The experiences of presidents of small colleges in their role as crisis manager are discussed. Attention is directed to: problems confronting the presidents of threatened colleges; presidential actions necessary for institutional renewal; the personal characteristics of the successful crisis manager/president; and how presidential behaviors compare to theories of crisis management. Crisis is defined as declining enrollments and continuing deficit budgets severe enough that closing, merging, or moving the institutions were contemplated. Data were obtained from three sources: personal experiences of presidents; intensive case studies of three small, private colleges that confronted a crisis and were renewed; and a national survey of 19 such institutions. The case studies used participant observation, interviews, and review of archival data. The national survey began with a review of the literature on institutional renewal, after which 74 institutional renewal strategies were identified. Based on these strategies an instrument was developed to survey trustees, administrators, faculty, and others at a sample of small private colleges that had faced a crisis and been renewed. Respondents ranked the strategies and 22 emerged as significant to organizational revitalization. (SW)