This study aims to conceptualize business excellence model and identify its variables and indicators. The philosophical foundations of the pragmatic, humanistic theory of symbolic interactionism has been, quietly and the strategy of grand theory deal with open, axial and selective coding; whose output is a new concept. Data collection is based on documentation studies on excellence models. The population under study more specifically includes the models existing in prestigious journals and magazines with theoretical sampling logic in order to reach theoretical saturation. To measure validity, Critical Appraisal Skills Program was applied and to assess reliability, two encoders were used. Reliability was calculated to be 0.86 through the agreement between two encoders and Kappa coefficient for 102 samples; the reliability was good. For analysis, MAXQDA software has been employed. Out of 102 conceptual excellence models under investigation in the coding step, 869 concepts or open codes were obtained. Common basic codes were divided into 50 major categories in terms of meaning, which, in the selective coding step, led to the creation of five dimensions with the names of people, market, work, management and the underlying factors. The conducted study is a small step towards the extraction of indicators and concepts of business excellence from 102 classic models.