The acquisition of Urbana University by Franklin University has received a great deal of coverage mostly in the regional Ohio papers since it was announced on the 29th of April. In addition I have heard from a number of trustees, faculty, former administrators and alumni on their feelings via the blog and Facebook. Almost all feel Urbana had no other option but to make this deal. It was no longer possible to continue and most likely the banks would have no other choice but to call for payment of debt.
How Franklin University will manage a “traditional university” in its portfolio remains to be seen. What happens to staff and faculty and how Franklin position themselves with Urbana alumni and donors is unclear. I believe Franklin made the acquisition because it was a good business decision and will work to make it successful. Let’s hope they are right.
I have added a link called: “Financial missteps, debt led to sale of university” written by Matt Sanctis of the Springfield News-Sun. It’s a good read reporting why Urbana made the decision to sell.