John
Certainly there are tracks that have gone under, or been sold because of bad management. There have also been Beauty Parlors, Machine Shops and Bowling Alleys that went under for the same reason. Bad management is not unique the race tracks.
I also know that one of the first lessons I learned in business is that the customer is NOT always right! Sometimes the best move a business can make is to fire a customer. If you spend $100 a month with me, but you cause $1,000 worth of grief I would just as soon you take your business somewhere else.
I have had customers who are told your job is $500 and will be ready Friday, then they call three times a day, stop by each day to check on progress, complain that the price is too high. Tell me my work isn't done right, then come back in three weeks and want me to do more work for them. It's not worth the aggravation.
This actually happened a couple of times. Customer comes in wants me to work on his car. I look at the job and quote $1,400. He tells me that Eddie (another shop in town) would do it for $1,000. I said, then you would be better off taking it to Eddie, I know Eddie and he's probably better than me. He say's Eddie is swamped and can't do it for 6 months and he needs it next week. So I say my price is $1,400 He still only wants to pay $1,000. I tell him, I'm not taking the job at any price.
Here's my stance, at this point all he can do is tell people that I charge too much and I'm a jerk who wouldn't work on his car. If I do the job then he will nit pick my work, complain and try to haggle when picking up the car and then tell people that I charge to much and do shoddy work. And I'm sure he will complain even ten years from now. I would rather take the first option, give up the job and never have to deal with him again.
When I called Eddie he told me that the guy had called him, he said he was too busy to take on any new work and never even saw the car or quoted a price!
How this for an example, if you are going to come to my restaurant, and complain the the bread is stale, the soup is lousy, the veggies aren't fresh, send your steak back twice, and complain when the check comes that I should have at least given you a free desert. And you come to my restaurant every week! I would rather you go to another restaurant, your $45 isn't worth what you're putting my staff through.
This as always is also Just My Opinion,
Alan