The transparency created by enterprise models is a valuable support for organizational engineering and especially enterprise transformation. However, current approaches are hardly suitable to also create transparency of the enterprise transformation process itself. The paper at hand contributes a systematic approach for capturing dynamics of enterprise transformation in enterprise models. Therefore we differentiate dimensions of time (modeling time, valid time) of enterprise models on a macro level as well as a set of model transformation operations on a micro level. The proposed model transformation operations on a micro level are suitable for describing the differences of as-is and to-be models in an enterprise transformation program.