The need to complement the existing stakeholder theory with more dynamic perspectives has been acknowledged for some time. This article uses the insight from negotiated order theory to provide a more actor oriented and dynamic illustration of the stakeholder understanding by adapting the classic Freeman model, strengthening its pedagogical value. Adopting a hermeneutic approach, the model is built by drawing from the extant literature and applied in a case to highlight how particularities of the case can be presented differently. By providing some factors that influence the dynamic process and how the actors affected the negotiations, the model presents the dynamism in stakeholder management and the temporality of the situation, as well as how the roles the individuals play within stakeholder management should be kept in focus while conducting a stakeholder analysis.