Statistics on business failure rates corroborate the conclusion that n
either academics nor practitioners have succeeded in designing a model
to guide strategic management action during periods of financial decl
ine. Therefore, a comprehensive review was conducted on the turnaround
literature from multiple disciplines and related research streams. Th
e product of this work is an empirically-driven conceptual model of bu
siness level turnaround Building on data-supported hypo theses from pr
ior research and confirmatory anecdotal evidence from practitioner lit
erature, the model is intended to help focus future theory testing eff
orts and to accelerate the advancement of strategic management practic
e.