Charter schools also would likely have to give back their fund balances — a sign of fiscal soundness, according to the Legislative Auditor General's Office — one of which was as high as $1.8 million in 2006, the auditor general found last winter. In addition, "To the extent possible, all leases, service agreements, and other contracts not necessary for the transition of the closing charter school should be terminated," the law states.

A nonprofit also probably legally couldn't just convert into a for-profit business, Belliston said. Charter schools that are purchasing their buildings probably would have to turn them over to the state, too, as they would have been purchased with state funds. Lessees might have other difficulties.

"To change from a charter school to a private school would really require a tenant to go back to a landlord and renegotiate a lease," said Jim Ferrin, a partner in U.S. Charter Development, which finances, develops, builds and owns facilities that are leased to charter schools. "We wouldn't do it ... a private school is a more risky venture."

Private school tuition would become a revenue stream. Yet it's unlikely parents getting a free education in a charter school would want to start paying, said Ferrin, former member of the Utah House who unsuccessfully carried a bill giving tax credits for private school tuition, a sister concept of the voucher.

He says talk of charter schools converting to private schools makes no business sense, calling it "an anti-voucher message people will throw out there that doesn't stick when faced with reality."

But the idea of a charter school leader venturing off to start a private school is different, Sharette says.

Advocates have long said vouchers will open the education marketplace and create more demand for private schools, which now enroll about 3 percent of Utah's schoolchildren.

"Would the schools follow (if vouchers pass)? Absolutely, and I think they would be at immediate capacity," Sharette said.

People experienced in operating schools, be they in private, charter or regular public schools, are the likely ones to become private school entrepreneurs.

"There are a lot of good people who know how to start and run schools in my opinion ... I think I'm pretty good at running schools," Sharette said.

But, she adds, "I would not try to convert my school, either. My school is a public school. ... I would never leave. This is my baby."

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E-mail: jtcook@desnews.com