Family Firms Told Values, Not Wills, Secure Legacy at Enjovu

Family businesses must institutionalise their values, strengthen succession planning and repair family relationships if they want wealth to survive the founders. That was the central message of the fourth annual Enjovu Family Business Conference, held at the International School of Uganda in Lubowa on Friday, October 16, 2026.

The event, organised by the Enjovu Family with I&M Bank Uganda Limited, drew business leaders from three generations across agriculture, law, education, manufacturing and industry.

Why can't a will carry a legacy?

Owek. Robert Waggwa Nsibirwa, Deputy Katikkiro of Buganda and patron of Enjovu Family Business, opened with a direct warning. Transferring wealth is not the same as preserving a legacy.

"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 business, wealth and responsibility part of everyday conversation. Values, he argued, must be defined, communicated and embedded in management, then passed on. He gave his own family's practice as proof.

"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.

He added that institutionalised values outlive the individuals who founded the business, and preserve not just wealth but the purpose behind it.

What did the bankers bring?

Sam Ntulume, Executive Director and Chief Operations Officer of I&M Bank Uganda, said building the enterprise is only half the journey. Owners must also plan how generated wealth is preserved, managed and transferred.

"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.

I&M Bank itself began as a family business, he noted, with values that have endured for 50 years. He also pitched I&M Capital, recently launched in Uganda as part of the wider I&M Group, offering advice on:

• local government securities and equities;
• money-market investments;
• offshore exposure through international equities, exchange-traded funds and mutual funds.

How should families treat the company?

Manish Varsani of Tororo Cement, a third-generation business leader and guest of honour, kept his instruction short: "Respect the company as your mother."

Disagreements are inevitable, he said, but members must stay committed to the business's long-term interests. He recalled one fight over the pace of expansion. He wanted to grow fast; a family member advised him to slow down. The episode, he said, taught him to balance ambition with caution and to value different perspectives.

Varsani also ranked his priorities plainly: "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."

What threatens family firms from inside?

Keynote speaker Canon Dr. Ruth Ssenyonyi, a counselling psychologist, said the dangers are not only external. Internal disagreements, financial pressures, divorce and family members refusing to take responsibility can all undermine performance and continuity.

"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.

She argued that strengthening family relationships belongs inside business planning itself, because family stability shapes the enterprise's resilience.

What role does the law play?

Sophia Nampijja, a partner at Katende, Ssempebwa and Company Advocates (KATS), said clear legal and succession arrangements protect wealth and smooth generational transitions. Wills document wishes, cut uncertainty and help prevent disputes over assets and business interests.

"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," Nampijja said.

What comes next?

Annette Nakiyaga, head of marketing and corporate communications at I&M Bank Uganda, reaffirmed the bank's commitment to tailored financial solutions across sectors.

"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 closed with a question-and-answer session and intergenerational group discussions on wealth preservation, family relationships, succession planning and business continuity. The takeaway for Uganda's family enterprises: financial success alone will not carry a firm across generations — shared values, legal structures and stable relationships will.