January 21, 2013 | BusinessNewsDaily
What do bulldozers and businesses have in common? Their fate depends on whoever is sitting in the driver's seat. No one understands this better than the management at Caterpillar Inc. (CAT), the world's leading manufacturer of heavy machinery, whose trademark yellow machines — bulldozers included — can be found everywhere from construction sites in the U.S. to mining excavations in China. Over the past several decades, CAT has achieved a level of efficiency and profitability unmatched by any of its competitors, and it's done so with the help of a few great leaders.
While Caterpillar is No. 1 in its industry, its story is not without trials and losses. In the 1980s, CAT lost $1 million a day for three consecutive years, bringing the company's very existence into question. But with a "change-or-die" approach to restructuring and a series of astute management decisions, CAT's leaders were able to bring the nearly 100-year-old company back to life...
For the past year, my co-author, Jim Koch and I have been working on the unedited but authorized biography of the great company, Caterpillar Inc. The opportunity was extraordinary. We were invited inside and given free access to the CEO, Three former CEO's, CFO, Board Members, Executive Vice Presidents, General Managers, Dealerships, Unions, Executives and Wall Street Analysts. Our task was to analyze the company from 1980 until today. In the beginning of our research period, CAT went three consecutive years losing approximately $1 million per day. They were in serious trouble and the company's continuing existence was in some measure of doubt. Today, the company is the dominant leader of its industries on a global basis. CAT may well be the best managed company in the world. To achieve such a turnaround required a series of successful strategic and operational changes. Enormous changes. Our book tells the entire story while giving inside advice on how managers and board members of your company can benefit from our analysis. We also provide insights to stock market investors on what to look for when investing in large companies like CAT. You will find these passages valuable. The conclusion of our book predicts CAT's financial performance through 2020. You will be more than surprised to read our scenarios and the resulting stock prices predicted.
McGraw Hill has made "The Caterpillar Way" one of its top titles in 2013. Make sure you pre-order! I'm happy to send you an autographed copy.
Published by McGraw Hill