Family businesses are significant contributors to the global economy, but they often face challenges in successfully passing leadership from one generation to the next. This paper explores the critical issue of leadership succession in family businesses. A family business is defined as one governed or managed with the intention to pursue a shared vision held by a dominant coalition of family members, with a focus on sustainability across generations. The paper delves into the complexities of leadership succession, including limited candidate pools and intricate family dynamics, which make it challenging. Research indicates that more than 70% of family-owned businesses do not survive the transition from founder to the second generation, with further declines in subsequent generations. This paper examines the factors contributing to successful leadership succession and offers insights into strategies that family businesses can employ to enhance their prospects for continued success and sustainability.