05/30/2023
**POTENTIAL SPOILERS**
Sad to watch the Succession season finale, but I feel like there was some closure to pending issues the Roys are facing.
I can't help by think about how poorly planned this family is for what would've been the next phase of Waystar. A failure to plan, is a plan to fail. Understandings, often lead to misunderstandings when it comes to business and family.
Here are a few takeaways from Success and how it applies to the work we do to helping business owners and families plan for the future while being prepared for a worst case scenario.
Succession Planning
The show highlights the importance of clear succession planning in businesses. Logan Roy, the CEO of Waystar RoyCo, shocks his family by announcing that he will not be stepping down as CEO during his 80th birthday celebration, leading to a power struggle among his children. This underlines the need for clear communication and planning in terms of leadership transition in a business.
Handling of Company Debt
The series also highlights the challenges of handling company debt. Logan Roy is $3 billion in debt due to his expansion into parks, highlighting the risks and potential pitfalls of aggressive business expansion without careful financial management.
Corporate Governance: The series shows various aspects of corporate governance, such as the role of the board of directors, the process of voting for a no-confidence motion, and the dynamics of power struggle within a company.
Crisis Management
The show also illustrates crisis management. For example, when the company's cruises division is revealed to be covering up crimes, the characters must manage the crisis while protecting the company's reputation.
Negotiation and Strategy
The characters in the show often find themselves in high-stakes negotiation situations. One such instance is when Kendall enlists the aid of a private equity investor to inject $4 billion into Waystar to stave off the financial decline caused by falling stock prices.
Ethics and Corporate Responsibility
The series delves into ethical dilemmas in business, such as the cover-up of crimes committed on the company's cruises, showing the importance of corporate responsibility and ethical decision-making.