The importance of the study of recovery comes from the fact that the crisis is often the case in business. While there are studies on the recovery in developed economies, little has been written about recovery strategies in Serbia. This monograph provides a framework for managing crisis, especially in transition economies. Business performance declines due to a variety of internal and external reasons. The crisis is a key situation which if not properly addressed can have consequences that are manifested at the individual and company level. The path to recovery lies in internal and external diagnostics. The author analyses the key factors in strategy choice for a company recovery. Successful recovery is not possible without adequate implementation strategy guided by the leader and independent consultant. The final business failure has been occurred when the company liquidated or sold. This monograph is intended for professionals in Strategic Management and Crisis Management fields.