The primary objective of this study is to address the limitations in existing turnaround
management literature by providing managers with a reliable framework and step-by-step guidance for
successful turnarounds. This research examines ten real-life turnaround experiences through primary
evidence gathered from semi-structured interviews with experienced turnaround and insolvency
practitioners. Using a qualitative and phenomenological approach, this study uncovers the lived
experiences of these managers, exploring the nuances and intricacies of their turnaround journeys. This
research aims to identify key success factors and extract practical insights from the narratives of the
interviewed managers. The resulting framework consists of five essential steps: (i) analysis and diagnosis,
(ii) defining tailored strategies, (iii) execution and action, (iv) leadership and change management, and
(v) agile decision-making. This comprehensive framework empowers leaders to initiate the turnaround
process with a deep understanding of the contextual realities. By identifying obstacles through rich
qualitative data, managers can implement appropriate actions to halt the decline and pave the way for a
successful recovery. The phenomenological approach adds depth to the study, ensuring that the proposed
framework is not only theoretically sound but also grounded in the real-world experiences of turnaround
practitioners.