We are familiar with influential family businesses like Johnson and Johnson, Bettercourt Meyers, and Dangote. In Zimbabwe, the Meikles family has been a cornerstone for over a century. As multinational companies departed, local entrepreneurs stepped in to sustain the economy. Notably, 80% of these businesses are family-owned.

However, a concerning trend has emerged: many local businesses collapse after the founder’s passing. To address this issue, Mrs. Sharon Bwanya, a lawyer and founder of Red Couch Advisory, hosted a Family Business Summit. The theme, “Safeguarding Generational Wealth for Zimbabwe’s Family Businesses,” highlighted the importance of preserving family legacies.

The summit featured a diverse panel of founders, including a keynote address from Shingai Mutasa, the pioneer SECURICO leader Divine Ndhukula, and Patrick Mavros, Tsitsi Mutendi a Family Business Advisor as well as next-generation executives Dumi Nkala, Wayne Chingwena, Ketan Naik, and Leroy Margolis among others, each bringing invaluable expertise to the discussions. Key takeaways emphasized the importance of education, exposure, understanding one’s roots, early introduction to the family business, and discipline.

Common pitfalls that lead to business failure include conflict, disinterest from the next generation, and lack of succession planning. To mitigate these risks, businesses can work with executive coaches, employ wealth managers, and establish family offices or partner with platforms like Nhaka Legacy. This ensures that businesses and assets are protected, and taxes are paid on time.

Additionally, businesses are encouraged to engage with associations like the Confederation of Zimbabwe Industries (CZI) to scale up opportunities. Expanding into international markets, such as Dubai, which is emerging as a financial hub, can also help attract investors.

The inaugural summit was a resounding success, with the conference room filled to capacity. Organizers promise an even bigger and better summit in 2026.