For 3 seasons, HBO’s award-winning collection, Succession, has been centered round what the present’s title suggests: Who will inherit management of the Waystar Royco? As somebody who has spent the higher a part of my profession working with the real-life Logan Roys of the world — we’re speaking ultra-wealthy people, typically with kids from a number of marriages, sitting on the helm of main firms — let’s simply say I’ve ideas on how Logan Roy, the patriarch of the Roy household and founding father of Waystar Royco, has orchestrated the corporate’s succession plan.

As we head into the extremely anticipated fourth and ultimate season, I will share, primarily based on my intensive expertise — as a planner, strategist and private advisor for people and households in addition to a pioneer and premier authority on legacy planning — 5 classes the Roy household may benefit from studying.

However first, let’s recap the place we left off. Logan Roy is about to relinquish management of his media and leisure conglomerate. However slightly than handing the reins to considered one of his three kids, in a shock twist, he says he has determined to promote — not merge — Waystar Royco to streaming platform GoJo. This implies none of Logan’s kids will take over because the buyout deal would fully reduce them out of the enterprise.

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It is a transfer that nobody anticipated, and even thought was potential. A stipulation that was negotiated by Logan’s second spouse as a part of their divorce settlement protected the kids from ever dropping management of the corporate. Logan Roy would want the kids’s unanimous consent for any change of management — or so we thought.

Within the ultimate moments of the season, Logan Roy revealed he renegotiated that divorce settlement, and the kids not have such energy. It might seem heading into season 4 that Logan Roy is (but once more) in full management of Waystar Royco’s destiny, at the very least for now.

Whereas this succession nightmare makes for entertaining TV, there are some actual classes we will study primarily based on how the present panned out. So let’s dive proper in!

1. You completely want a succession plan for your online business

Okay, if there have been a succession plan, then there in all probability wouldn’t be a present. That mentioned, Logan Roy is in his 80s, and but there is no such thing as a plan for who will take over as CEO of Waystar Royco ought to he die or change into incapacitated, nor does there appear to be a plan in place for what occurs to his wealth and controlling shares of the corporate. Whereas not unusual, that is fully irresponsible. A succession plan ensures a clean transition upon a CEO’s resignation, dying or incapacity and helps keep away from the dangers of misplaced income, decreased productiveness or a broken fame.

2. A prenuptial settlement is a should

A prenuptial settlement is completely mandatory to guard your online business. With out one, you threat your online business changing into a marital asset topic to divorce proceedings. Had Logan Roy had a prenuptial settlement, his shares of Waystar Royco may have been clearly designated as non-marital belongings to which his ex-wife had no proper or entitlement. He may have retained full management of the corporate, and his kids would by no means have had the chance to band collectively and doubtlessly block a sale or merger of the corporate. Even worse, the availability that was negotiated really incentivizes Logan to pit his kids in opposition to one another so they’re by no means a unified entrance — which brings us to our subsequent problem.

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3. Household success is constructed upon wholesome communication and belief

A now-famous examine carried out by Roy Williams of the Williams Group surveyed 3,250 households over a 20-year interval and located that the rationale 70% of intergenerational wealth transfers fail is due to a breakdown of communication and belief throughout the household unit. The Roy household may very well be the poster kids for this examine.

There’s completely zero belief amongst the members of the family, neither is there wholesome communication. Because of this, the fact is that Logan’s fortune will almost definitely be squandered shortly after his dying. If Logan needed his fortune to final generations, he must create wholesome traces of communication amongst the household that emphasised transparency and belief. Common household conferences and outings are a technique of undertaking this. One shopper of mine even had a household publication that went out commonly.

4. Cash doesn’t purchase happiness

I do not learn about you, however I don’t need to be a member of the Roy household. Regardless of their wealth, they simply do not seem to be pleased individuals. Maybe that’s as a result of, because the outdated adage goes, cash can’t purchase happiness. Properly, that outdated adage has been backed by science. In accordance with optimistic psychology, happiness within the sense of your general well-being and flourishing as a human consists of 5 components (known as “PERMA“): optimistic feelings, engagement, optimistic relationships, that means and accomplishments. Cash and materials possessions solely produce momentary gratification and never long-term happiness.

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5. Take the time to find your life goal

The elemental flaw with each character in HBO’s Succession is that every lacks a way of life goal. We have no idea why Logan Roy created Waystar Royco or what the corporate’s mission is. It’s recommended that Logan grew up impoverished and below harsh circumstances across the starting of World Struggle II. Are we to consider that Logan’s drive is fueled by a need to flee, and by no means return to, these circumstances? His kids, alternatively, appear merely to be vying for his or her father’s love and approval. In different phrases, everybody appears to be caught in some type of trauma, versus pursuing some higher life goal.

Essentially the most profitable shoppers I’ve labored with, when it comes to residing pleased, fulfilling lives whereas reaching nice monetary wealth, are those that aren’t outlined by their circumstances and have lived their lives in pursuit of a higher goal.