Uganda has had very many successful businesses but they die with their proprietors, Dr Maggie Kigozi, the former executive director of Uganda Investment Authority.
Kigozi said that entrepreneurs should think of how to sustain their businesses even in their absence.
Family-owned businesses are recognised today as an important and distinct organisation in the world economy.
In Uganda, businesses especially those owned by Asians have survived generations despite the death of their proprietors.
Kigozi said Ugandans need to ensure that their businesses live for the future.
“People don’t trust their family members yet running a business as a family has proved to be important and many have lived the test of time. When you look at most of the western successful businesses, they are run by family members,” she said.
“Ugandans love educating children and even sending them to boarding school but these kids waste the money because they don’t know the hassle parents go through to get money.”
Margaret Sekidde the proprietor of Seroma Hardware and Seroma Schools said it was important to determine which family members will be active in the business, what their roles will be, how they will be compensated and
what compensation inactive family members will receive.
“With such a principle, I have managed to run all my business as family business with all family members involved and with each one performing a role,” she said.