Family businesses have been urged to institutionalise their values, strengthen succession planning and nurture healthy family relationships to preserve wealth and ensure business continuity across generations.
The call was made at the fourth annual Enjovu Family Business Conference, organised by the Enjovu Family in partnership with I&M Bank Uganda Limited at the International School of Uganda in Lubowa on Friday, October 16, 2026.
The conference brought together business leaders from three generations across sectors including agriculture, law, education, manufacturing and industry to discuss how family enterprises can sustain their businesses, preserve wealth and pass on their legacies to future generations.
In his opening remarks, Owek. Robert Waggwa Nsibirwa, Deputy Katikkiro of Buganda and patron of Enjovu Family Business, emphasised that preserving a family legacy requires more than transferring wealth from one generation to another.
“The journey we are on becomes more important every day. Today, we are talking about how we can secure the legacy of this wealth. When we write a will, we hope for the best, but we cannot will a legacy; a legacy has to be lived every day,” Nsibirwa said.
He urged families to make conversations about business, wealth and responsibility part of everyday life, noting that the values underpinning family enterprises must be clearly defined and embedded in their operations to ensure they endure beyond their founders.
“Values are in every aspect of life. In our family, we value education so much that when someone wants to marry into the family, we inquire about their educational background, sometimes even more than their wealth. That is how deeply our values shaped our decisions and the kind of family we wanted to build,” he said.
Nsibirwa added that family businesses must translate their values into practical decisions, leadership conduct and relationships among family members.
“For family businesses, values must be clearly defined, communicated and embedded in the way the business is managed and passed on to the next generation. It is not enough to talk about values; they must be reflected in our decisions, our leadership and how we treat one another. We must institutionalise these values so that they outlive the individuals who established the businesses,” he said.
He noted that doing so would enable families to preserve not only their wealth but also the principles and purpose upon which their enterprises were built.
I&M Bank Uganda Executive Director and Chief Operations Officer Sam Ntulume highlighted the importance of planning for both business succession and wealth management.
He said building a successful enterprise was only one part of the journey, adding that business owners also needed to consider how the wealth generated would be preserved, managed and transferred to future generations.
Ntulume said I&M Bank understood the dynamics of family enterprises, having originated as a family business whose values, according to him, had endured for 50 years.
“Business owners must consider how to manage the wealth their enterprises generate. Building a successful business is one achievement; preserving and growing its wealth is another. Succession planning must address both who takes over the business and how accumulated wealth is transferred to future generations,” Ntulume said.
He also highlighted investment and wealth-management solutions offered through I&M Capital, which was recently launched in Uganda as part of the wider I&M Group.
“I&M Capital complements the bank's services with investment advice tailored to customers' objectives and risk appetite, covering local government securities and equities, money-market investments, and offshore opportunities through international equities, exchange-traded funds and mutual funds,” he said.
The discussion underscored the importance of integrating business continuity with financial planning to protect family assets and ensure that wealth is managed responsibly across generations.
The conference was presided over by Manish Varsani of Tororo Cement, a third-generation business leader, as guest of honour.
Varsani urged family members to respect the business as an institution that must be protected and sustained, regardless of individual interests or differences of opinion.
“Respect the company as your mother,” he said.
He acknowledged that disagreements are inevitable in family enterprises but emphasised that members must remain committed to the long-term interests of the business.
Recalling a disagreement over the pace of expansion, Varsani said he had favoured growing the business rapidly, while a family member advised him to slow down.
The experience highlighted the need to balance ambition with caution and to recognise the value of different perspectives when making strategic decisions.
Varsani also stressed the importance of faith, respect for parents and recruiting the right people to support business growth.
“Whatever you do, keep God first. Our founders always kept God first. First is God, then our parents. If you have their blessings, the business will do well,” he said.
The keynote address was delivered by counselling psychologist Canon Dr. Ruth Ssenyonyi, who focused on healing family relationships as a way of protecting business legacies.
Ssenyonyi emphasised the importance of trust, love, unity and discipline in relationships among spouses, siblings and other family members, warning that unresolved personal and family conflicts can undermine business performance and continuity.
She said family enterprises faced threats not only from external competition but also from internal disagreements, financial pressures, divorce and the failure of family members to take responsibility for their actions.
“Functional families provide a stronger foundation for successful and sustainable businesses. When families invest in building healthy relationships, fostering open communication and nurturing trust among their members, they create an environment in which family businesses can thrive,” she said.
Ssenyonyi added that strengthening family relationships should be treated as an integral part of business planning because the stability of the family can influence the resilience and long-term success of the enterprise.
Sophia Nampijja, a legal expert and partner at Katende, Ssempebwa and Company Advocates (KATS), highlighted the importance of putting clear legal and succession arrangements in place to protect family wealth and facilitate smooth transitions between generations.
She discussed the role of wills in documenting an individual's wishes, reducing uncertainty and helping to prevent disputes over family assets and business interests.
Nampijja urged families to seek legal guidance before disagreements or other crises arise, noting that succession arrangements should be reviewed regularly to reflect changing family and business circumstances.
“Families should not wait until a crisis occurs before seeking legal advice. Early guidance can help prevent disputes. It is also important to review succession plans regularly so that they remain relevant as family and business circumstances change,” she said.
Her remarks reinforced the importance of combining family values with clear legal structures to minimise uncertainty and protect the interests of beneficiaries and business stakeholders.
Annette Nakiyaga, head of marketing and corporate communications at I&M Bank Uganda, reaffirmed the bank's commitment to supporting family businesses with financial solutions tailored to their growth, financing needs and broader financial objectives.
She said the bank sought to serve enterprises across different sectors by providing financial support and expertise to help them grow sustainably.
“Regardless of the sector in which these businesses operate, we are committed to being a trusted financial partner, providing the support and expertise they need to grow sustainably, strengthen their businesses and secure their legacy for future generations,” Nakiyaga said.
The conference also featured a question-and-answer session, during which participants engaged speakers on challenges affecting family enterprises.
Group discussions brought together participants from different generations to exchange perspectives on wealth preservation, family relationships, succession planning and business continuity.
The discussions reinforced the conference's central message: sustaining a family business requires more than financial success. It calls for shared values, responsible leadership, sound legal and financial planning, and relationships strong enough to support the enterprise through generational change.