I could not agree with you more. Culture is the single thing that distinguishes every win from failure in my portfolio. Even those that appeared to be wins but with toxic cultures autocorrect when the clock strikes midnight.
But I keep asking myself about governance. The boards I’ve sat on and chaired would have caught these shenanigans long before. Where was the board? — maybe they were trying or maybe there was deception but It feels there’s more lessons here than just this one. No excuses for the behavior but we are handing young people millions of dollars with little sense of what to do with it or how to balance the difficult trade offs they face every day.
Leadership needs to ex