How Michael Coffey Turned Manitex Around 400% EBITDA in a Crisis

Taking over as CEO is never easy. But imagine walking into a public company that’s been struggling in a tough global market for years. The backlog is massive, supply chains are a mess, and the team hasn’t seen a bonus in over a decade. Where do you even start?In this episode of Heavy Hitters, host Jay Lucas sits down with Michael Coffey, former CEO of Manitex, board member, advisor, and author of the upcoming book Gale Force: Navigating Strategy, Culture, and Value Creation in Modern M&A.Michael shares what it was like stepping into the CEO role at Manitex during a turbulent period marked by post COVID supply chain disruptions, an unhealthy backlog, and a business that had been operating in what he describes as “survival mode.” He explains how the acquisition of Rayburn Rentals fit into the company’s broader strategy and why he used the diligence process as a “long interview format” to understand the organization before fully stepping into leadership.Throughout the conversation, Michael breaks down the leadership principles that guided the turnaround. He discusses why strategy is the one thing he centralizes as a CEO while execution must remain decentralized, how transparency builds trust across global teams, and why honoring a company’s past is essential before driving change.In an industry known for tight margins and tough conditions, Michael’s message is clear. Companies succeed because of their people.Curious how great leaders turn struggling companies into thriving ones? Listen to the episode and discover the strategies that made it happen.In This Episode:[00:00:00] Introduction to Heavy Hitters[00:00:21] Meet Michael Coffey[00:02:27] How the Manitex and Rayburn acquisition came together[00:06:23] Why OEMs rarely operate rental businesses[00:08:13] Walking into Manitex: backlog, supply chain chaos, and opportunity[00:11:53] Strategy vs execution: where leaders must focus[00:12:02] Honouring a company’s past before changing its future[00:15:04] From survival mode to a plan for thriving[00:22:03] The “Elevating Excellence” strategy framework[00:24:45] Turning around margins and production capacity[00:26:57] Breaking down silos across global operations[00:28:17] Product rationalization and manufacturing efficiency[00:29:47] Why focusing on the right markets matters[00:32:32] The role of dealers and why manufacturers shouldn’t compete with them[00:49:19] Leadership lessons from Rayburn founder Steve Berner[00:53:26] Why transparency builds trust in leadership[00:54:58] The most important skill for modern CEOs[00:58:38] The story behind Michael’s book Gale Force[01:04:07] Career advice for future leaders in heavy equipment[01:08:19] How to connect with Michael CoffeyOur GuestMichael Coffey is a seasoned executive, advisor, and former CEO of Manitex International. Over the course of his career, he has led global industrial organizations through complex transformations, mergers, and operational turnarounds.Previously, he helped grow HE Parts from a startup into a global enterprise generating hundreds of millions in revenue. As CEO of Manitex, he drove significant operational improvements and revenue growth before the company’s acquisition by Tadano.Michael now advises companies across the heavy equipment and industrial sectors through his firm, Resurgence Advisory, helping leaders navigate strategy, culture, and value creation in mergers and acquisitions.He is also the author of the upcoming book Gale Force: Navigating Strategy, Culture, and Value Creation in Modern M&A.Resources and LinksHeavy Hitters Podcasthttps://podcasts.apple.com/us/podcast/heavy-hitters-built-to-last-strategic-insights-from/id1847968841Michael CoffeyWebsite: resurgenceadvisory.comResurgence AdvisoryLinkedin: http://linkedin.com/in/jmichaelcoffey/Upcoming BooK: Gale ForceJay LucasWebsite:⁠reputablerecruiting.com⁠Linkedin: ⁠linkedin.com/in/jaylucas