To justify a competitive-bid process, have a $500,000+ carrot

To provide the historical data firms want to have for them to figure out what to bid, to prepare the RFP and choose the second round firms, to hold a due diligence session, to interview finalists and negotiate an acceptable arrangement – the game must be worth the candle.

A 500,000 lumen candle, so to speak, or brighter. Where anticipated fees for the desired time period are dimmer, it is lights out. Economics determines the switch: if you are going to save the expected 10 to 15 percent from the arrangement, you need a half million or more of spend to justify the exertion.