Independent Study PhD?

Hello: I'm looking at an independent study PhD that is facilitated through Northcentral University. The program is regionally accredited and is highly attractive to me because it is 'self-directed'. The purpose of the PhD is to either expand into my current organization (very large healthcare support services company) into high level training and development &/or to start my own consulting firm.

I currently hold an MBA with an HR Management emphasis from a brick and mortar school. I'm looking for feedback regarding the idea of such a PhD program. I am not looking at pursuing the PhD to teach academics, although it 'could' come about I suppose...but it is not the purpose of my PhD.

With my current employer, I will not be able to grow unless I continue to relocate. Thus, starting - and staying - at a B/M school for a PhD is impractical; again, adding attractiveness to the independent study program.

I would also like to continue working for my current employer as I know opportunities are always available for growth. Also, I can't just 'leave' the company. Due to tuition reimbursements, relocation bonuses, etc, to avoid financial penalty, I have to stay with the company 2 years AFTER the receipt of such funds...so if I left today, it would cost me over $15,000 due to the past money received.

Thanks for any feedback you may have.