In this entry, we argue that the understanding and conceptualization of next generation requires a closer examination of the following questions: Who might be included in the next generation? How does a person become seen as part of the next generation? When does a person become part of the next generation? We outline basic categories for each of the three questions, with the aim of bettering our understanding of these questions and indicate why they matter. We conclude that the combination of family-internal factors and the increased societal relevance of the family business accentuate the sense of purpose and broaden the domain of action of the next generation. Therefore, the question of the next generation’s success in the future affairs of the family business and the future development of the societies is a significant quest in our understanding of the next generation.