The study we report here explored how private liberal arts colleges adapted to the Great Recession of 2007. We examined institutional changes at three private liberal arts colleges and their effects on the institutions' operations. For this multiple-case study we analyzed data from three colleges in the southeastern region of the United States; and the data included 30 participant interviews, public and private documents, and observational field notes. This study highlights the prominence of both the external environment and institutional factors in the survival story of liberal arts colleges.