Aug 1, 2014, 1:00 PM EDT
NASCAR drivers are known for trading paint, spinning out rivals and are seemingly always ready for a fight.
And those are just some of the same elements that NASCAR drivers share with CEO’s of some of the best middle-market companies, according to a story on AllCapCorp.com.
Citing a study by Statistic Brain that compares what would seem like diametrically opposite fields, AllCapCorp.com noted “accomplished CEOs and NASCAR drivers are often recognized as the top performers in their respective industries, and they possess the courage to make complex decisions when challenges arise.”
Here are the top 6 shared similarities between those driving companies and those driving stock cars:
1. Cultivate the right combination of strategic talent to propel them to victory.
The study cited six-time Sprint Cup champion Jimmie Johnson, team owner Rick Hendrick and crew chief Chad Knaus for their ability to recruit and hire the most talented and successful personnel “to do one thing – WIN.”
2. Possess the perseverance to rise from the ashes.
The example that Statistic Brain cited here is the resurgence of 2004 Cup champ Kurt Busch, who lost his ride with Team Penske after the 2011 season and how he’s rebuilt himself and his career since.
As Statistic Brain noted, “Like many middle-market CEOs, ‘the Outlaw’ wasn’t ready to give up his dreams when the world thought he was finished. Recognizing that his setback was driven by his own limiting behavior, he gave himself a ‘tune-up.’ … When facing such adversity, top CEOs act no differently. They are willing to work hard and develop creative solutions that allow them to overcome the most difficult of challenges.”
3. Learn from their mistakes.
The elder Busch brother was again cited, along with A.J. Allmendinger, who was suspended by NASCAR for failing a drug test in 2012.
Said Statistic Brain, “Savvy CEOs also understand the importance of learning from their mistakes and making adjustments when major setbacks ensue.”
4. Know that sometimes it pays to be friendly with the competition.
It’s better for drivers to be friends than enemies in NASCAR, because you can never have enough friends, particularly at places like Daytona and Talladega, where the nature of restrictor plate racing has led to a “one for all, all for one” mentality for many drivers.
It’s there that you see Ford drivers work with Toyota drivers, Chevy drivers with their Ford counterparts, and so forth.
“The same holds true for top CEOs who make alliances with the competition or seek synergy through middle-market mergers and acquisitions,” Statistic Brain said. “The best CEOs recognize their firm’s key strengths and weaknesses, as well as those of other players in their industry. This insight allows them to maintain integral relationships that drive optimum results and secure long-term success.”
5. It’s a family affair.
Not only is NASCAR still owned and operated by the France family, the sense of family as a whole is one of the most important elements of the sport.
That’s why so many drivers follow in the footsteps of their own racing fathers, with famous surnames such as Earnhardt, Elliott, Jarrett, Petty and more. Likewise, family is a key component of fandom in the sport, with oftentimes three generations of families attending races together at tracks around the country – or watching races together on TV at their own homes.
Said Statistic Brain, “Like NASCAR, many middle-market CEOs treat their businesses like a family, where multiple family members work together to run a company and make decisions about its future.”
6. Know it’s best to go out on top.
NASCAR drivers go through a lot in their careers. But the most difficult time is when they decide to hang up their firesuit for the final time and retire from full-time driving.
The Statistic Brain study cited Mark Martin and a story about him by FoxSports.com in 2013, in which Martin said, “No matter how hard you work at it, eventually Father Time will extract its toll from your skills.”
Added Statistic Brain, “Smart business owners know that the best time to sell is when their business is still going strong, and they can offer valuable insight during a transition to new ownership. They have a solid exit strategy in place, and are ready to pull the trigger and sell a business when the time is right.”
Unfortunately, some drivers remain in the game far too long and by the time they eventually do retire, many of their earlier-career successes and achievements are forgotten and replaced by the difficult struggles those same drivers had getting to their end-game.
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