America's favorite "riches to rags" family business just got a hefty new order.
Hollywood producer Brian Grazer announced Tuesday that the cult comedy series Arrested Development, about the wildly dysfunctional Bluth family and their various commercial pursuits, will be revived for a fifth season with 17 episodes. The news marks the second time the series has been resurrected, as Netflix brought the cast back for fourth season in 2013.
While the show's storyline involving repeated illegal activity serves as a good example for how entrepreneurs can run afoul of the law, there are some real-life business lessons hidden in the family's various misadventures. Here are three:
Hire a good attorney. The Bluth Company falls on hard times when family patriarch and entrepreneur George Bluth Sr. gets arrested for defrauding investors and using company money for personal use. The lesson? If your accounting comes under scrutiny, make sure to hire highly specialized legal representation. If you're found to be at fault, your attorney can try to make a deal. Be as transparent as possible with all your financial documents.
Don't play favorites with succession planning. When George's wife Lucille names her incompetent son Buster as the company's new CEO, George's son Michael--the real manager of the business--leaves to work for a rival company. The Bluth family quickly realizes the business cannot survive without Michael, however, and begins pleading for him to take over as CEO. In any business--family owned or not--always make leadership decisions based on who the best person for the job is.
Know your business inside and out. During season one, George Bluth Sr. is revealed to have committed "light treason" by building mini-mansions for Saddam Hussein in Iraq. It is not until season four, however, when Michael and Buster travel to Iraq, that they discover the CIA ordered the mini-mansions to be built for wiretapping Hussein's homes, and all charges are dropped. Had Michael known who his end-customer was when the original mansions were built, he could have avoided the additional legal troubles.
What are some of your favorite teaching moments from the show? Tell us in the comments below.