Crises and insolvencies are particularly a problem for small and medium-sized enterprises (SMEs). However, the discipline of turnaround management is typically focused on the concerns of large companies and heavily emphasizes liquidity crises. Preceding crisis phases, which are crucial for overcoming any crisis, are often overlooked. Therefore, the aim of this work is to develop a process-oriented approach for designing and securing a sustainable turnaround in SMEs. A systematic support framework will be developed that supports the turnaround process in its entirety while allowing sufficient flexibility for adaptation to individual company and crisis characteristics. The essential requirements for turnaround management in situational, institutional, procedural, and hierarchical terms will be identified and systematized. In summary, ten key functions will be presented that must be considered for successful turnaround management.