This is no ordinary recession. And, for leaders in higher education, its impact will resonate long after it has passed. In the years ahead, the author believes that the past thirty years will be viewed as a kind of golden age of academic prosperity that was brought to a crashing end by this recession. Yet, the end of the golden age has also created a golden opportunity to implement the management philosophies, strategies, and actions that will shape a strong future for higher education. In this article, the author discusses strategies for managing through this turbulent economic time.