Mike Waters
Mike Waters successfully grew Turbo International to one of the important players in its industry. Today, Turbo International is the premiere worldwide source of quality turbocharger parts and assemblies. By focusing exclusively on quality, Turbo International has risen quickly to become a dominant force in the independent after-market. Now that the business is built, how do you keep the company legacy active while you are planning to reduce your role. That is the question with which Mike approached CRT, and together with Vern they created some different options in order to get there. Are you wondering what happened? Tune in and listen to their story!
LISTEN: SEGMENT ONE
Mike has been active in the worldwide turbocharger industry for decades and was asked by one of his former employer to come to San Diego from UK to turnaround Turbo International in a 5 year period. Mike found the company in a difficult position as it had a weak market position and a weak brand with low quality product.
LISTEN: SEGMENT TWO
Mike describes how he accomplished a turnaround of the company and was able to build a stronger market position and converted the Turbo International brand synonymous with quality. During this 10 year process, Mike had to start planning for moving back to the UK and make sure he could retain the value in Turbo International. How do you grow a business that comes from such a weak market position?
LISTEN: SEGMENT THREE
Vern Yates and Alan Creutz, CRT mentors got involved on behalf of the Chairmen's Roundtable. They were to help Mike create a framework to sell the business. Mike's foresight had already brought him to a point where he had hired a potential successor for the business, which would significantly ease the process of an acquisition by another company. How did the CRT add value to Turbo International and help them position the company for a successful sale?
LISTEN: SEGMENT FOUR
Turbo International was successfully acquired, and Mike stays on in San Diego for a while to ensure a smooth transition, but then his successor will be able to step in and continue to run the business. Mike will stay involved in the business and help Turbo International with their European strategy which he will run from the UK. Listen to this segment if you want to learn more on how this will happen!
