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The Turnaround Kid: What I Learned Rescuing America's Most Troubled Companies
For the past thirty years, Steve Miller has done the messy, unpleasant work of salvaging America's lost companies with such success that the Wall Street Journal has dubbed him "U.S. Industry's Mr. Fix It." From his very first crisis assignment as point man for Lee Iaccoca's rescue team at Chrysler, Miller built an international reputation while fixing major problems in such varied industries as steel, construction, and health care. Most recently, as chairman and CEO of the bankrupt automotive parts manufacturer Delphi Corporation, he has confronted head-on the major issues threatening the survival of Detroit's Big Three. A battle is being fought in the heart of industrial America—or what is left of it—Miller observes. In the auto industry as well as every manufacturing corporation, management and labor are at loggerheads over wages and the skyrocketing costs of employee benefits. The way out of this battle is often painful and Miller is deeply aware of the high price individual workers and many communities have had to pay as a result. In this frank and unsparing memoir, Miller reveals a rarely seen side of American management. Miller recounts the inside story of the many turnaround jobs that have led to his renown as Mr. Fix It. But he also paints an intimate picture of his relationship with Maggie Miller, his wife of forty years, with whom Miller shares the credit for his success. Described by Miller as "my mentor and tormentor," Maggie served as his most trusted adviser and kept him focused on what truly matters until her death from brain cancer in 2006. A deeply moving personal story and timely snapshot of the state of American manufacturing and what it will take to restore it to profitability, The Turnaround Kid is Steve Miller's fascinating look at his education as an American executive.
272 pages, Hardcover
First published April 15, 2008
26 people are currently reading
213 people want to read
About the author
Steve Miller
18 books3 followersLibrarian Note: There is more than one author in the Goodreads database with this name.
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Displaying 1 - 17 of 17 reviews
November 7, 2009
We'll have to see if I leave it at two stars, or reduce it to one in the next few weeks....
Miller certainly has the resume to write a book like this. Unfortunately, he has the ego for a shelf of books like this, all condensed into this one volume.
While I enjoyed the facts of Miller's experiences, and even his judgements and choices, I kept choking on his tremendous self esteem. I found two of his targets particularly troubling. His venom towards Lee Iacocca was unjustified. As an Iacocca fan, I knew most of Lee's foibles before reading this book, but have never seen him in the overall negative context that Miller portrays here. Secondly, I found it downright uncomfortable when Miller pointed out so many of his wife's flaws, but none of his own.
There are many egocentrics who see the world as Miller does, fortunately they have the judgement to NOT publish their internal monologue.
Miller certainly has the resume to write a book like this. Unfortunately, he has the ego for a shelf of books like this, all condensed into this one volume.
While I enjoyed the facts of Miller's experiences, and even his judgements and choices, I kept choking on his tremendous self esteem. I found two of his targets particularly troubling. His venom towards Lee Iacocca was unjustified. As an Iacocca fan, I knew most of Lee's foibles before reading this book, but have never seen him in the overall negative context that Miller portrays here. Secondly, I found it downright uncomfortable when Miller pointed out so many of his wife's flaws, but none of his own.
There are many egocentrics who see the world as Miller does, fortunately they have the judgement to NOT publish their internal monologue.
February 13, 2010
Read this book in preparation of having lunch with the author as part of my TA job for MO611 at school. I liked the guy and thought a lot of his skills as what many consider to be the single best business turnaround executive in the country. He's worked a lot with the auto industry and was recently appointed to the board of AIG (interesting job, I'm sure).
Liked the guy, and thought his book was a good read with relevant and useful information for anyone in the business world.
However, sad that not one person starting singing "I'm a joker, I'm a smoker, I'm a midnight toker..." with him in earshot. Would have been great to see his reaction.
Liked the guy, and thought his book was a good read with relevant and useful information for anyone in the business world.
However, sad that not one person starting singing "I'm a joker, I'm a smoker, I'm a midnight toker..." with him in earshot. Would have been great to see his reaction.
April 21, 2021
Read this book a while back and enjoyed it. Gives a good insight into the inner workings of Chapter 11. Below are my notes. More of other books can be found at www.libraryof.xyz
Steve Miller is an American business leader who during his career successfully specialized in turnaround cases and took large companies such as Chrysler, Bethlehem Steel and Delphi Corporation back from messy Chapter 11s. The book is a biography in which Miller describes what he learned from his “career in Chapter 11”. In 2018, at the age of 76, Steve Miller left the role of CEO of International Automotive Components.
CHAPTER 11 IS A PROCESS, NOT A SOLUTION. Chapter 11 can buy the board time and give the company the opportunity to re-emerge with a more appropriate capital structure. But a restructuring does not revive companies doomed to fail. Prolonged processes make the business suffer as there is no time to focus on customer care and business development. A chapter 11 process can be compared to some children fighting for an ice cream at the same time as it melts – if they fight for too long, there is no value left once they get along.
“I’m always at the scene of a fire. Half the world thinks I’m a fireman and the other half thinks I’m an arsonist.”
CREDITORS HAVE TWO CHOICES. Each reconstruction results in that the creditors have two choices. Either they continue to fund the business and thus give it time to recover. Or they decide that enough is enough and liquidate the company and divide the cake between them. This at a time when the company value is probably the lowest in a very long time.
“Your choice”, I concluded, “is to feed this horse so that it can run again, or kill it and divide up the meat”.
CRISISES MAKES QUICK MOVES POSSIBLE. The first question a board in a crisis company should ask themselves is whether they have the right management in place. It is not certain that a previously successful CEO is the right person to lead the company through the restructuring. In a crisis, there is no time for lengthy analyzes, debates or bureaucratic processes. Leaders must make quick decisions based on the available decision materials. During times of crisis, leaders are also free to try creative solutions when there is no time for the usual methods.
THE CUSTOMER IS CRUCIAL. Suppliers, investors, and lenders are forced to accept that the reconstruction is likely to cost them money. However, what is crucial for a successful reorganization are the company’s customers. If customers continue to shop after the company has been restructured, it can survive. The board and company management should listen to the customers, they know more about what is wrong with the company than anyone else. And if the customers survive, a stronger company often rises from the reconstruction.
DIFFERENT TYPES OF ASSETS. In a reconstruction, it can be an advantage to sit on a niche asset base that has few alternative uses. An office building in San Francisco or Montreal is worth about as much whether it is owned by an international real estate giant or by a local landlord. A large, especially equipped car factory in Detroit, on the other hand, has few alternative uses – it can hardly be sold. This provides a much better negotiating position against creditors.
LISTEN TO YOUR PEOPLE. Consult all employees, from the boiler room to the managers on the top floor. Ask everyone to send emails and then reply to them in person. If the employees proudly wear hats and shirts with the company logo, morale is good. If no one wants to be identified with the company when they go to the mall, you have problems. Then try to identify the hidden talent in the workforce. Often, potential has been hidden by poor leadership or a weak organization. If these are now in a crisis situation given the opportunity and responsibility, they can develop into new stars.
KEEP TRACK OF THE GENEREAL ECONOMY. When you see dark clouds on the horizon, you can be sure that the storm has already passed someone else. Structural problems usually sweep slowly through the business world and first affect weak sectors but eventually reach the stronger ones. When you get the first signals of a dark cloud in the sky, it is time to prepare. When the storm comes, it knocks out those who have not prepared.
ACKNOWLEDGE MISTAKES AND SHOW WEAKNESS. In business, leaders rarely admit mistakes or show weakness. In Chapter 11, however, it can be beneficial. The only thing a leader can offer creditors is often their integrity – there is no money. This increases the chances of ultimately landing in a solution that benefits all parties.
Steve Miller is an American business leader who during his career successfully specialized in turnaround cases and took large companies such as Chrysler, Bethlehem Steel and Delphi Corporation back from messy Chapter 11s. The book is a biography in which Miller describes what he learned from his “career in Chapter 11”. In 2018, at the age of 76, Steve Miller left the role of CEO of International Automotive Components.
CHAPTER 11 IS A PROCESS, NOT A SOLUTION. Chapter 11 can buy the board time and give the company the opportunity to re-emerge with a more appropriate capital structure. But a restructuring does not revive companies doomed to fail. Prolonged processes make the business suffer as there is no time to focus on customer care and business development. A chapter 11 process can be compared to some children fighting for an ice cream at the same time as it melts – if they fight for too long, there is no value left once they get along.
“I’m always at the scene of a fire. Half the world thinks I’m a fireman and the other half thinks I’m an arsonist.”
CREDITORS HAVE TWO CHOICES. Each reconstruction results in that the creditors have two choices. Either they continue to fund the business and thus give it time to recover. Or they decide that enough is enough and liquidate the company and divide the cake between them. This at a time when the company value is probably the lowest in a very long time.
“Your choice”, I concluded, “is to feed this horse so that it can run again, or kill it and divide up the meat”.
CRISISES MAKES QUICK MOVES POSSIBLE. The first question a board in a crisis company should ask themselves is whether they have the right management in place. It is not certain that a previously successful CEO is the right person to lead the company through the restructuring. In a crisis, there is no time for lengthy analyzes, debates or bureaucratic processes. Leaders must make quick decisions based on the available decision materials. During times of crisis, leaders are also free to try creative solutions when there is no time for the usual methods.
THE CUSTOMER IS CRUCIAL. Suppliers, investors, and lenders are forced to accept that the reconstruction is likely to cost them money. However, what is crucial for a successful reorganization are the company’s customers. If customers continue to shop after the company has been restructured, it can survive. The board and company management should listen to the customers, they know more about what is wrong with the company than anyone else. And if the customers survive, a stronger company often rises from the reconstruction.
DIFFERENT TYPES OF ASSETS. In a reconstruction, it can be an advantage to sit on a niche asset base that has few alternative uses. An office building in San Francisco or Montreal is worth about as much whether it is owned by an international real estate giant or by a local landlord. A large, especially equipped car factory in Detroit, on the other hand, has few alternative uses – it can hardly be sold. This provides a much better negotiating position against creditors.
LISTEN TO YOUR PEOPLE. Consult all employees, from the boiler room to the managers on the top floor. Ask everyone to send emails and then reply to them in person. If the employees proudly wear hats and shirts with the company logo, morale is good. If no one wants to be identified with the company when they go to the mall, you have problems. Then try to identify the hidden talent in the workforce. Often, potential has been hidden by poor leadership or a weak organization. If these are now in a crisis situation given the opportunity and responsibility, they can develop into new stars.
KEEP TRACK OF THE GENEREAL ECONOMY. When you see dark clouds on the horizon, you can be sure that the storm has already passed someone else. Structural problems usually sweep slowly through the business world and first affect weak sectors but eventually reach the stronger ones. When you get the first signals of a dark cloud in the sky, it is time to prepare. When the storm comes, it knocks out those who have not prepared.
ACKNOWLEDGE MISTAKES AND SHOW WEAKNESS. In business, leaders rarely admit mistakes or show weakness. In Chapter 11, however, it can be beneficial. The only thing a leader can offer creditors is often their integrity – there is no money. This increases the chances of ultimately landing in a solution that benefits all parties.
February 12, 2025
Steve Miller’s The Turnaround Kid is an insightful, engaging look at what it takes to revive struggling companies—and the mindset required to thrive in high-stakes, high-pressure situations. Miller’s firsthand accounts of leading corporate turnarounds, from Chrysler to Waste Management, are packed with lessons on leadership, strategy, and adaptability. His writing style is straightforward and no-nonsense, making complex business decisions digestible for readers outside the C-suite.
While the book delivers plenty of wisdom, it leans more into personal anecdotes than detailed operational playbooks, so readers looking for step-by-step turnaround strategies may want more depth. That said, it’s an excellent read for anyone interested in corporate leadership, crisis management, or just a behind-the-scenes look at how major businesses navigate near-collapse. A compelling and valuable book for business-minded readers.
While the book delivers plenty of wisdom, it leans more into personal anecdotes than detailed operational playbooks, so readers looking for step-by-step turnaround strategies may want more depth. That said, it’s an excellent read for anyone interested in corporate leadership, crisis management, or just a behind-the-scenes look at how major businesses navigate near-collapse. A compelling and valuable book for business-minded readers.
October 8, 2025
Interesting tales. Gained a little business perspective, but it was mostly surprising how someone can go from failure to failure and still continue an upward trajectory in their career.
On another note, “Maggie” must have been a saint. The fact that Miller takes the opportunity to repeatedly present his wife at her worst or most vulnerable, while admitting no wrongdoing or responsibility himself, all while she is unable to present her side of things (she passed away) is astoundingly tone deaf.
I tried to learn from his experiences, which I did a bit, but I was pretty regularly distracted by his arrogance and mistreatment of his wife.
On another note, “Maggie” must have been a saint. The fact that Miller takes the opportunity to repeatedly present his wife at her worst or most vulnerable, while admitting no wrongdoing or responsibility himself, all while she is unable to present her side of things (she passed away) is astoundingly tone deaf.
I tried to learn from his experiences, which I did a bit, but I was pretty regularly distracted by his arrogance and mistreatment of his wife.
November 18, 2019
Valuable management insights from a world class executive and leader
Miller’s experiences managing businesses through periods of crisis are helpful for every manager, investor and student. He also reminds us that family and his strong partnership with his wife of nearly 40 years plays an important role in developing and shaping our values and priorities.
Miller’s experiences managing businesses through periods of crisis are helpful for every manager, investor and student. He also reminds us that family and his strong partnership with his wife of nearly 40 years plays an important role in developing and shaping our values and priorities.
March 5, 2023
An interesting autobiography of a man who’s been deeply involved in some of the most complex and difficult restructuring situations in the last 40 years. As we enter a new era of bankruptcies arising from history’s largest asset bubble, aspiring current practitioners would benefit. That said, it is told from the perspective of an advisor or consultant rather than someone with skin in the game.
December 26, 2007
Business books, and especially war-story type memoirs, can often be pedantic without actually providing much substance. Miller beautifully avoids this pitfall and writes an excellent book that provides a look both at Miller personally and at the business situations he handled in his varied and interesting career. I would highly recommend this book to anyone at all interested in the problems facing modern business, particularly old-line businesses like the auto makers and steel industrial giants that Miller assisted. The first chapter is also a quite lovely tribute to Miller's wife of nearly forty years who died of brain cancer in 2006.
Overall, the book occasionally bogged down into too much description of the names and personalities of the individuals with whom Miller worked, but was mostly highly readable and worthwhile. Miller gives a clear picture of the job of a top consultant faced with companies in crisis and was willing to give a more clear and honest account of the problems and difficult compromises he was forced to make to try to bring these companies back from the brink of failure. The book is a valuable addition to the universe both of business books and memoirs.
In the final chapter Miller gives his perspective on the grand problems of pension plan liabilities and health care costs. His suggestions are sweeping and do not actually provide action plans so much as identify known problems. Nonetheless, because the book was so well-written and thoughtful, Miller seemed to earn the right to comment on these larger problems facing companies.
Overall, the book occasionally bogged down into too much description of the names and personalities of the individuals with whom Miller worked, but was mostly highly readable and worthwhile. Miller gives a clear picture of the job of a top consultant faced with companies in crisis and was willing to give a more clear and honest account of the problems and difficult compromises he was forced to make to try to bring these companies back from the brink of failure. The book is a valuable addition to the universe both of business books and memoirs.
In the final chapter Miller gives his perspective on the grand problems of pension plan liabilities and health care costs. His suggestions are sweeping and do not actually provide action plans so much as identify known problems. Nonetheless, because the book was so well-written and thoughtful, Miller seemed to earn the right to comment on these larger problems facing companies.
July 8, 2016
Steve Miller started at his career at Ford and looked to expand his range of skills and abilities in higher level management. When the legendary Lee Iacoca came calling he couldn't turn him down. This began one of the most storied caries in corporate turnaround history and he helped to improve the fortunes of Chrysler, Bethlehem Steel, Delphi Corporation, Federal-Mogul, and others. In the book, he describes his philosophy of a turnaround and how he was able to get constantly changing groups of people on his side in a relatively short amount of time.
While I do not agree with many of his assessments in the final chapter this is definitely a book to read repeatedly to see what it takes running some of Americas biggest corporations.
While I do not agree with many of his assessments in the final chapter this is definitely a book to read repeatedly to see what it takes running some of Americas biggest corporations.
June 2, 2013
The book was very interesting and well-written, and Steve Miller was surprisingly candid about many things (including how the health of his wife deteriorated due to brain cancer). Fascinating story. My only complaint is that the title of the book should be changed... the tagline is "What I Learned Rescuing America's Most Trouble Companies", so I was expecting to learn what he had learned...
February 19, 2009
Just started but it's promising so far.
February 16, 2009
a story of an accidental turn around guy. Interesting , but not a must-read.
Currently reading
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February 5, 2011
A bit skimpy, I was expecting a lot more, but still a few enjoyable tidbits.
March 5, 2012
He's very experienced as a CEO. I think i should go do this for a living.
July 16, 2016
Very interesting. It is easy to read and full of great stories.
April 29, 2014
Any book about turnarounds and/or M&A is good in my mind.
Displaying 1 - 17 of 17 reviews