Family businesses serve as fundamental pillars supporting economies worldwide, constituting a significant majority of enterprises globally. Notably, in India, family businesses make up 90 percent of the total businesses, contributing to 90 percent of the national output and employing 79 percent of the workforce. Despite their prevalence, it is noteworthy that the average lifespan of a family business is 24 years. A substantial 70 percent of family businesses either fail or are sold before transitioning to the second generation, and nearly 90 percent do not extend beyond the third generation, with only 3 percent enduring to a fourth generation or beyond. One contributing factor to the challenges faced by family businesses is the expectation-reality discrepancies between the perceived ideal successor attributes held by business owners and the perceived ideal attributes by prospective successors. This study aims to analyse and compare the attributes considered crucial by potential successors of family businesses in India with the findings related to successor attributes deemed important by family business owners. The data for this study was gathered from 134 potential successors of family businesses affiliated with a reputable business school in Gurugram. The results were then compared with the successor attributes expected by the owner-managers of family firms.