Nowadays Not-For-Profit Organisations (NFPs) are facing many challenges due to their specific characteristics, a lack of trustworthiness and legitimacy, an increasing number of competitors and the public call for professionalism in the management. This challenging environment of NFPs creates the need for a stakeholder management and leads us to the following research questions: What does a stakeholder management concept for NFPs look like? What are the specific features of a stakeholder management in NFPs? What are the benefits for a NFP having a stakeholder management in place? To answer these questions a literature research and a case study were conducted. Generally there is no such thing as a stakeholder management for NFPs. Stakeholder management is a tool which can be used by every kind of organisation/ business. But due to the aggravated terms for the management of NFPs we established a comprehensive stakeholder management concept which includes (1) a critical review of the general management to understand challenges and misunderstandings of NFPs, as well as to be able to determine management deficits and areas to be improved upon, (2) the setting of a clear and meaningful mission statement to be able to align and embed the stakeholder management in the overall system of strategic management, (3) stakeholder identification, (4) stakeholder analysis, (5) stakeholder management, and (6) a regular review of stakeholders, due to the possibility of changes in their power, interest, and perspectives and beliefs. Specifically for a stakeholder management in NFPs is mainly the importance of it. Stakeholders are put in the centre of a NFPs target system and thus are very important. The benefits of a stakeholder management are various and include competitive advantage, loyal employees, a better reputation in public, early diagnosis of risks, ethical principles, etc. Therefore stakeholder management is essential for NFPs in overcoming the challenges they are facing.