In this final paper entitled “Preparing the Young Generation of Entrepreneurs for a Generational Transition” the goal is to describe family entrepreneurship issues with an emphasis on the ownership transition and management in family entreprises, to explain and interpret the roles in family entreprises in the context of generational transition. In order to describe the significance of well-timed planning of generational transition, internal and external factors, that impact generational transition in family entreprises, are established and described. Considering that the author of this paper is the main stakeholder of generational transition (young generation of family entrepreneurs) in family company “Kljuki’, that entreprise is chosen as example for perceiving the generational transition particularities. This paper examines current plans for ownership transfer and management, and also outlines the potential opportunities and threats that generational transition causes. This paper emphasis is to provide the solutions that will help making generational transition more successful. With the help of quality theoretical background and interview with entreprise key stakeholders, the possibilities and the plan of generational transition for the family company “Kljuki” were proposed, and finally conclusions and recommendations for practice were presented.