The efforts to survive of Cazenovia College, a private, two-year, residential, woman's college in Cazenovia, New York, are described, based on interviews, observation, and analysis of written materials. The college announced its closing in 1974 and subsequently reopened successfully. The college was assessed in terms of its efficiency in internal design and operation and its effectiveness in organizational-environment transactions. Additionally, the behavior of college staff was analyzed to determine what they did and felt in the struggle to maintain an organization. Fifty-seven present and past participants in the life of the college were interviewed, and 11 formal college meetings were attended for observation purposes. It is suggested that in the six years in which Cazenovia experienced a steady financial decline, the board and president failed to provide the necessary leadership for a declining institution, and the faculty resisted change. The president failed because he attempted to reach decisions through consensus; the board failed by not identifying the problem at Cazenovia and not choosing a president with the skills necessary for overcoming Cazenovia's decline. The faculty wished to remain a liberal arts college in spite of the failure of the liberal arts curriculum to attract students. The primary group that came forward to save Cazenovia was a group of business people from the village, and a business model and strong manager approach were used to save the college. A new president accepted the position with the condition that the board stay out the the everyday operation of the college, and the faculty senate was circumvented through task forces that the president appointed. (SW)