Enjovu Family Business Breakfast Urges Succession Planning, Investment Diversification and Wealth Protection

What the report says

At the third annual Enjovu Family Business Breakfast in Kampala, family business leaders were urged to begin succession planning early, spread investments across different assets and put stronger legal and governance structures in place to protect wealth. The event was held at Protea Hotel Kampala under the theme “Roots & Returns: Built to Last,” and was organised by Enjovu Family Business in partnership with I&M Bank.

The discussion brought together business owners, lawyers, bankers and other advisers, including Robert Waggwa Nsibirwa of the Buganda Kingdom, counsel Sophia Nampija, Edward Gibson Nangono of I&M Bank and Kenneth Makanga of BDO East Africa. Speakers stressed that family firms should not focus only on growing assets, but also on ensuring that businesses can survive leadership changes, manage risk and remain viable for later generations.

Nsibirwa said families should avoid concentrating all wealth in one business and should invest in areas they understand, while also using tools such as insurance, wills and appropriate legal arrangements. Nampija advised owners to address tax and ownership structures early, rather than waiting for disputes or family transitions to expose weaknesses. Makanga highlighted the need for liquidity, noting that emergencies can force families to seek cash quickly.

The article said research cited at the event suggested family businesses make up more than 60% of enterprises in Uganda and contribute over 70% of GDP, though fewer than 10% reportedly survive beyond the founding entrepreneur. As background, family firms often face succession and governance challenges worldwide, making structured planning important for continuity.