HBO’s Succession & Leadership. What We Can Learn – & What We Can Forget.

The incredibly popular HBO series – Succession – shows us the crazy underbelly of business.

Or does it?

Is it really that crazy?

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Or does it reflect reality in some uncomfortable ways?

Let’s start with what we can forget. Unlike Succession’s kids, most executives actually speak in complete sentences. Very few of them say, “yeah,” that often either – especially as a way to end incomplete sentences Nor do they hug all that much (unless one of them makes a 20-footer for lunch). While I’ve heard lots of profanity in the C-Suite, it’s not to the level that spews from the Roys and their sycophants. Yes, backstabbing is prevalent, but usually from executives who know what they want and what they’re trying to do: very few backstabbers make it up as they go, like the Succession kids do.

So what’s real?

The money chase is absolutely, positively real. Power too, though power is defined by the height of the cash piles. I once had an executive tell me – in the context of my leaving a position – that I should stay. When I told him I thought I had a better opportunity elsewhere, he said, “what does it pay … we can do better … why do think I stay in this lousy job? … I realize the job sucks but it sure pays well … incredibly well.” Money and power are the evil twins no one wants to admit are blood relatives.

Deals are orgasmic to executives. They’re fun. They’re exciting. They’re distractions. They also consume time and energy at incalculable levels – much of which is unnecessary. Have you noticed how many times the Roys repeat themselves? I realize some of this is to keep the viewers informed about what’s going on, but much if it reflects dealmakers’ need for dealing even when the deal’s pretty obvious. How many times are we really going to talk about “the acquisition,” or “the reorganization” or “who said what to whom?” Many executives repeat themselves to make sure what they’re saying makes sense, or because they have nothing else to discuss. Or because everyone’s paid to listen.

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Inappropriate personal relationships – did I say that right? – are everywhere you look in and beyond C-Suites. I realize this is the first “truth” that will be angrily denied, but look closely at the deniers (who may just be projecting). Succession gets this right.

Succession’s old guard are more than ready to cash out – like just about every “older” executive I’ve met. They’ve had enough. It’s amazing how many of these checked-out executives were – just the other day – champions of anything “new” when they were die-hard corporate loyalists. Then a switch goes off and they’re ready to go – which explains why Gerri, Frank and Karl are always hoisting champagne glasses when the stock climbs. They’ve stopped fighting; they just want to leave richer – much richer – than when they started. 192? That’s $192 billion, up from $146B to buy the company. It’s no wonder why the old guard is smiling. (Did you see the look on Roman’s and Ken’s faces when Matsson offered $192B?)

The most important leadership takeaway is how situational leadership really is, and how situational responses are so personal, almost mercurial. All of the leadership books we’ve read, all of the leadership classes we’ve taken (or taught), all of the off-site trust building soirées we’ve attended and all of the management degrees we have, seldom talk about how situational, contextual and downright personal leadership is – especially when the stakes are the highest. Don’t get me wrong. I’ve seen plenty of leaders punt away responsibility when the going gets tough. They’re not leaders. But there are those who try to lead, for example, M&A and restructuring, who’ve never done either before or don’t even know who to call. Or, worse, are embarrassed to admit their inexperience. Succession has a ton of that kind of “leadership.” (Just wait until Tom makes his pitch. Does he actually believe he’s a great leader or is he just cashing in on a situation that might benefit him?) Weirdly, lots of leaders I’ve known actually believe they’re the smartest ones in the room – when they have a hard time actually finding the room.

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Succession also warns us about “Nepo Leaders.” While there’re aren’t too many of them running big companies, they’re there in one form or another. “Succession” is real whether it’s by blood or some other relationship that grants entitlement to the big office. Succession teaches us a lot about the perils of “succession.”

So how real is Succession? Aside from the incomplete sentences, pretty damn real. Here are several lawyers talking about the show:

“They’ve done a great job of drawing this dysfunctional family and dysfunctional company just brilliantly. It depicts some real-life situations that happen on real boards, although in the extreme. I’m getting ready to teach an ethics class, and I’m going to base hypotheticals on the show to teach lawyer ethics.

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“When I saw the first episode, I said, ‘goodness gracious, there’s our lives.’ Many companies that are dominated by a character like Logan Roy end up with a number of dysfunctional people around them, because that person has 100% of the power in the company and no one else really has empowerment. So they tend to be a bit misfit in their roles as CFO or COO. That is extremely accurate to this type of company.

“It’s a strategy of many corporations to obfuscate, deny and hide. With the feds, it depends on who’s doing the investigation and how much of a pitbull they are. But in the corporate world, evidence is disappeared all the time. That is a common practice, unfortunately.

“Tom, being the driver of the cover up and Greg, helping him while also trying to protect his own backside by retaining documents. They’ve both taken actions that violate the company’s code of conduct and also likely violate law.”

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Lots to learn. Lots to enjoy. Even if you’re a Murdoch.