An Inherited Identity: The Pitfalls of a Family Business

HBO’s Succession premieres new episodes each Sunday night, slated at the same time as other popular network shows like Euphoria and The White Lotus—when they are in season. Succession is a series centered on the Roy family, owners of Waystar RoyCo, a global media and entertainment conglomerate, complete with a news station, cruise line, amusement park, and much more. Aptly named, the series follows the company's succession amid the patriarch Logan Roy’s deteriorating health. Three of his four children fumble amongst one another in attempts to earn the title of CEO once their father steps down from the role.

While Succession is fictional, it pulls inspiration from the true dynamics and challenges one might experience when involved in a family business. We spoke with Kogod’s Department of Management chair and coauthor of Six Paths to Leadership: Lessons from Successful Executives, Politicians, Entrepreneurs, and More, Professor Mark Clark, about his take on the show from a business practitioner perspective.

Kogod: As part of your research for Six Paths to Leadership: Lessons from Successful Executives, Politicians, Entrepreneurs, and More, you had the opportunity to interact with and interview various high-level executives from family-run businesses for the “Legacy: The Family Path” chapter. This, I am sure, gave you a unique insight into the positives and pitfalls that come with family-run organizations. What is your high-level take on HBO’s Succession as a viewer, and how do they portray the intricate family dynamics?

Professor Mark Clark: “So obviously, when you look at anything that is a TV show, you’re going to have exaggerations, and you’re going to highlight this to get people watching and talking about the show, but anything can happen within a family—particularly within a family business. You see the dynamics of a family here and the high stakes not just for the company to succeed but for the family to remain a family. With Logan Roy’s death, we can see that the siblings try to comfort one another, but they’re not the best of friends due to the immediate need for a successor to take Logan’s space in the company. You also see from Cousin Greg that he tries to get in on the comforting, but he has ulterior motives—as they all do—they are all looking to satisfy different stakeholders, and everyone has a self-interest.

Right, so a life-altering event such as a death in the family is still centered around the family business. There isn’t much room for a respite.

Yes, and this is something I’ve seen often when speaking to leaders of family businesses. When you talk to folks about the holidays, I remember one saying that family events felt like a board meeting, and they are painful to get through. So instead of holiday gatherings being a time of joy and sharing, they were a time of jockeying for a position and a time of conflict.

I don’t think there is any way to get around a few spoilers, but in a recent episode, Logan Roy’s daughter, Shiv, feels pushed out of the business. Can you discuss gender equality and fair play among siblings in a family business setting?

Shiv was out of the family business for a while in the earlier seasons.