Well, to my thinking they are all grammatically correct.
And no. I don´t think they could replace each other, at least not in a general way.
In 1) he is (perhaps) struggling with problems, but he is having succes with making it a profitable business. Or if he isn´t struggling, he is dealing with the running the business in a satisfatory way (and making money in the process).
You say that right now, and the effect of the action is felt at the moment of speaking.
In 2) he turned. That is, the action happened in the past (albeit with effects in the present.)
In 3) he has turned, somehow it has a ring of ''recent" to it and also that he is not done with the action of "turning it into a profitable business" (in othes words, the action - or consequence if you wish- continues on.)
That is not supposed to be a perfect explanation, since it´s a "on-the-fly" casual comment, but it could do.
You can dig more on the grammar section from the English Experts, under the topic of verb tenses (and all that jazz).
Others may come up with some more answers or expand this one as well.