Make no mistake; today's world of auto racing is big time business. Just ask Chip Ganassi.

Since hanging up his helmet, Ganassi has built a racing empire that includes teams in NASCAR, CART and the IRL. He also owns a piece of Chicago Motor Speedway. Ganassi's vision helped make Honda, Reynard and Toyota players in open wheel racing.

He might have come late to NASCAR, but it hasn't taken long for him to leave his mark there, as well.

Ganassi understands the business. Just as his family did outside of racing, Ganassi has used a successful formula to succeed in the world of motorsports. He's gambled and won, but he's also lost. The one constant has been his ability to adjust and make changes to his empire when warranted.

Ganassi was one of the first to break ranks with the CART family and return to the Indianapolis Motor Speedway for the Indy 500. When spectator turnouts fell below expectations he shuttered Chicago Motor Speedway -- leasing it to CART so that it could maintain a Windy City presence.

He decided to switch his Indy car focus from CART to the IRL next year when sponsor and marketing issues showed continuing in CART might not be in his team's best financial interest.

Now, Ganassi is ready to dump one of his NASCAR drivers, Jimmy Spencer, at season's end. Even though it means keeping Mr. Excitement on his payroll until Spencer finds another ride or completes his contract at the end of 2004.

While Roger Penske gets most of the press about his organization, Ganassi has built one that in many ways rivals Penske's. The difference is Ganassi does it on the back of his racing instead of his Fortune 500 holdings.

When racing is approached with a business-like mentality, sentiment and emotion are checked at the pit gate. Decisions are based upon results. It is about the bottom line. That's Ganassi's forte.

He is an engaging personality and always quick with a quip. His hands-on philosophy is well documented, but Ganassi knows how to put together a staff that does more than support his decisions.

Guys like managing director Mike Hull, who isn't afraid to lock horns with Ganassi once in a while. Ganassi has a marketing staff that is always on the lookout for the "next" corporate partner.

There is little doubt that Ganassi has learned much from his associations with NASCAR, CART and the IRL. He has taken the best from each of these organizations -- as well as approaches gleaned from working with giants like Toyota and Honda -- and forged an operation that flourishes while others around him fail.

It's ironic that one of his IRL drivers next season came to his camp with direct funding from CART. When Scott Dixon found himself without a ride earlier this year. He joined Ganassi's team in a third car. CART shareholder reports showed that more than $3 million directly from CART's coffers went to Ganassi to support the expansion (and inclusion of Dixon) of his team.

As he did when he picked a relative unknown named Alex Zanardi to drive, Ganassi has "discovered" Jamie McMurray in NASCAR. He doesn't always have a Midas touch, however. Failures like CMS, Nicolas Minassian and now Spencer attest to that.

Still, for my money, Ganassi has the right idea. Don't let your heart over-rule your head. It is a business and you've got to be ready to change.