This article examines buyer-supplier relationships in a period of economic recession. More specifically, the articleinvestigates the role of buyer-supplier cooperation, conflict and trust in customer satisfaction by using data collected ina period of recession. Furthermore, the article explores the influence of satisfaction on repeat patronage and customers’propensity to initiate price negotiation. The authors propose and test a model of the buyer-supplier relationship.Quantitative data gathered from 300 Danish firms are used to analyze the hypothesized relationships via structuralequation modeling. A cross-sectional design was used. Future research might use a longitudinal design to exploredevelopments in buyer-supplier relationships. The data regarding the buyer-supplier relationship were collected from asingle informant. The results support several of the stated hypotheses. Buyer-supplier cooperation enhances customersatisfaction, partly by reducing conflict and building trust. Furthermore, satisfied customers are inclined toward repeatpatronage and are less likely to launch price negotiations when facing a financial crisis. For industrial suppliers, thisstudy clearly indicates that cooperation, through its positive relationship with trust and its ability to reduce conflict, hasa positive impact on satisfaction, which in turn increases repeat patronage and reduces the tendency of customerstoward price negotiation. Future studies might include more informants from the customer firm and/or from thesupplier firm to improve the validity of the measures and better assess the reliability of the results.