Ford (F: chart, web, Y!) CEO Alan Mulally has a lot of work ahead to turn the auto maker around. Work that he’s done before with Boeing Commercial Aircraft.

A no nonsense kind of guy, but a man with an understanding of the sacrifices that must be made for the good (and longevity) of the company.

I like Mulally. Partially because he and I both come from similar backgrounds, with the same alma mater and career path. While my resume doesn’t stand up to his, I’d like to think that in 25 or thirty years I will have many similar credentials.

I’m impressed at how he turned Boeing Commercial (BA: chart, web, Y!) around, and if it weren’t for him, the legacy of William Boeing would have gone down the tubes a year or two ago and arch rival Airbus would rule the skies. This fact, in part, is what makes me root for the new CEO to do the same with Ford.

He is running the turn-around effort like a major battle that the good guys have every intention of winning. Bringing top company leaders into his “war room” and spelling out what must be done to return the company to profitability by 2009.

Many people look for immediate change in situations like this, while Mulally understands that a year or two’s worth of hard times do not get erased over night.

I like Ford’s positioning in the market; some would say they’re at the bottom of the market. This point alone makes Ford something to consider buying when allocating speculative money. A $7 stock that could be a $10 stock in six months or so, and higher yet in 18 months.

Having met and spoke with Alan in the past, I can tell you that his team will play for him, or they’ll ride the bench. It’s a group effort and he’s quick to give credit where credit is due, and take only the blame that he can account for.

I also like the fact that he has intentions of reducing the number of models Ford will produce, and at the same time find synergism in the parts room. Getting back to the fundamentals of building a good quality product that is easy to use will put Ford back in the lead of the American auto-maker race in the next few years.

I don’t like Ford’s financials right now, but I’d bet a few shares that the turn around will be nothing short of spectacular.

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