WE ASSIST CLIENT FAMILIES WITH BUSINESS STRATEGY SERVICES

WE ASSIST CLIENT FAMILIES WITH BUSINESS STRATEGY SERVICES SUCH AS THESE:

• Business strategy development
• Business mission, vision and values development
• Board of directors assessment, design, setup, facilitation and recruitment of directors
• Training and development of family board members
• Succession planning for senior leadership and board positions
• Talent development, career planning and performance feedback processes for family and non-family managers
• Recruiting, developing and retaining non-family talent
• Executive compensation advice

What you need to know:

A cursory look through any newspaper any day shows a number of properties big and small up for auction.

On May 18, 2022 various newspapers carried advertisement of local tycoon Patrick Bitature’s properties for auction. The properties that were advertised include; Elizabeth apartments in Kololo, Protea Hotel (Skyz’s Hotel) in Naguru, Moyo Close apartments and Kololo Gardens in Kampala. The intended sale of the above mentioned properties was in a bid to recover $32,064,075 (about Shs117b) that Vantage said was an overdue debt following a loan deal gone bad.

Bitature is not the first businessman to face these challenges. A number of property empires have risen and fallen so, we are no longer shocked when it happens. A cursory look through any newspaper any day shows a number of properties big and small up for auction. 

This is so due to failure to seek for independent business advise from qualified intergenerational wealth advisers a gap we are established to close.

The family of late city tycoon Bulaimu Muwanga Kibirige, commonly known as BMK, is in wealth wrangles a few months after the death of the wealth founder putting a risk to MBK Group of Companies and Muwanga Holdings Limited that the late fought to leave behind during his entire lifetime. The diseased is the founder of BMK House, Hotel Africana among others. You can as well check out for Jomayi Property Consultants Limited among others.

1. Statement of the problem

Sustainable estate management and Succession planning is the surest dream you can extract from the mind of any serious entrepreneur. This is now one of the most sensitive issues in family businesses in Uganda.

A man’s generational wealth is determined by his ability to acquire, manage and the grand plan he has at succession upon his or her demise. It is the desire of every mortal man that during his life time, he makes a better use of his possession and upon his demise, his wealth, should reign for generations to benefit his surviving and future generations to whom his sweat is dedicated for.

However, this has been paradoxical as it is obvious that, many people acquire property and it is blown up in the shortest time and yet, every time, a property mogul dies, property wrangles, fights for the property among the family members, is the surest ordeal.

Estate management and succession planning require a robust strategy by the most reliable and trusted personnel to sustain and further this once in life time dream of every entrepreneur.

1. Uganda’s Legal Regime on Estate Planning.

There is no specific law on estate planning and management in Uganda. The existing laws on succession emphasise distribution of Estate of deceased persons upon demise. The administrators understand that their role is to distribute and file with court an inventory in lieu of distribution. Preservation and management of the Estate though legally possible was not envisaged in the law making process in the early 20^th century when our succession laws were being made.  The Will templates that we have in the law books, and those being utilised by majority of Ugandans fall short of providing a comprehensive preservation and wealth management plan. The law did not anticipate invisible wealth like shares, good will, decrees and assignments that have become common. This state of affairs has led to land fragmentation, family wrangles, loss of wealth which needs an urgent remedy.

Lawbert Consult & Agencies (U) Ltd comes with scientific remedies to provide a solution to the state of affairs.