The history of independent schools is filled with consolidation—think of the number of schools with hyphenated names or ampersands in their monikers. Since the turn of the last century, many schools have found ways forward by joining forces. Mergers and acquisitions can offer paths to financial, demographic, and programmatic sustainability for schools needing to reposition themselves or those considering strategic expansion. The contemporary landscape of school consolidation is far more complex than it was in the past, as independent schools today operate under a far-reaching regulatory regime and answer not just to their boards, creditors, and accreditors, but to local, state, and federal authorities. Despite the complexities, strategic realignment through a merger or acquisition could present a valuable opportunity for some schools.