What HBO’s Succession Teaches Us About Corporate Drama and Business Strategy

If you’ve ever binge-watched HBO’s Succession and thought, “This family could use a group therapy session—or ten,” you’re not alone. But beyond the Roy family’s deliciously dysfunctional drama, the show offers a masterclass in business strategy, mergers, and corporate governance. Spoiler alert: It’s not all boardroom brilliance—there’s plenty of backstabbing, betrayal, and billion-dollar power plays.

The Roy Family Empire: A Business Built on Dysfunction

At the center of Succession is Waystar Royco, a conservative media empire spanning news, television, cruises, and theme parks. Led by the iron-fisted Logan Roy, the family patriarch, the show dives into the chaos of his four children—Kendall, Shiv, Roman, and Connor—as they claw for power and control.

Inspired by real-life moguls like Rupert Murdoch, the Roy family’s empire highlights the complexities of family-run corporations. Beneath the luxury jets and billion-dollar deals, it’s a lesson in how personal relationships can influence corporate power plays.

Trust Issues: Family Holdings and Corporate Control

Waystar Royco isn’t just a business—it’s a fortress built on legal protections. The Roy family controls the company through a family trust, which shields their assets from lawsuits and outside interference. Here’s how it works:

• Trustee: Manages the assets (Logan Roy in this case).
• Beneficiaries: Family members who benefit from the trust’s assets.

Logan doesn’t just sit at the top—he’s got double voting power in the family holding company. This gives him overwhelming influence, letting him override the ambitions of his own children with ease. Lesson learned? In family businesses, control isn’t always about ownership—it’s about who holds the power to vote.

Mergers, Acquisitions, and Ruthless Business Moves

The series is a crash course in mergers and acquisitions (M&A)—the glamorous (and cutthroat) side of big business. Here’s the breakdown:

• Acquisitions: One company buys another (think Waystar trying to absorb a tech startup).
• Mergers: Two companies of similar size join forces (like Waystar potentially merging with a media rival).

The Roy family’s business strategy often leans toward aggressive acquisitions, like their attempt to buy a tech-forward media company called Vulture. But with every merger comes risks—especially when competitors or regulatory bodies get involved.

Losing the Crown: How Family Control Can Slip Away

Even billionaires aren’t immune to financial pitfalls. Succession explores the many ways the Roy family could lose control of Waystar Royco:

1. Margin Calls: A family member using shares as loan collateral risks losing their stake if the stock price drops.
2. Bear Hugs: An irresistible buyout offer could lead to a hostile takeover.
3. Selling Out: Logan’s decision to sell to a Netflix-like competitor sparks a family meltdown, highlighting the fragility of family power.

Corporate Governance: Duty, Loyalty, and Betrayal

At the heart of Succession lies the idea of fiduciary duty—the legal obligation of executives to act in the best interests of shareholders. But in the Roy family, loyalty is murky:

• The family trust holds majority voting power, allowing the Roys to influence shareholder decisions.
• Logan’s ruthless tactics, like wrestling voting shares from his ex-wife, show how messy corporate governance can get.

The lesson? Even at the highest levels, corporate law can get personal—very personal.

Real-Life Corporate Scandals Mirror Fiction

While Succession is fictional, its depiction of shady business practices isn’t far from reality. The show draws eerie parallels to corporate fraud cases and unethical dealings in the real world:

• The Enron scandal exposed reckless corporate governance.
• The Murdoch family’s media empire has faced its share of controversies.
• Real-world M&A battles mirror the cutthroat deals seen on the show.

Billion-Dollar Betrayals: Lessons from Succession

So, what can we learn from the Roy family’s misadventures?

1. Power Dynamics Matter: In family-run businesses, control isn’t always about shares—it’s about who holds the voting power.
2. M&A Is a Double-Edged Sword: Deals can make or break a company.
3. Experience Counts: Corporate governance isn’t just about loyalty; it’s about who can navigate the legal and financial minefields.
4. Watch Out for Family Drama: Personal relationships can shape business decisions—for better or worse.

The Bottom Line: Business Lessons Behind the Drama

Succession isn’t just a show about power-hungry billionaires—it’s a deep dive into the dark heart of corporate strategy, family dysfunction, and high-stakes finance. Behind every backstab is a business lesson worth remembering. And who knows? Watching Kendall Roy fail spectacularly might just teach you more about business than any MBA ever could.

All writings are for educational and entertainment purposes only and does not provide investment or financial advice of any kind.