Some people are born into their family restaurant business. Some are born into their family accounting firm. And some, like Morgan Lucas, were born into something a little higher octane.
Lucas is the son of Forrest and Charlotte Lucas, the founders of Lucas Oil. For more than 35 years, the company has been an innovator in motor oils, additives and lubricants, creating products used by everyone from NASCAR drivers to people who take their SUVs to the grocery store.
Last February, Morgan Lucas became CEO of the family business. But before he got into the corporate driver's seat, he traveled a different route — going very, very fast.
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From 2004 to 2016, Lucas was a professional drag racer at the National Hot Rod Association. During that time, he earned 12 wins in the Top Fuel class and 11 in the Top Alcohol Dragster class. He retired in 2016 to take a full-time role as vice president of sales at Lucas Oil and worked his way up to CEO, where he now oversees the company's strategic direction and vision.
The entrepreneur spoke to Lucas about the lessons he learned going 330mph – how risk-taking, trusting your team and going full speed ahead on the drag strip apply to running a business with over 300 products sold in 48 countries.
You have just taken over as CEO of a company that has been in business for 35 years. What do you think has helped it stand out over the years?
Well, most people think that any company with the word “oil” in its name is associated with Big Oil. But we are one family business that works on its own terms. We're more focused on vehicle longevity and fixing problems than many companies, and that pushes us in different directions and helps us stay creative. We have used motorsports as an opportunity to develop products. From teams like Richard Childress Racing to my own driving, we've been able to transfer that technology into the general automotive and heavy-duty spaces.
For those who have never sat in a car with an 11,000 horsepower engine, can you describe what it's like?
I fell in love with motorsport at a young age. I've always been fascinated by the mechanical aspects of how engines work, the sounds they make, the speed of acceleration, the explosiveness. The first time I got behind the wheel of a nitro car, I realized this was different when I hit the gas for my first burn. It was loud and violent. And as a 19-year-old kid, that's a very exciting thing to have in your life. But as I got older, I began to understand the difference between being in a situation that was out of control versus being in control.
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How did your racing career influence your leadership style in business?
As a driver, if you trust the people who put your car together, it gives you the confidence to know that you can get out there and do your job. There are other drivers I've talked to who didn't have the same belief or faith, which affected the way they drove. If you're driving a racing car, you can't be afraid. This distraction will prevent you from performing at the level you should be. I draw from those experiences. We are building a team that can help bridge the gap between failures and successes. We've invested heavily in our product development team, hiring the right chemists and researchers to help us understand where we've been and where we need to go.
Credit: Lucas Oil
What is your best hiring advice?
Whether it's an executive team or drag racing, you can't be afraid to hire someone smarter than you. And you can't be afraid to depend on those people. We have amazing executives who bring a lot to the table. I am fortunate to be able to work alongside my wife, Katie. She spent time with Indianapolis Colts on the sales team and has worked in many competitive fields, and she draws from those experiences to connect the dots in her role as president at Lucas Oil.
You mentioned success and failure. As a former runner, how do you view losses?
There's a fun and cliche saying: “Embrace the nipple.” Failure is a part of life. We don't grow unless we try. And sometimes you will fail when you try something new. I've failed media interviews because I wasn't as prepared as I should have been. And that's okay. I built a foundational memory from this and was better prepared moving forward. Leaders who are overprotective or overly concerned about failure are not the right people to lead a company. You have to be willing to take risks, or you will backfire.
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As you move forward, are there any leadership lessons your father taught you that have been particularly influential?
He always says it costs nothing to smile. goodness it's something we have to offer everyone on our teams. It gives us the opportunity to maintain a solid working relationship with them and hold them accountable. He also says that common sense is something that is lost for many people in this world. My father was a well-read and self-taught man in many ways, and he would use his common sense in life and tie it into good business decision-making. You can view the numbers, research and intelligence you pay your team to create and use. But your gut instincts will always be there too. Don't be afraid to listen to your gut and apply common sense to what you're doing.