Lessons from turnaround leaders

Purpose Environmental uncertainty threatens many companies. This paper seeks to offer a strategic model to help imperiled firms overcome employee inertia, counter competitive forces, and speed organizational renewal. Design/methodology/approach The paper presents a change model which outlines five major steps, each comprised of three elements. Examples from the field illustrate sequential stages of the cycle. Findings This framework aligns human resources and organizational processes. By adhering to this approach, leaders can become transformational change agents. Practical implications The proposed strategic format evolved from face‐to‐face discussions with exemplary turnaround leaders. In their visits to the author's classroom over the last six years, they offered insights that should prove beneficial to other leaders in turnaround situations. Originality/value The paper extends existing business models by providing a comprehensive set of action steps to engage all organizational members.