Combat pilots and CEOs: from one 'top gun' to another.

I have been an Air Force combat pilot and the CEO of several companies--two exciting jobs in which I've found numerous common traits for success. Air Force flight schools require the ability to survive a competitive process that culls out well over half of those who apply. The prize is a pair of silver wings that qualify you to fly any aircraft in the U.S. Air Force.

The path to becoming a CEO also requires extraordinary preparation and training and is highly competitive. Actions and results are continually evaluated. In addition to financial acumen and industry knowledge, the attributes necessary to excel as a CEO are similar to that of a fighter pilot: teamwork, competitiveness, courage, integrity and an ability to overcome adversity. But there is an even more innate skill set that I believe all CEOs possess, which, if honed, can be the difference between success or flameout.

A study has defined the series of split-second actions that military combat pilots perform during in-flight situations. The process was termed the "OODA loop," for observe, orient, decide and act. For a fighter pilot engaged in air-to-air combat, it boils down to "kill or be killed."

Through years of training and experience, the pilot is observing an infinite array of information and orienting himself to the situation by putting his aircraft in a position to defeat the enemy. Decision-making is critical to survival. Paralysis from analysis can be fatal. Of course, the enemy pilot is doing the same, but victory goes to the one who has best observed, oriented, made the right, timely decisions and then acted.

The successful CEO faces similar circumstances. Winning in business, like in the air, is often the result of who completes the OODA loop faster.

Consider a situation that my company, VIASYS Healthcare, faced recently. Since our incorporation five years ago, acquisitions have been a primary driver in our growth. In fact, we have completed 14. All have been essential to our growth, but one stands apart in its significance, as well as for the impact that OODA played in securing the deal.

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The "target" was Pulmonetic Systems, a manufacturer of portable mechanical ventilators. Its technology was deemed paramount to our growth; however, Pulmonetic was also highly sought after by larger health care companies. Our ability to navigate the OODA loop would ultimately make the difference.

* Observe. First, we executed a rapid, yet thorough due diligence of the company and its synergies with VIASYS. The analysis showed Pulmonetic to be an ideal fit.

* Orient. Next, I called a special, "all-hands-on-deck" meeting of the board of directors. Requiring board members to assemble at a moment's notice for a prospective acquisition might seem drastic, but my executive team and I knew that time was of the essence.

* Decide. I offered a plan of action that may have also appeared extreme: Submit a preemptive bid at a premium to the anticipated price. The strategy had its risks, but all involved recognized the potential rewards.

* Act. We submitted our proposal ahead of the competition and won the bid. There was some early second-guessing by industry pundits, but doubt never seeped through our corridors.

Two years later, it has proven to be one of the most significant decisions ever made at VIASYS. I believe that, if not for our board's and executives' adherence to the principles of OODA, we would have lost the battle.

For the combat pilot, master the OODA loop and live. While business people do not face such extreme consequences, today's CEOs are closely scrutinized by shareholders, activists, Wall Street analysts and more demanding directors.

Randy Thurman is CEO of VIASYS Healthcare, a $900 million market cap medical device company. He flew 144 combat missions in Vietnam and Cambodia as a USAF captain and earned two DFCs.