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Goodwood – Festival of Speed

As I stare blankly at the computer screen in my office, surrounded by memorabilia and artefacts I have collected over the years I find myself feeling slightly melancholic. Is it the rain sodden clouds and grey overcast sky of a July Monday morning pitted against the glorious backdrop of a sun-soaked weekend?

Truth be known, my Monday blues reflects the revelry and over-indulgence I subjected myself to over the weekend. I submersed myself in one of my greatest passions in life, cars! Yes, I am at heart an unadulterated piston-head who can easily waste hours carousing my passion for all that is mechanical.

As Friday beckoned, I, along with a group of close friends and my son packed our bags, jumped into the car, and headed to Goodwood. Goodwood, synonymous with a by-gone era, today, boasts a glorious horse-racing track, an aerodrome offering Spitfire flights and of course the “Festival Speed”.

Ah! The Festival of Speed, synonymous with everything automotive, is a mecca for those who share my passion for cars and the internal combustion engine. The howl and accompanying banshee like scream percolates with the smell of high-octane fuel. That combination is for me, intoxicating.

It is hard to describe why the noise of a thorough bred car engine sends shivers down my spine and puts such a smile on my face. Is it recognition of the engineering excellence of those who painstakingly eked out ever greater performance from an engine? Or is it the shrill bark of highly tuned combustion chambers hell-bent on hurling their car forward at ever greater speed?

The truth is I do not know what stimulates my automotive passion and neither do I care. For one weekend I abandoned my dispositions and luxuriated in the surroundings of Goodwood and the Festival of Speed along with seventy thousand enthusiasts.

Following inordinate Friday traffic jams on the M25, Saturday morning started with a fine cooked English breakfast courtesy of the Five Bells Pub at West Chillington, our base for the weekend. Awash with bacon, sausages, eggs, tomatoes, and toast, myself and hearty band of companions departed for Goodwood.

Shortly afterwards we found ourselves seated in a stand offering a commanding view of the hill section of the circuit. The vista which awaited was simply breath-taking. Cars from all eras; pre-war, post-war and finally modern day. Sports cars, Le Mans, F1 and rally cars from the world’s great manufacturers. Ferrari, Lamborghini, Aston Martin and Porsche, the list seemingly endless.

Cars hurtled past our stand at breakneck speed, owners seemingly oblivious to the risk their multi-million-pound investments were being subjected to. Tires fighting for grip, squealing against tarmac baked under the midday sun. Engines screaming, alive with power and ferocity, propelling cars, and driver forward to the finish line akin to jet fighters being launched from steam catapults on aircraft carriers.

Just like racehorses’ hell bent on winning, cars from all generations surged forward come what may, offering up an electrifying and sonorous vista. This was unadulterated petrol head nirvana which I lapped up like an excited child on Christmas Day.

Drivers, men, and women, old and young seemed determined to push their vehicles to as close to the limit as they dare. Who would be the ultimate victor and achieve the fastest time? How does one driver finesse a car to domination and victory in a sport measured by thousandths of seconds.

As I watched driver and machine working together in sublime harmony, my mind drifted, thinking of the long-lost souls who flew Spitfires from Goodwood during WW2. The bravery and courage of those young men who mastered their machines to overcome adversity.

In comparison, pushing a car beyond 100mph in excess of 180mph requires nerves of steel akin to a fighter pilot. Reflecting on the racing greats, Sir Stirling Moss, Sir Lewis Hamilton, Ayrton Senna, Nikki Lauder, and Michael Schumacher, I wondered, are these men the modern-day fighter aces?

Formula 1 Car

Fortunately, I have never fought in aerial combat, but I have owned and driven a handful of cars which evoke memories of racing legends.

For me, Porsche and Ferrari dominate the sports and racing car industry. They seek the same purpose, to be the best and win races, yet they achieve greatness in seemingly polar opposites.

My Ferrari 355 was the most spine-tingling car I have driven. The howl and bark of that highly tuned V8 with five valves firing per cylinder was akin to a symphony orchestra. Even the name, Ferrari, with its black Prancing Horse emblazoned against a yellow shield harks back to an era where men and machine were pitted against each other in ariel combat.

The Prancing Horse, originally the symbol painted onto the biplane of WW1 Italian fighter pilot Francesco Baracca was eventually adopted by Enzo Ferrari following an encounter with Count Enrico Baracca and Countess Paolina, parents of the ace.

During conversation the Countess said "Ferrari, why don’t you put my son’s prancing horse on your cars? It’ll bring you good luck." Ferrari followed the Countess’s advice and on 9th July 1932 the Prancing Horse became synonymous with a racing legend.

In contrast, Porsche with its Germanic heritage succeeds in a way no other manufacturer can eclipse. For many, Porsche and their 911 is the car which sets the benchmark for all other manufacturers.

I am lucky to have owned 911’s, air-cooled, water cooled and much to the disappointment of the Porsche purists, more latterly a turbo charged Carrera S. Like the Tifossi found celebrating Ferrari F1 wins at Marranello, Porsche enthusiasts are just as passionate about their sporting legend.

Watching the iconic Gulf Porsche 917’s tear their way along the Goodwood course is a spectacle and sound I shall never forget. Those cars, which stole victory from Ferrari at Le Mans in 1970 and 1971 could accelerate 0-60mph in 2.3 seconds surging forward to 240mph. Incredible performance even by modern standards.

Unbeatable, and for many unsurpassed, the 917 was further etched into motor-racing myth and legend courtesy of Steve McQueen and his iconic film, Le Mans. Sold at auction in 2017, the same car reached a record price of $14m.

Car Art

The debate between Porsche and Ferrari aficionados, and who owns claim to the ultimate crown will forever rage but if money were no option, I would elect the Ferrari F40 as my dream car. Sadly, I have never driven an F40 but I have long lusted after the car which many consider one of the greatest cars to ever grace the roads.

Nick with Ferrari

Launched in 1987 to celebrate forty years of Ferrari it festooned the walls of many teenage boys’ bedrooms courtesy of Athena posters. It remains as much an icon today as when it was launched. If you have to ask, you probably cannot afford it. I for one will make do with this picture and model on my desk.

But what separates one Le Mans or F1 car from another? They are immensely capable, so is success a reflection of the car, driver, design engineer or team boss?

There is no doubt that certain drivers such as Michael Schumacher, Sir Lewis Hamilton and Nikki Lauder all possess star quality. Their finesse behind the wheel and unique ability to coax a car through a chicane whilst on the absolute level of grip and traction must be a primeval instinct. But equally many of the great drivers understood mechanics and risk. Nikki Lauder took risks but adopted a highly calculated approach to risk. Lauder believed that if a track was inherently dangerous resulting in a greater than 20% risk of him being killed, he would go home.

Nuremburg was the exception to Lauder’s rule. Former Top Gear presenter Jeremy Clarkson stated in 2004 that "over the years this track has claimed over 200 lives". In 1976 during heavy rain, Lauder was nearly killed at Nuremburg whilst racing against a risk he calculated at greater than 20%.

As I reflect upon winning cars and racing teams, I cannot fail to see the comparison with business success. Business is inherently risky, especially if you are the founder who provided the finance to capitalise a venture.

But what makes a business successful, is it the product, timing, strategy? I believe all these factors contribute, but just like racing teams I maintain people really make the difference. A fast car is only the sum of its parts, greatness requires a driver and team infrastructure. The same applies to business, people generate ideas, they position and lead companies.

Like a racing team, businesses rely on Key Persons “mission critical” to performance. For racing teams, Key Persons would be the drivers, designers, and team boss. For a business, Key Persons may be the CEO, CFO, CTO Head of Design or Head of Sales & Marketing.

In the current economic climate, the UK enjoys the highest level of employment in living memory. It comes as no surprise that companies across all sectors are engaged in a war for talent. As a former Head-hunter I know how time consuming and expensive recruitment is. The opportunity cost of losing a Key Person far outweighs associated recruitment fees.

The opportunity cost of losing a Key Person can be monetised. It is calculated based on a business’s inability to service clients and associated loss of revenue. The challenge for management is predicting when they may lose a Key Person.

The unexpected loss of a Key Person, especially following death or medical incapacitation impacts staff morale, revenue, and operational stability. If not managed effectively staff and clients can become the target of competitors who seek to lure Key Persons and accounts away.

The cost of losing a Key Person at a critical juncture, perhaps prior to the launch of a new product, or during a Merger or Acquisition, can be catastrophic. Disruption to business plans and stability can be immense. In their State of Nations report, Legal and General research found that “52% of businesses believe they would have to stop trading in less than a year after the death or critical illness of a key individual”.

So how could your business be protected from the financial impact associated with the loss of a Key Person following their death or medical incapacitation? At Fatgreen Consulting we believe Key Person Insurance provides a solution offering financial protection.

Following a successful claim, the business receives a cash payment from the insurance company. Management can use the cash to finance any associated loss or revenue and fund the cost of a replacement.

If you would like to understand how Key Person Insurance could benefit your business please contact: protect@fatgreen.co.uk, 07985 219 763.

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