Logan’s last lesson: Succession planning without the drama

If you think your family business is intense, meet the Roy family. HBO’s Succession offers a brutal — and often hilarious — masterclass in what happens when succession planning is left to ego, secrecy and family politics. For family businesses, it’s less entertainment and more cautionary tale. Clarity, competence and early planning aren’t optional — they’re critical to keeping a company afloat.

So, what can family businesses learn from a TV show about billionaires? Quite a lot, actually. 

At the centre of Succession is Logan Roy, the formidable patriarch of Waystar Royco, a global media and entertainment conglomerate. Logan’s iron grip on the company has kept his children competing for approval, scrambling for power and often sabotaging each other in pursuit of the top job. What unfolds is a gripping portrait of family dysfunction colliding with corporate governance. 

While Succession may be dramatised for TV, the power struggles, uncertainty and emotional tension at Waystar Royco mirror challenges many Australian family businesses face each year — particularly around succession planning.

In fact, according to a survey published by Grant Thornton last year, succession planning is currently the top challenge experienced by family businesses. Interestingly, despite this, only 19 per cent of family businesses have a formal succession plan. 
 

Clarity prevents chaos 

The low rate of formal succession plans underscores a key lesson from Succession: ambiguity breeds chaos. Logan’s reluctance or outright refusal to name a clear successor drives speculation, manipulation and conflict among his children. Kendall, the ambitious but often insecure son, vacillates between confidence and self-doubt. Shiv, intelligent and politically astute, struggles with legitimacy in a male-dominated family and boardroom. Roman, brash and impulsive, constantly undermines his own credibility. 

For boards in real life, unclear succession pathways are equally destructive. In a recent webinar hosted by the AICD, Kirsten Taylor-Martin, partner and National Head of Family Business at Grant Thornton, explains the more family members are involved, “the more complicated it’s going to get” and “the more you need to focus on having open communication”. 

She admits that while TV shows like Succession thrive on drama, some of the real-world successions she has witnessed have surpassed even their most dramatised TV portrayals. 

“If you’re thinking for one minute that this only happens on TV, unfortunately these incidents occur on a daily basis,” she cautions. 

The truth is, ambiguity leaves companies exposed to uncertainty, infighting and risk during leadership transitions.
 

Strategic planning is not optional

Clarity around succession doesn’t just prevent conflict, it also lays the foundation for effective strategic planning. In Succession, the Roy children are often forced into reactive decision-making, because the family lacks a clear long-term direction.

For directors that underscores an essential truth: succession cannot be separated from strategic planning. 

But as Taylor-Martin stresses, strategic planning can only occur once governance foundations are firmly in place, otherwise family tensions inevitably distort decision-making. The Roys exemplify this. Without clarity around roles, rules or authority, their strategic choices are reactive, inconsistent and constantly hijacked by personal agendas. 

“When you have a family business, you need to ensure that you have your family governance and you have a way of communicating in place before you head into creating a strategic business plan,” says Taylor-Martin. 

In short, governance first, strategy second. 

Legacy in limbo 

Even with strategic planning, succession can stall if the family hesitates to engage in meaningful discussions. Many families avoid succession planning because they equate it with retirement, loss of purpose, or diminishing financial security, explains Taylor-Martin.

The Roy family embodies this hesitation. Logan repeatedly postpones formal succession discussions and resists stepping back from leadership, creating prolonged uncertainty for his children and the company. 

The series shows how avoiding conversations regarding succession — whether due to role ambiguity, discomfort with change or fear of diminished control — can leave a family business stuck in limbo and vulnerable to instability. 
 

Emotional intelligence matters as much as governance

Beyond structure and strategy, Succession demonstrates that the handover process is deeply human. 

Personal insecurities, sibling rivalries and unresolved grievances dictate behaviours that can destabilise even a profitable enterprise. Kendall’s breakdowns, Shiv’s resentment at being underestimated and Roman’s brashness all highlight that emotional dynamics can drive — or derail — business outcomes.

For directors, this is a reminder that succession planning isn’t just about identifying a successor with the right qualifications, it’s about preparing individuals emotionally and psychologically for leadership.
 

Start the plan early 

When emotional complexities combine with delayed planning, the consequences can be severe. 

Succession opens with Logan’s 80th birthday, with his health already a point of concern for the family and the company. Even when Logan eventually dies, the business and his children are still grappling with ambiguity over who will lead, demonstrating how postponing succession planning can create prolonged instability. 

In the end, the Roy children are effectively sidelined — and outsmarted by their estranged brother-in-law. 

This conclusion highlights a critical lesson for family businesses: succession planning cannot wait for a crisis. 

“Start the conversation early,” advises Taylor-Martin, especially when it comes to picking a successor. After ensuring the person elected “wants the job”, she says family support for this decision is crucial.  

External advice shouldn’t be overlooked, Taylor-Martin adds. In real-world situations, she explains, external advisers can play a critical role — from providing impartial guidance and challenging assumptions to helping mediate potential conflicts. 

Independent oversight can also strengthen governance credibility with investors, employees and other stakeholders. When succession planning appears fair, transparent and objective, it builds confidence and mitigates destabilising speculation. 

Conclusion

For family businesses, the Roy family’s story underscores several enduring truths. Succession cannot be treated as an afterthought, governance structures must come first and independent oversight and advisers can be key to navigating complexity. Ultimately, planning early, addressing emotional and operational realities, and embedding continuity into both governance and strategy are the only ways to ensure a smooth, sustainable transition. Without these measures, even highly successful companies risk leaving legacy stuck in limbo. 

For more information and real-world case studies, watch the AICD’s latest webinar on succession.