Over the years, family businesses have boosted India’s economy, contributing nearly 75–80% of the country’s GDP. From small local kirana stores to giant conglomerates with a global presence, they have generated employment, strengthened regional economies, and played a significant role in the nation’s development. Unfortunately, very few family businesses survive beyond the second or third generation. Today, a large number are undergoing a generational transition, with nearly USD 1.5 trillion in family-owned wealth expected to be passed on over the coming decade. This “Great Succession” comes at a crucial time, as many businesses continue to face unplanned succession, inadequate preparation of the next generation, weak governance, increasing global competition, and rapidly changing technological and market dynamics. As a result, many are focused more on preserving wealth than creating new value. There is now a clear need for structured succession planning, stronger governance, professional management, clear family rules, and early preparation of the next generation to ensure business continuity and long-term growth. With this objective, Primus Partners, in collaboration with ASSOCHAM, has prepared this report to examine the changing landscape of India’s family businesses, highlight the key challenges and opportunities arising from this transition, and present a practical 3P Framework—Plan, Prepare, and Pursue to help business families navigate succession effectively and build stronger businesses for future generations.