Television\u2019s Roy family of <\/span>the show \u201cSuccession\u201d<\/span><\/a> has blessed the world of business with more lessons of what NOT to do than can be mentioned. The show follows patriarch and media mogul Logan Roy as he plans for the future of his conglomerate, and whether that future includes any of his three youngest children. But\u2014and here\u2019s the first spoiler\u2014Logan dies before that future is clearly determined.<\/span><\/p>\n \u201cFor some of us it\u2019s a sad day, but for others it\u2019s coronation demolition derby.\u201d <\/span><\/p>\n \u2014 Siobhan (Shiv) Roy, following the death of her father<\/span><\/p>\n<\/blockquote>\n With his passing, one thing is made perfectly clear\u2014a succession plan is important to ensure business continuity, reduce risk, and prevent conflict from spilling into every part of a company. In this blog post, we will explore why a succession plan is vital<\/a> for organizations and draw examples from the captivating world of “Succession.”<\/p>\n In the show:<\/b><\/p>\n In the TV show, the unexpected death of Waystar Royco CEO Logan Roy causes panic among his children, board members and leadership team, who have yet to determine a successor and are in the middle of negotiating the sale of the majority of Waystar\u2019s entities to Swedish tech media giant GoJo, per Logan\u2019s direction. Pandemonium ensues as multiple leaders and family members fight for their place at the top without a process in place to determine the next in line. Further chaos erupts when each person reveals their individual ideas for how the company should move forward\u2014some of which exclude GoJo\u2014which could upend Logan\u2019s original plan for the business. Logan created this plan to sell his company in part because he didn\u2019t believe any of his children\u2014who, in his view, are \u201cnot serious people\u201d\u2014were fit to lead it. Without him around to make the final call, his children Kendall, Roman, and Shiv end up at odds with both each other and members of the board, as each asserts their claim to the throne.<\/span><\/p>\n \u201cI\u2019m the eldest boy!\u201d <\/span><\/p>\n – Kendall (who, in fact, has an older half brother), exclaiming that the position at the top is his birthright<\/span><\/p>\n<\/blockquote>\n In practice:<\/b><\/p>\n A succession plan guarantees the continuity of an organization’s vision and operations, even in times of unexpected leadership changes. Steps taken during the creation of the plan help to identify the person or persons who have the experience, knowledge, interest and ability to take ownership of the responsibilities that come with assuming the role if and when it\u2019s vacated. Having such a plan in place would have ensured Logan\u2019s vision and strategy were carried out without challenge, particularly if the plan were made transparent to the organization. This is why it\u2019s also crucial to communicate the succession plan to your company so that the leadership team isn\u2019t questioning next steps and your workforce isn\u2019t doubting the security and future of the business in times of change.\u00a0<\/span><\/p>\n Without transparency and awareness of the succession plan, you could be left with various assumptions of who the successor should be. It\u2019s important to review and update the plan over time, as well. When making or considering changes, members of the team should be included and informed of updates. In the show, Logan unintentionally left his wishes open to interpretation with a <\/span>small line of ink<\/span><\/a> on a years-old letter, which was found in his safe, that either meant to underscore Kendall as his replacement or to remove him from the role altogether.<\/span><\/p>\n \u201cI wonder what with the, you know, the underlining or the crossing out and the unknown age [of the document], if the document isn\u2019t essentially moot.\u201d <\/span><\/p>\n – Shiv<\/span><\/p>\n<\/blockquote>\n Whether due to retirement, illness, or unforeseen circumstances, the departure of a key leader can create significant disruptions. By having a succession plan in place, organizations can minimize uncertainty, maintain stability, and continue their mission seamlessly.<\/span><\/p>\n In the show:<\/b><\/p>\n In addition to Kendall, Logan\u2019s younger children Roman and Shiv individually express interest in leading Waystar, even though neither has extensive (or any) leadership experience. Had the company been open to the idea, an investment in <\/span>career development<\/span><\/a> could have helped them to develop the skills and acquire the experience needed to take on a leadership role over time.\u00a0<\/span><\/p>\n Kendall was initially groomed by his father to potentially follow him as CEO, and so arguably would have carried forward the values, objectives and operational nuances that preceded him, had he been officially named successor.\u00a0<\/span><\/p>\n \u201cWhen I was seven, he sat me down at the Candy Kitchen in Bridgehampton and he promised it to me.\u201d <\/span><\/p>\n – Kendall, about his father promising him the role of successor<\/span><\/p>\n<\/blockquote>\n But Logan\u2019s faith in his children\u2019s leadership abilities had waned, and he assumed that the transition to GoJo\u2019s leadership was imminent and on track. No potential successor was properly prepared, which resulted in chaos during the critical period of time before the GoJo sale received approval from the board.\u00a0<\/span><\/p>\n In practice:<\/b><\/p>\n Most accomplished leaders understand and acknowledge that not everything is within their control, and so they have contingency plans for a variety of business situations. This is part of what makes them successful. A well-designed succession plan is such a contingency, as it allows organizations to identify and nurture talent from within their ranks. By assessing potential candidates and providing them with appropriate training and development opportunities, organizations can <\/span>groom future leaders<\/span><\/a> who bring with them inside knowledge that can benefit the company not only during leadership transition but well into the future. In addition, organizations that prioritize succession planning can cultivate a pipeline of talented individuals who are prepared to take on greater responsibilities in a variety of roles when the time comes, which can also aid in retention.<\/span><\/p>\n In the show:<\/b><\/p>\n Despite Logan\u2019s previous health scares, the family and organization never created a statement or plan to address the press should he die. As a result, the board scrambles to create a story that will minimize the impact to and jeopardy of its stock price and the company\u2019s sale to GoJo. Regardless, the company\u2019s stock drops 20 percent once news gets out, and doesn\u2019t fully recover when Kendall and Roman are (to their sister Shiv\u2019s dismay) announced as co-CEOs.\u00a0<\/span><\/p>\n As a result, GoJo\u2019s leader, billionaire Lukas Mattson, finds himself in a stronger position and <\/span>wants to renegotiate the deal<\/span><\/a> in order to purchase all of Waystar. The siblings end up pitted against each other. How all of this pans out will have consequences for the family, the board, investors, employees, GoJo, and beyond.<\/span><\/p>\n In practice:<\/b><\/p>\n Without a succession plan, organizations face the risk of external disruption, such as losing market share, investor confidence, or competitive advantage, in addition to customers and partners. It\u2019s vital for organizations to anticipate potential risks, prepare for leadership transitions, and establish a framework that ensures a seamless transfer of power.<\/span><\/p>\n In the show:<\/b><\/p>\n Who better to represent the fluctuating confidence in the organization than the Roy siblings\u2019 cousin Greg, whose alliance flip flops between mentor Tom and his cousins according to his likelihood of getting even a small slice of the power pie. Other associates similarly shift their allegiance over the course of the deal depending on whether it offered them power or payout, which adds to the ongoing power struggle.\u00a0<\/span><\/p>\n When Shiv reveals her own lack of confidence in Kendall as future CEO, their brother Roman joins in on the barbs, resulting in a physical fight with his brother in a glass-walled room for the whole board across the hall to see. Of course, any workplace would be unsettled if they witnessed their co-CEOs in a physical fist fight. It reflects poorly when the leadership can\u2019t control themselves, let alone the company. It\u2019s no surprise, then, that the board votes in favor of the sale of the entire company to GoJo, destroying Kendall\u2019s dream of managing the company along with his father Logan\u2019s strategic plan to retain their TV network, ATN. Ultimately, Shiv\u2019s estranged husband, Tom, is awarded the reins by Mattson once the acquisition goes through, and the future of the organization remains uncertain.<\/span><\/p>\n In practice:<\/b><\/p>\n Leadership voids can lead to internal strife, talent attrition, and a decline in employee morale. An organization with established and transparent practices and plans in place more easily gains the confidence and loyalty of its internal stakeholders. Individuals within and outside the organization can trust that the organization will continue to operate efficiently, regardless of changes in leadership. Organizations that have a well-communicated succession plan inspire confidence, ensuring that the business can navigate transitions without compromising its core values and objectives.<\/span><\/p>\n While members of the Waystar team and Roy family might launch headfirst into a plan guided by individual desires and selfish goals, your organization will want to <\/span>approach creating your succession plan<\/span><\/a> with a strategy that addresses the following:<\/span><\/p>\n The fictional world of “Succession” offers valuable insights into why succession planning is important for organizations. From ensuring continuity, protecting your brand and its value, and identifying talent to minimizing disruption and fostering stability, the lessons from the show resonate with real-world challenges. By prioritizing the development of a well-structured succession plan, organizations can thrive, adapt to change, and secure their legacy for generations to come.\u00a0<\/span><\/p>\n <\/p>\n Main photo: HBO<\/em><\/p>\n INTOO’s coaches help organizations develop leadership from within. <\/span>Learn more<\/strong><\/span><\/a> about how our career development programs can improve retention, help with succession planning, and increase your company’s skill diversity.<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Note: This article contains spoilers about the TV series, \u201cSuccession.\u201d Television\u2019s Roy family of the show \u201cSuccession\u201d has blessed the world of business with more lessons of what NOT to do than can be mentioned. The show follows patriarch and media mogul Logan Roy as he plans for the future of his conglomerate, and whether […]<\/p>\n","protected":false},"author":6,"featured_media":26707,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"Note: This article contains spoilers about the TV series, \u201cSuccession.\u201d<\/span><\/i>\n\nTelevision\u2019s Roy family of <\/span>the show \u201cSuccession\u201d<\/span><\/a> has blessed the world of business with more lessons of what NOT to do than can be mentioned. The show follows patriarch and media mogul Logan Roy as he plans for the future of his conglomerate, and whether that future includes any of his three youngest children. But\u2014and here\u2019s the first spoiler\u2014Logan dies before that future is clearly determined.<\/span>\n \u2014 Siobhan (Shiv) Roy, following the death of her father<\/span><\/p>\n<\/blockquote>\n\n With his passing, one thing is made perfectly clear\u2014a succession plan is important to ensure business continuity, reduce risk, and prevent conflict from spilling into every part of a company. In this blog post, we will explore why a succession plan is vital<\/a> for organizations and draw examples from the captivating world of \"Succession.\"<\/p>\nJTNDaWZyYW1lJTIwc3JjJTNEJTIyaHR0cHMlM0ElMkYlMkZyZXNvdXJjZXMuaW50b28uY29tJTJGaHVic0Zyb250JTJGZW1iZWRfY3RhJTJGNDk3OTQ5JTIyJTIwc2Nyb2xsJTNEJTIybm9uZSUyMiUyMGJvcmRlciUzRCUyMjAlMjIlMjBmcmFtZWJvcmRlciUzRCUyMjAlMjIlMjB3aWR0aCUzRCUyMjI1MCUyMiUyMGhlaWdodCUzRCUyMjMzMCUyMiUzRSUzQyUyRmlmcmFtZSUzRQ==\n - Kendall (who, in fact, has an older half brother), exclaiming that the position at the top is his birthright<\/span><\/p>\n<\/blockquote>\nIn practice:<\/b>\n\nA succession plan guarantees the continuity of an organization's vision and operations, even in times of unexpected leadership changes. Steps taken during the creation of the plan help to identify the person or persons who have the experience, knowledge, interest and ability to take ownership of the responsibilities that come with assuming the role if and when it\u2019s vacated. Having such a plan in place would have ensured Logan\u2019s vision and strategy were carried out without challenge, particularly if the plan were made transparent to the organization. This is why it\u2019s also crucial to communicate the succession plan to your company so that the leadership team isn\u2019t questioning next steps and your workforce isn\u2019t doubting the security and future of the business in times of change.\u00a0<\/span>\n\nWithout transparency and awareness of the succession plan, you could be left with various assumptions of who the successor should be. It\u2019s important to review and update the plan over time, as well. When making or considering changes, members of the team should be included and informed of updates. In the show, Logan unintentionally left his wishes open to interpretation with a <\/span>small line of ink<\/span><\/a> on a years-old letter, which was found in his safe, that either meant to underscore Kendall as his replacement or to remove him from the role altogether.<\/span>\n - Shiv<\/span><\/p>\n<\/blockquote>\nWhether due to retirement, illness, or unforeseen circumstances, the departure of a key leader can create significant disruptions. By having a succession plan in place, organizations can minimize uncertainty, maintain stability, and continue their mission seamlessly.<\/span>\n\n - Kendall, about his father promising him the role of successor<\/span><\/p>\n<\/blockquote>\nBut Logan\u2019s faith in his children\u2019s leadership abilities had waned, and he assumed that the transition to GoJo\u2019s leadership was imminent and on track. No potential successor was properly prepared, which resulted in chaos during the critical period of time before the GoJo sale received approval from the board.\u00a0<\/span>\n\nIn practice:<\/b>\n\nMost accomplished leaders understand and acknowledge that not everything is within their control, and so they have contingency plans for a variety of business situations. This is part of what makes them successful. A well-designed succession plan is such a contingency, as it allows organizations to identify and nurture talent from within their ranks. By assessing potential candidates and providing them with appropriate training and development opportunities, organizations can <\/span>groom future leaders<\/span><\/a> who bring with them inside knowledge that can benefit the company not only during leadership transition but well into the future. In addition, organizations that prioritize succession planning can cultivate a pipeline of talented individuals who are prepared to take on greater responsibilities in a variety of roles when the time comes, which can also aid in retention.<\/span>\n\n
Reasons Why a Succession Plan Is Important<\/span><\/h2>\n
1. A smooth transition to new leadership ensures business continuity<\/span><\/h3>\n
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![\"A](\"https:\/\/www.intoo.com\/wp-content\/uploads\/sites\/5\/2023\/11\/AdobeStock_578774616.jpg\")
<\/p>\n2. Developing future leaders ensures they\u2019ll be ready to assume the roles<\/span><\/h3>\n
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3. It helps protect stock price and shareholder value<\/span><\/h3>\n
![\"A](\"https:\/\/www.intoo.com\/wp-content\/uploads\/sites\/5\/2023\/11\/AdobeStock_553486487.jpg\")
4. An established transfer of leadership encourages employee trust and retention<\/span><\/h3>\nHow to Develop a Succession Plan Strategy<\/span><\/h2>\n
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Don\u2019t Be Like the Roys. Have a Succession Plan Strategy.<\/span><\/h2>\n
\u201cFor some of us it\u2019s a sad day, but for others it\u2019s coronation demolition derby.\u201d <\/span>\n
Reasons Why a Succession Plan Is Important<\/span><\/h2>\n
1. A smooth transition to new leadership ensures business continuity<\/span><\/h3>\nIn the show:<\/b>\n\nIn the TV show, the unexpected death of Waystar Royco CEO Logan Roy causes panic among his children, board members and leadership team, who have yet to determine a successor and are in the middle of negotiating the sale of the majority of Waystar\u2019s entities to Swedish tech media giant GoJo, per Logan\u2019s direction. Pandemonium ensues as multiple leaders and family members fight for their place at the top without a process in place to determine the next in line. Further chaos erupts when each person reveals their individual ideas for how the company should move forward\u2014some of which exclude GoJo\u2014which could upend Logan\u2019s original plan for the business. Logan created this plan to sell his company in part because he didn\u2019t believe any of his children\u2014who, in his view, are \u201cnot serious people\u201d\u2014were fit to lead it. Without him around to make the final call, his children Kendall, Roman, and Shiv end up at odds with both each other and members of the board, as each asserts their claim to the throne.<\/span>\n
\u201cI\u2019m the eldest boy!\u201d <\/span>\n
\u201cI wonder what with the, you know, the underlining or the crossing out and the unknown age [of the document], if the document isn\u2019t essentially moot.\u201d <\/span>\n
\n2. Developing future leaders ensures they\u2019ll be ready to assume the roles<\/span><\/h3>\nIn the show:<\/b>\n\nIn addition to Kendall, Logan\u2019s younger children Roman and Shiv individually express interest in leading Waystar, even though neither has extensive (or any) leadership experience. Had the company been open to the idea, an investment in <\/span>career development<\/span><\/a> could have helped them to develop the skills and acquire the experience needed to take on a leadership role over time.\u00a0<\/span>\n\nKendall was initially groomed by his father to potentially follow him as CEO, and so arguably would have carried forward the values, objectives and operational nuances that preceded him, had he been officially named successor.\u00a0<\/span>\n
\u201cWhen I was seven, he sat me down at the Candy Kitchen in Bridgehampton and he promised it to me.\u201d <\/span>\n
3. It helps protect stock price and shareholder value<\/span><\/h3>\nIn the show:<\/b>\n\nDespite Logan\u2019s previous health scares, the family and organization never created a statement or plan to address the press should he die. As a result, the board scrambles to create a story that will minimize the impact to and jeopardy of its stock price and the company\u2019s sale to GoJo. Regardless, the company\u2019s stock drops 20 percent once news gets out, and doesn\u2019t fully recover when Kendall and Roman are (to their sister Shiv\u2019s dismay) announced as co-CEOs.\u00a0<\/span>\n\nAs a result, GoJo\u2019s leader, billionaire Lukas Mattson, finds himself in a stronger position and <\/span>wants to renegotiate the deal<\/span><\/a> in order to purchase all of Waystar. The siblings end up pitted against each other. How all of this pans out will have consequences for the family, the board, investors, employees, GoJo, and beyond.<\/span>\n\nIn practice:<\/b>\n\nWithout a succession plan, organizations face the risk of external disruption, such as losing market share, investor confidence, or competitive advantage, in addition to customers and partners. It\u2019s vital for organizations to anticipate potential risks, prepare for leadership transitions, and establish a framework that ensures a seamless transfer of power.<\/span>\n
4. An established transfer of leadership encourages employee trust and retention<\/span><\/h3>\nIn the show:<\/b>\n\nWho better to represent the fluctuating confidence in the organization than the Roy siblings\u2019 cousin Greg, whose alliance flip flops between mentor Tom and his cousins according to his likelihood of getting even a small slice of the power pie. Other associates similarly shift their allegiance over the course of the deal depending on whether it offered them power or payout, which adds to the ongoing power struggle.\u00a0<\/span>\n\nWhen Shiv reveals her own lack of confidence in Kendall as future CEO, their brother Roman joins in on the barbs, resulting in a physical fight with his brother in a glass-walled room for the whole board across the hall to see. Of course, any workplace would be unsettled if they witnessed their co-CEOs in a physical fist fight. It reflects poorly when the leadership can\u2019t control themselves, let alone the company. It\u2019s no surprise, then, that the board votes in favor of the sale of the entire company to GoJo, destroying Kendall\u2019s dream of managing the company along with his father Logan\u2019s strategic plan to retain their TV network, ATN. Ultimately, Shiv\u2019s estranged husband, Tom, is awarded the reins by Mattson once the acquisition goes through, and the future of the organization remains uncertain.<\/span>\n\nIn practice:<\/b>\n\nLeadership voids can lead to internal strife, talent attrition, and a decline in employee morale. An organization with established and transparent practices and plans in place more easily gains the confidence and loyalty of its internal stakeholders. Individuals within and outside the organization can trust that the organization will continue to operate efficiently, regardless of changes in leadership. Organizations that have a well-communicated succession plan inspire confidence, ensuring that the business can navigate transitions without compromising its core values and objectives.<\/span>\nHow to Develop a Succession Plan Strategy<\/span><\/h2>\nWhile members of the Waystar team and Roy family might launch headfirst into a plan guided by individual desires and selfish goals, your organization will want to <\/span>approach creating your succession plan<\/span><\/a> with a strategy that addresses the following:<\/span>\n