Family business leaders have been urged to build structures that preserve wealth, manage risk and prepare the next generation to sustain the enterprises they inherit.
The call was made on Wednesday, August 19, 2026, during the third annual Enjovu Family Business Breakfast, held at Protea Hotel Kampala under the theme; ‘Roots & Returns: Built to Last.’
The event, organised by Enjovu Family Business, in partnership with I&M Bank, brought together family business owners, financial experts, lawyers and other stakeholders, to discuss succession, investment, governance, diversification and long-term wealth creation.
The panel discussion featured Owek. Robert Waggwa Nsibirwa, the Second Deputy Katikkiro and Minister of Finance, Investment, Planning and Economic Development in the Buganda Kingdom, Counsel Sophia Nampija, Partner at KATS Advocates, Edward Gibson Nangono, Chief Business Officer at I&M Bank Uganda Limited and Kenneth Makanga, Managing Partner at BDO East Africa. The discussion was moderated by Dr Irene Esther Mutuzo Sevume, Team Lead at Enjovu eLearning.
Owek. Nsibirwa emphasized that family businesses must think beyond wealth creation and focus on ensuring that accumulated wealth continues generating value across generations.
“Our roots are land, family, faith and reputation. Our returns are when we are able to compound them,” he said, urging business owners to recognise that a successful enterprise can easily lose its value without deliberate succession and wealth-preservation structures.
He also pointed to Uganda’s growing population, strategic location within Great Lakes region and emerging opportunities in sectors such as oil and gas as reasons for entrepreneurs to adopt a more ambitious outlook.
However, he cautioned that opportunity must be matched with preparation, especially as businesses navigate regulatory, market and international risks.
He further encouraged families to avoid concentrating their wealth in a single enterprise and instead diversify into investments they understand. “Let’s invest in what we understand,” he said, emphasizing the importance of research and professional advice when making investment decisions.
He noted that diversification should be viewed as a wealth-protection strategy rather than a sign of diminished confidence in the family business, particularly as different generations often have varying perspectives on wealth management.
He also underscored the importance of protecting existing wealth through mechanisms such as insurance, wills and appropriate governance structures before pursuing further growth.
On the other hand, Counsel Nampija urged business owners to address legal and tax planning early rather than waiting for disputes, death or incapacity to expose weaknesses in their arrangements.
She encouraged families to assess whether assets are held personally or through appropriate corporate structures and consider mechanisms such as trusts where they can support effective management and distribution of family wealth.
Mr. Kenneth Makanga highlighted the importance of liquidity, noting that even wealthy families can face challenges when immediate access to cash is required. The COVID-19 pandemic, he said, demonstrated why families should maintain investments that can provide liquidity when circumstances change.
“You can project and plan very well, but circumstances can happen,” Makanga said, encouraging families to diversify into investments that offer both returns and flexibility.
For I&M Bank Uganda Limited, the discussions reflected the evolving financial needs of family enterprises as they transition from business operations to broader wealth creation and preservation strategies.
According to Mr. Edward Gibson Nangono, the bank is expanding its support for family-owned enterprises beyond traditional business banking.
“At I&M Bank, we have solutions that respond to the evolving needs of family businesses. I&M Capital provides wealth management and investment solutions to help families diversify and preserve wealth, while I&M Burbidge Capital supports family-led businesses in accessing strategic equity partners to unlock growth,” Nangono said.
Annette Nakiyaga, Head of Marketing and Corporate Communications at I&M Bank Uganda Limited, said the partnership with Enjovu provides an important platform for addressing the factors that determine whether family businesses survive beyond one generation.
“Family businesses are not only about the enterprises we build today, but also the people, values and wealth structures we leave behind for future generations. At I&M Bank Uganda Limited, we begin by understanding the unique needs of every customer, including family businesses, enabling us to provide tailored financial solutions that support their long-term aspirations.”
Elizabeth Kibuuka, Founder of Enjovu Family Business, noted that some Ugandan enterprises are already in their third generation, demonstrating that longevity is achievable when families intentionally prepare for transition and succession.
According to research, family businesses drive Uganda’s economy, accounting for more than 60% of enterprises and contributing over 70% to the GDP. However, fewer than 10% survive beyond the founding entrepreneur, highlighting the importance of deliberate succession and governance planning.
