an effective study of school failures. Such a study would confirm these common, clear signs and delineate paths to closure, highlighting key points of timing along the way when schools could/should be intentional about their futures, giving themselves and their communities (most notably, students and families) the gift of time: enough time to allow for tactical business model maneuvering before sound the alarm on closure.