Elmhurst College is a small liberal arts college located in Illinois that provides undergraduate and graduate programs in liberal arts as well as professional programs in business, nursing and education. The school faced a serious budget crisis in 1971 and then President Dr. Frick implemented stringent financial measures including the termination of some tenured faculty. After a period of steady growth the school faced another financial crisis in 2003. This paper describes the approach taken by Dr. Cureton, the President, to get all stakeholders involved in charting and executing a course that enabled the College to survive and become stronger. The paper highlights the role played by a President of a small college in building bridges with the faculty and developing equity with this key constituency. The paper concludes with a reflection on the current situation facing the College, with a new President who has to manage a serious set of challenges in the current economic downturn.