Clean the teak using a wood cleaner that does not contain acid. Apply the cleaner to a rag and wipe the surface of the furniture gently. This will remove any old wax or polish coats. Choose a cleaner made specifically for teak. You don't want to strip away the material's natural oils.
Use a rag to apply a paint stripper to the furniture. Use the stripper liberally. Allow it to sit for a few minutes so that it can soak into the furniture.
Scrap away the stripper residue using a plastic scraper that is designed to be used on wood. Work carefully so you don't damage the wood itself.
Wipe the furniture down with very fine steel wool that has been dipped in paint thinner.
Sand the teak using a medium grit sandpaper. Work in one direction only. Try to stay with the grain of the wood as much as possible.
Stain the wood using a wood stain applied with a rag or paint brush. Allow 4 to 6 hours for the stain to dry. Work a teak oil into the wood to seal the finish.