Why do firms change ownership, management, or strategy? One of the most significant drivers of change in business is failure. Failure, that is to say failure to meet performance expectations, is at the origin of many, if not all, of the changes we have discussed in this book: changes in ownership, because the original shareholders have run out of money or patience; changes in management, because the executives in place are unable to give the organization direction; and changes in strategy, because the firm or the business is poorly positioned to cope with the competition. Of course, change is also driven by generational transition (i.e., succession of ownership or management) and anticipation (i.e., planning in strategy or management), but, in a market economy, the threat of failure is always an important spark for action. And yet, in some cases, ownership, management, and strategy do not change, despite failure. Thus, there are firms that decline progressively and lose money for years, without triggering strategic change. There are also firms that experience significant discrete setbacks without showing any apparent reaction. These cases of no change seemingly contradict the underlying argument that changes in ownership, management, and strategy, are adaptive measures necessary for ensuring the long-term health of the firm.