Gideon Kirumira: My Father Has Taught Me the Value of Hard-work.

Succession planning is a crucial aspect of family businesses, yet many founders struggle to prepare their heirs for the responsibility of taking over the reins. In Uganda, the statistics are stark: 90% of family-owned businesses fail to survive the transition to the next generation, and even fewer make it to the third generation. However, the Kirumira family is bucking this trend. In a rare glimpse into the dynamics of a successful family business, Gideon Kirumira, son of tycoon Geofrey Kirumira, shares his experiences and insights on the importance of hard work, mentorship, and values in ensuring the continuation of generational wealth.

The older Kirumira is a Ugandan business tycoon, real estate developer, philanthropist, and the honorary consul of Namibia to Uganda. He is currently estimated to have a net worth of hundreds of millions of dollars across his investment portfolio. He owns a diverse business portfolio that includes real estate, petroleum, telecommunications infrastructure development, education, and private security.

In an interview with local media, Gideon offered a rare glimpse into the family’s approach to succession planning. When asked if he was a privileged heir who had never faced adversity, Gideon responded with thoughtful clarity, dispelling common misconceptions about his upbringing and providing insight into the values that have shaped his journey as a future leader in the family business.  “If your parent didn’t work hard, my dad did. Says Gideon. “ I grew up without seeing my father much because he was always working. As a result of his hard work, I am now a beneficiary”. 

Gideon also shared a more personal side of his father, beyond the public persona, to dispel whispers that he was favoured simply because of his father’s affection. With vulnerability and sincerity, he revealed the equal measure of love and expectation his father has for all his siblings and the principle-driven approach to raising them as future leaders. “I love my dad a lot. But he doesn’t just love me. If being loved by my father makes me an heir, then all my siblings are heirs because he loves all of us equally. He doesn’t segregate against any of my siblings. What he does for me, he does the same for my other siblings”

He went on to praise his father for the principles he has instilled in him. “He is an inspiring dad. Everything that I know about being a father, I learnt from him. My father doesn’t just give out money, you have to work for it. I work hard for every coin that he gives me. This has instilled a work ethic in me which I appreciate so much. His mentorship and training have helped me to become the man I am. I am not a spoilt rich child, but a man who has learnt the value of hard work despite coming from a well-off family and I will pass these values on to the next generation. 

As the conversation around succession planning in family businesses continues to grow, the Kirumira family’s approach serves as a beacon of hope. By instilling values of hard work, mentorship, and equal opportunities, Geofrey Kirumira has set his son Gideon up for success, not just in taking over the family business but also in life. As Gideon prepares to pass on these principles to the next generation, the Kirumira family’s legacy is sure to endure. 

Their story is a testament to the power of intentional succession planning, and a reminder that building a lasting legacy requires more than just wealth – it requires wisdom, values, and a commitment to preparing the next generation for greatness. By learning from Kirumira’s approach, other family businesses can increase their chances of success, and ensure that their legacy continues to inspire and empower generations to come.