Many small colleges are struggling and should remember that denial is not prevention. Technology is providing new ways for students to get degrees without being a resident on a campus, accrediting agencies are increasing their demands for evidence that students are learning, and the costs for operating an institution (such as utilities and benefits) continue to rise. Any college not seriously contemplating how it will address such threats is living dangerously close to the edge. They should not assume that just because they survived similar threats in the past, they will survive a new one. As soon as a board sees continuing signs of decline, it should consider the possibility that the college may have to change in some major way or close. It should develop a plan for changing or closing that provides specific actions leading to the achievement of goals, not simply broad statements (or wishes). Neither changing in significant ways nor closing is easy for any college, but for some they are the only choices remaining. The important thing for boards and other institutional leaders is to control the change or closure so the new choices will be viewed as part of a natural evolution--and so the positive impact the college has had on its students and region throughout its history will not be diminished. In this article, the author offers some advice for struggling institutions. (Contains 3 resources.)