I&M Bank Uganda has joined forces with Enjovu Family Business, a leading resource network for family businesses in Uganda, to address community and family business challenges through shared knowledge and solutions.
The partnership was formally announced during a succession planning breakfast meeting held at the prestigious Protea Hotel in Kampala today, Friday March 15.
The discussion was attended by renowned family business leaders, decision-makers, operators, and advisors.
Among notable guests was former Minister of Finance and economist- Hon. Maria Kiwanuka, as well as former Uganda Investment Authority boss, Maggie Kigozi.
Organised under the theme ‘Preserve Your Legacy and Protect Your Family Business with an Estate Plan,’ the discussions delved into crucial topics such as estate planning, trust funds, wills, protection of family wealth, generational wealth, asset management and distribution, and minimizing family conflicts.
Counsel Sim K Katende of Katende & Sempebwa Advocates, delivered the keynote address, emphasizing the importance of early succession planning and grooming successors within the family business.
“Have you mentally prepared your kids to be your next of kin? Are you sure your kids/spouse will make decisions looking out for you? Test and see if they are even interested in the business in the first place. If they are not, choose someone else. Clarity is important so that they do not end up giving over 30 years of their lives for nothing,” remarked Katende.
I&M Bank CEO Robin Bairstow said that the insights shared at the Family Business Breakfast equipped attendees with well-researched solutions aimed at establishing sustainable frameworks for family business development.
“For the record, I&M Bank started as a family business, so we are a family business at heart. We believe that the sustainability of family businesses is a cornerstone of prosperity for generations. We decided to create such platforms to share knowledge on family business sustainability, with the aim of such existing businesses, and to encourage those that harbor thoughts of starting up family businesses,” Bairstow said.
I&M Burbidge Capital, a corporate finance advisory firm under the I&M Group PLC, spearheaded discussions on ensuring the longevity of family businesses.
He emphasized inclusive governance policies and carefully articulated succession plans as key factors in business continuity.
“While family businesses in the region grapple with leadership and succession issues, engagements like these serve as forums for sharing sustainable solutions. Family entrepreneurship should have a long-term focus to facilitate decision-making and strategic reinvention for durability and stability over generations,” commented Burbidge.
The Enjovu Family Business Breakfast highlighted four essential takeaways: preservation of key family business aspects, values, visions, and legacy.
It also stressed the importance of discussing succession matters in advance to prevent future conflicts, maintaining proper structures and records, and minimizing tax burdens on beneficiaries.