According to recent data, the pool of principal candidates is shrinking. How is the role perceived and what can school districts do to make it more attractive in recruiting and retaining highly qualified administrators? This open-ended, qualitative study sought to uncover the underlying reasons leadership-skilled women teachers choose to remain in the classroom rather than seek administrative positions. Analysis of the data revealed a complex mix of individual choice and institutional constraint. The participants' strong sense of personal teaching efficacy, commitment to family, and satisfaction derived from nurturing (and mentoring) their colleagues combined with their negative perception of the principalship contributed to their reasons for saying "no" to the principal's role.