What Succession teaches us about succession
/Warning: this blog contains spoilers relating to Season 4 of Succession
Sky Atlantic’s Succession is one of TV’s biggest and most talked about hits in a decade. Not since Breaking Bad closed its door in 2013 has a show gripped the imagination of audiences around the world.
The show can need little introduction for most TV connoisseurs, but if you did happen to miss all four seasons but plan to catch up with it, you might want to look away now. For everyone else, as long as you’ve finished S4 you can read on safely.
Although the show is exaggerated for dramatic effect and features a warring family that is so full of monumentally unlikeable characters it would be hard to imagine existing in real life (though theories abound over which real-life dynasty might be the show’s inspiration), it does offer an insightful portrayal of the intricacies of power, wealth, and corporate dynamics within a large organisation.
The lessons it might teach us, though, are as applicable to SMEs as much as they are to corporate empires.
While the show primarily focuses on the struggle for control over the conglomerate Waystar Royco, it indirectly sheds light on the importance of succession planning in any organisation.
So, as the Shiv, Roman and Kendall slink away to lick their wounds after losing their late father’s legacy, here’s a look at some key lessons Succession teaches us about succession planning:
Timing is crucial: The show emphasizes the significance of timing when it comes to succession planning. Choosing the right moment to hand over the reins is vital to maintain stability and prevent power struggles within any organisation. Delaying the process or rushing into it without proper preparation can lead to chaos and a spiralling conflagration of internal conflicts.
Internal dynamics impact decision-making: Succession vividly portrays the influence of family dynamics on succession planning – but these can just as easily be a metaphor for internal corporate politics.
It highlights how personal relationships, rivalries, and emotional attachments can complicate the selection of a successor. It's essential to consider a candidate's qualifications, capabilities, and commitment to the organisation rather than just personal bias or misguided loyalties
Competence matters over entitlement: In Succession, the characters' entitlement to leadership roles due to their family name often clashes with their actual competence to lead.
Again, while Succession is about family entitlement, we can translate this into the non-familial corporate world. The fact someone may be seen (or sees themselves as) the natural successor doesn’t mean they’re the right person to lead.
The show emphasises the importance of evaluating candidates based on their skills, experience, and vision for the organisation. Succession planning should prioritise meritocracy and capability, ensuring the best-suited person takes charge.
Contingency planning is necessary: Succession demonstrates the need for contingency plans in case unforeseen circumstances, such as sudden illness or unexpected events – in the show’s case, Logan’s death – affect the current leader.
Organisations must identify and groom potential backup candidates to maintain stability and continuity in the face of unexpected challenges.
Communication and transparency: The show highlights the detrimental effects of secrecy and lack of open communication in succession planning. Clear communication with all stakeholders, including board member, and employees, is essential.
Transparency builds trust and minimizes speculation and internal conflicts, ensuring a smoother transition of power.
Balancing continuity and change: Succession showcases the delicate balance between preserving a company's legacy and embracing innovation and adaptability.
Effective succession planning involves considering the long-term vision for the organisation and selecting a successor who can navigate the evolving business landscape while respecting the company's core values.
Professional guidance and expertise: The complexities of succession planning portrayed in the show emphasise the value of seeking external expertise.
Engaging professionals such as consultants, lawyers, or executive search firms can bring objectivity and strategic insights to the process. They can help identify potential successors, assess their suitability, and guide the organisation through a successful transition.
Who knows what will happen now that Lukas Matsson controls Waystar Royco, or if we will ever find out. According to showrunner Jesse Armstrong, the series is now done – but there’s an old piece of entertainment wisdom that advises to never say never.
While Succession may exaggerate the drama surrounding succession planning, it serves as a reminder that thoughtful and well-executed succession plans are critical for the long-term success and sustainability of any organization.
If you’d like to know more about how Constantia Consulting can help you to manage a transition in the leadership of your organisation, please get in touch for a confidential, obligation-free chat.
