After a disappointing absence (err… unexpected repeat last week – presumably due to the Academy Awards) Undercover Boss resumed this week for the fifth episode. This week the series profiled Churchill Downs Inc. executive William (Bill) Carstanjen.

Churchill Downs Inc., headquartered in Louisville, Ky., is a $500 million dollar company that owns and operates world-renowned horse racing venues throughout the United States. The Company’s four racetracks in Florida, Illinois, Kentucky and Louisiana host many of North America’s most prestigious races, including the Kentucky Derby and Kentucky Oaks, Arlington Million, Princess Rooney Handicap and Louisiana Derby.

The 41 year old COO, has been with the parent company of North America’s premier race for Thoroughbreds since 2005, having served as Executive Vice President and Chief Development Officer and General Counsel previously. Prior to joining Churchill Downs he worked for GE. Churchill Downs (the corporation) has experienced it’s fair share of ups-and-downs since incorporating in 1942, and it wasn’t until former President and CEO Thomas H. Meeker led it through a series of transformative steps that breathed new life into the struggling company.

A few quick facts:

The track is named for John and Henry Churchill, who leased 80 acres (320,000 m²) of land to their nephew, Colonel Meriwether Lewis Clark, Jr. (grandson of explorer William Clark).

Churchill Downs was designated a National Historic Landmark in 1986.

In April 2002, Churchill Downs Incorporated established the Green Pastures Program in partnership with the Thoroughbred Retirement Foundation, a leading American racehorse rescue and adoption organization.

On September 29, 2006, Churchill Downs became the first horse track to host a Rolling Stones concert.

On Friday, June 19, 2009, Churchill Downs hosted its first-ever night race.

Lessons Learned:

1. It’s hard to be an outsider, especially in a company steeped in tradition. If you are, you need to work hard to learn both the business and the culture; especially if you hope to affect meaningful and lasting change.
2. Word of mouth – especially from key employees – can be the greatest asset OR the greatest detrminent that a company has. You want, no you need, your employees to be your most passionate spokespeople.
3. Sometimes loving what you do and being passionate isn’t enough.
4. The most mundane or seemingly simple jobs (e.g. the bugler), aren’t necessarily so. Sometimes it takes years and years of practice/experience, other times people are just good at what they do. Regardless, don’t make an assumption simply based on appearance.
5. Being able to fail spectacularly can be liberating.
6. Always try to find all the people that make an operation go, not just the people that are visible. For every superstar in the spotlight, there are plenty more behind the scenes (or the back stretch) that will never get the recognition they deserve.
7. Need plenty of people that understand both sides of a business – the public facing side and the behind the scenes – those unique individuals are the heart and soul of your organization.
8. Don’t get blinded by what’s right in front of your eyes. Every now and again you need to pull back, even just a little, to see the whole picture.
9. Business is personal. Don’t be afraid of getting past spreadsheets and presentations and actually addressing situations head-on. The most important thing in life is personal interaction…take advantage of it.

As I was reminded by a few good friends the token displays of recognition and acts of contrition really don’t amount to anything meaningful. Too few individuals get their stories heard and in return get something meaningful for them personally.  However, what I most like about the show is the personal transformation that each executive goes through. Just the willingness to put themselves on the line is commendable. However, if even a small change takes place, it’s a worthwhile exercise.

I learned about another executive, and for that matter another business, that I would have never looked into and learned a lot from it. I’d still like to see follow-up on the stories to track down the profiled employees and also see what has changed since their executives have gone undercover. That, not withstanding, I remain a fan of the show…

Posted via web from Dave Sabol