Family-owned businesses in Uganda have been urged to embrace proper succession planning, diversify their investments and establish strong governance systems to ensure their wealth survives across generations.The advice was delivered during the third annual Enjovu Family Business Breakfast held at Protea Hotel Kampala, where business leaders, financial experts, lawyers and wealth advisers gathered to discuss how families can build enterprises that remain successful beyond their founders.
The event was held under the theme “Roots & Returns: Built to Last.”Speakers at the forum warned that many family businesses fail not because they lack potential, but because owners delay preparing the next generation to take over leadership and fail to create structures that protect their assets. They encouraged families to begin succession discussions early and develop clear plans for ownership, management and decision-making.Robert Waggwa Nsibirwa, Second Deputy Katikkiro and Minister for Finance, Investment, Planning and Economic Development in the Buganda Kingdom, said building wealth should go hand in hand with protecting it.
He explained that family values, reputation, land and businesses form the foundation upon which future generations can create sustainable returns.Nsibirwa encouraged entrepreneurs to avoid depending on a single source of wealth and instead invest in different areas they understand. He noted that diversification helps families manage risks while giving younger generations opportunities to contribute to wealth creation in different sectors.Counsel Sophia Nampija of KATS Advocates advised business owners to address legal, tax and ownership matters before challenges emerge. She encouraged families to consider appropriate structures such as companies and trusts to safeguard assets, manage interests and reduce conflicts during transitions.Kenneth Makanga, Managing Partner at BDO East Africa, highlighted the need for families to maintain financial flexibility by investing in assets that can provide liquidity during emergencies. He noted that unexpected situations can affect even successful enterprises, making proper financial planning essential.
Edward Gibson Nangono, Chief Business Officer at I&M Bank, said the institution is supporting family businesses through solutions focused on wealth management, investment diversification and access to strategic growth opportunities. Annette Nakiyaga, Head of Marketing and Corporate Communications at I&M Bank Uganda, added that family businesses represent more than profits because they carry values, legacies and opportunities for future generations. Elizabeth Kibuuka, Founder of Enjovu Family Business, noted that some Ugandan family enterprises have successfully reached the third generation, proving that long-term survival is possible when families deliberately plan for the future.
