This study takes an empirical look on recessions over the past 50 years, (excluding the current recession). The factors identified for study are based upon a theoretical framework established by the work of Jim Collins and the importance of Level 5 leadership. A binary logistical regression analysis is used to estimate models that predict: 1) survival with relatively healthy financials; 2) failure specifically during a recession; 3) thriving prosperity immediately after a recession. The model for predicting survival overall correctly and the model for predicting survival during a recession correctly predicted between 92% and 97% of the cases. The model for predicting thriving success after a recession correctly predicted 63.5% of the cases. The article also discusses the relevance of this information compared to the bankruptcy prediction literature, as well as practical implications for business people as they make strategic decisions before, during, and after recession periods.