This research report, in collaboration with Jersey Finance and the Al Faisal Centre for Governance, delves into the importance of governance and succession planning among NextGen business leaders in Saudi Arabia. The report highlights the significance of standardization and governance in family businesses, along with the necessity for next-generation readiness and succession planning. It provides recommendations for navigating leadership transitions and ensuring continued prosperity. Additionally, the report discusses perceptions surrounding the preparedness of the next generation to assume leadership roles, the challenges faced by family businesses, and the importance of tailored solutions.