By On Friday, September 15, Enjovu Family Business, in partnership with I&M Bank Uganda, convened another edition of the Enjovu Family Business Breakfast Series at Four Points by Sheraton Hotel in Kampala. The gathering brought together family business owners, professional advisors, and stakeholders for an in-depth discussion on estate planning, inheritance, and strategies for ensuring the survival of enterprises beyond the founders’ generation.
The central theme of the breakfast dialogue was how family businesses can design estate and succession plans that are adaptable to changing circumstances while safeguarding both the enterprise and dependents of the founders.
The challenge of continuity
Delivering his remarks, Sam Ntulume, Executive Director and Chief Operations Officer of I&M Bank Uganda, emphasized the reality that business leaders must prepare for uncertainties, including death. He warned that the absence of structured succession planning is one of the key reasons many Ugandan businesses collapse within just a few years of their founding.
“In Uganda, very few businesses live to celebrate their fifth anniversary, and this is largely because there are no deliberate plans for continuity once the founders are gone,” Ntulume said. He encouraged business leaders to think beyond day-to-day operations and deliberately plan for the future.
Ntulume highlighted that I&M Bank itself began as a family-owned enterprise, yet has since evolved into a major financial institution managing trusts, safeguarding critical documents, and supporting businesses with flexible loans. He further noted that I&M Burbidge Capital, the bank’s wealth management subsidiary, is now licensed in Uganda, offering a wide range of services including investment solutions, tax advisory, and financial guidance to help families grow and protect their wealth.
Legal guidance on wills and inheritance
On the legal front, Csl. Frank Ssewaggude, Principal Associate at Katende, Ssempembwa Advocates (KATS), stressed that estate planning should never be left to chance. He urged entrepreneurs to be intentional about drafting wills and clearly defining how assets should be shared. “A well-drafted will ensures your dream lives on and that everything continues according to your wishes,” Ssewaggude said.
Echoing his views, Hajjat Hasfah Namulindwa, also a Principal Associate at KATS specializing in family law and estates, litigation, and real estate, noted that wills not only provide clarity but also protect beneficiaries from protracted property disputes and wrangles, which often destabilize families and businesses after the death of a founder.
Adding a government perspective, Robert Bogere Ali, Assistant Administrator General at the Ministry of Justice and Constitutional Affairs, outlined how estates of deceased persons should be divided among heirs, including spouses, children, and dependents. He emphasized the importance of identifying heirs early and ensuring compliance with legal requirements when drafting wills. He also underscored safeguards in law to prevent unlawful evictions of widows, children, and other rightful occupants from their homes. “Whether you are married or not, identify your next of kin and heir properly. It is advisable to choose close biological relatives, regardless of gender,” Ali advised.
Supporting family enterprises for the future
Speaking on the value of such forums, Annette Nakiyaga, Head of Marketing and Corporate Communications at I&M Bank Uganda, praised the collaboration with Enjovu Family Business, describing it as a strategic initiative that fosters resilience among family-owned enterprises.
“Enjovu Family Business is playing a critical role in promoting the growth and sustainability of family-owned enterprises in Uganda and beyond. Many of the world’s most successful companies started out as family businesses and have managed to thrive for more than a century by carefully planning leadership transitions across generations,” Nakiyaga said.
The Enjovu Family Business Breakfast not only provided practical frameworks and legal insights but also created an important networking platform for families navigating the complex dynamics of succession. By addressing the risks, opportunities, and challenges of generational wealth transfer, the series continues to empower entrepreneurs to build legacies that last well beyond the founders’ lifetimes.
