Some people are born into the family restaurant business. Some people are born into the family accounting business. And some, like Morgan Lucas, are born into something a little more high-octane.
Lucas is the son of Forrest and Charlotte Lucas, the founders Łukasz Olej. For greater than 35 years, the company has been an innovator in motor oils, additives and lubricants, creating products used by everyone from NASCAR drivers to individuals who take their SUVs to the food market.
Last February, Morgan Lucas became CEO of the family business. However, before he took the corporate driver’s seat, he traveled a different route – driving very, very fast.
From 2004 to 2016, Lucas was a skilled drag driver in the National Hot Rod Association. During this time, he scored 12 wins in the Top Fuel class and 11 in the Top Alcohol Dragster class. In 2016, he retired to take a full-time position as vp of sales at Lucas Oil and was promoted to CEO, where he now oversees the company’s strategic direction and vision.
Entrepreneur talked to Lucas about the lessons he learned from driving at 300 mph – how taking risks, trusting your team and moving forward at full speed applies to running a company with over 300 products sold in 48 countries.
You have just taken over as CEO of a company that has been operating on the market for 35 years. What do you think has helped it stand out over the years?
Well, most individuals think that any company with the word “oil” in its name is associated with Big Oil. However, we are a family company that operates on our own terms. More than many corporations, we focus on vehicle durability and problem solving, which drives us in different directions and helps us stay creative. We used motorsports as an opportunity for product development. From teams like Richard Childress Racing to even my very own applications while driving, we have been capable of take this technology to general automotive and heavy-duty applications.
For those that have never been in a automobile with an 11,000 horsepower engine, can you describe what it’s like?
I fell in love with motorsports at a young age. I have at all times been fascinated by the mechanical features of how engines work, the sounds they make, their acceleration and explosiveness. When I first got behind the wheel of a nitro automobile, I spotted that it was different when I hit the gas for the first time. It was loud and violent. For a 19-year-old, this is a very exciting thing in life. But as I grew older, I started to know the difference between being in a situation that was uncontrolled and being in control.
How has your racing profession influenced your corporation leadership style?
As a driver, if you trust the individuals who put your automobile together, you have the confidence that you can go out and get the job done. I talked to other drivers who didn’t have the same trust and belief, which affected the way they drove. If you drive a race automobile, you cannot be afraid. This distraction will prevent you from performing at the level you needs to be at. I draw from these experiences. We are building a team that can help bridge the gap between failures and successes. We have invested heavily in our product development team, hiring the right chemists and researchers to assist us understand where we have been and where we are going.
Source: Lucas Oil
What’s your best hiring advice?
Whether it’s on the executive team or drag racing, you cannot be afraid to rent someone smarter than you. And you cannot be afraid to rely on these people. We have amazing managers who bring a lot to our team. I’m lucky to work alongside my wife Katie. She hung out on the Indianapolis Colts sales team and worked in a variety of competitive fields, and she draws on those experiences while connecting the dots in her role as president of Lucas Oil.
You mentioned successes and failures. As a former driver, how do you look at losses?
There is a funny and cliche saying: “Embrace the suck.” Failure is a part of life. We don’t grow if we do not try. And sometimes you will fail when you try something recent. I failed media interviews because I wasn’t as prepared as I should have been. And that is okay. I built a foundational memory on this and became higher prepared for the next steps. Leaders who hedge too much or worry too much about failure are not the right people to steer the company forward. You have to be willing to take risks, otherwise you will fall back.
As you progress, is there a leadership lesson that your father taught you that particularly impressed you?
He at all times says that a smile costs nothing. Kindness is something we must always offer to all members of our teams. This gives us the opportunity to take care of a solid working relationship with them and hold them accountable. He also says that common sense is something that so many people in this world miss. My father was a well-read man and in many respects an autodidact who followed common sense in life and turned it into making good decisions in business. You can see the numbers, research and intelligence you pay your team to create and use. But your instincts will at all times be there too. Don’t be afraid to take heed to your intuition and use common sense in what you do.