Business schools face social, economic, cultural, and technological changes that require constant rethinking not only of teaching and learning, but also of leadership and management. In contrast to traditional strategic planning models, this article proposes a new participatory approach for the university community, arriving at a common story and visualizing an exciting future for the school. Applying case study methodology, the paper describes a process of shared strategic reflection at a century-old European business school by following Otto Scharmer's Theory U. The process enabled achievement of shared definitions of vision, values, lines of progress, and strategic projects, and the study itself improved the participants' perception of the process and its impact on a shared vision's generation. After process implementation, and as a general conclusion, Theory U contributed to promoting shared strategic reflection, with results that are very valuable in the highly uncertain, challenging environment in which business schools are immersed.