Experts warn that the competitive landscape for colleges may shift in the wake of the recent global economic downturn and national pressures for increased numbers of college graduates. A special panel at AGB's recent national conference on trusteeship, moderated by AGB president Rick Legon, examined how ready colleges are to adjust to new economic and competitive realities. This article presents a question and answer discussion participated by few important people, such as The Honorable James Geringer, former governor of Wyoming and board chair, Western Governors University; Kevin Reilly, president of the University of Wisconsin System; Jane Wellman, executive director, Delta Project on Postsecondary Education Costs; Robert Zemsky, author, "Making Reform Work: The Case for Transforming American Higher Education," and Legon who functioned as the moderator. Legon asked their opinions on how boards and administrators can have the kind of meaningful conversation that includes faculty to get these kinds of changes moving forward, how do they change the conversation in the board room at this point toward strategic priorities, strategic decision making, and what kind of change do they need to see within their research institutions.