Billion Dollar Turnaround: The 3m Spinoff That Became Imation

This book will be of great value to anyone who wants to make a business more profitable and competitive, and essential reading for those who find themselves in a life or death, turnaround situation. In a lively and engaging way, William T. Monahan explains how he and his executive team transformed seven anemic and money-losing business units spun off from 3M with $2.4 billion in sales into a dynamic, top-performing company called Imation. Monahan explains how a new corporate culture of performance was created, and he outlines techniques anyone can use to focus their business for success while determining which opportunities to pursue and which to pass up. In a highly-readable and easily-understood way, he explains how he and his team turned a company that was $450 million in debt and losing money into one with more than $475 million in cash and no debt, while repurchasing almost $200 million of its stock. This is a must-read for any executive who is judged by the financial performance of the business under his or her direction.