The mythology about the "business world" is something independent school leaders are exposed to almost daily. In that imagined world, mediocre employees are never retained year to year, decisions are uniformly hard-nosed and courageous, work teams operate with flawless efficiency, and change is embraced for the wonderful possibilities it offers. In this article, the author discusses the debate of running an independent school as a business. These independent schools are presented as high-performing organizations, commonly referred to as HIPOs.