Although home study institutions rarely change hands, periodic internal valuations of the financial worth of home study schools can be instructive for school owners. The first step is to determine the school's position in the context of the education field. This can be accomplished by asking 10 questions that a potential buyer of the school might ask. The next step--product valuation--is accomplished by determining the value of the school's product (its course materials and the support services included in offering a course for enrollment) and the educational worth of the school's courses. Courses' perceived educational value may be assessed by using the rating form used by examiners of the National Home Study Council's accrediting commission. Analyzing the school's balance sheet is the most complicated, confusing, and important part of any analysis of a school's worth. It is important that balance sheet entries by examined carefully by using prescribed questions regarding the following balance sheet sections/items: accounts receivable; cash section; inventory; plant and equipment; accounts payable; debt; and entries pertaining to things such as goodwill, royalty payments, and impending litigation. The school's income statement should be analyzed to identify trends in the school's income and expenses. (MN)