Commentary from James Farrell, Head of SME at ifac, following the release of Family Business Report 2026

The question every business owner needs to ask

Every business owner arrives at the same moment eventually. It might come quietly on a drive home after a long day, or it might arrive with some urgency as a health scare or a family conversation forces the issue, but it comes.

The question is always the same - what happens to this business when I’m no longer the engine driving it?

It’s the question I spend most of my working life helping people answer, and in my experience the owners who ask it early are the ones who end up with the best outcomes.

Structured support

At ifac, we established our dedicated SME unit because we saw a clear opportunity to bring structured support to the businesses that form the backbone of the Irish economy. Vets, transport companies, manufacturers, distributors, pharmacists, professional services firms - SMEs have always been our clients. What’s changed is the depth of expertise we can now bring to bear on their challenges.

My role is similar to that of a GP. I have the relationship with the client, I understand the full picture of their business and personal finances, and where a specialist is needed, whether that’s corporate finance, tax structuring or legal, I make sure they get the right advice at the right time. And like any good GP, the advice I give most consistently is don’t wait until something goes wrong before you start planning.

"If the business value is entirely wrapped up in its owner… that’s not a business - it’s a job."

Start earlier than you think

For a business exit, whether that’s a sale to a third party, a management buyout, or succession to the next generation, you need a minimum three-to-five-year runway. The process begins with an honest conversation and a review of the financial statements, personal assets and wealth, and pension position. From there, we try to get a sense of what the picture looks like in five and ten years’ time, and what needs to happen between now and then.

That picture is a powerful thing. When you can show an entrepreneur a concrete, achievable target and you can demonstrate that if they do A, B and C, here is the value waiting for them, they will back themselves to get there. That’s what good planning does. It turns an abstract ambition into a defined destination

Building enterprise value

One of the most common issues I encounter is a business whose value is entirely wrapped up in its owner, with 77% of our survey respondents saying their personal wealth is entirely or mostly dependent on the business. From a buyer’s perspective, that’s not a business; it’s a job. The work of building enterprise value means developing structures and capabilities that will outlast your own tenure.

On the family succession side, the technical work surrounding capital acquisitions tax, retirement relief, and stamp duty planning is navigable once you have a clear plan. The harder work is often opening an honest dialogue between family members, both those inside the business and those outside it. Get everyone on the same page early and you might be surprised by what that process reveals.

Don't delay

If you’re around fifty, running a business with a healthy balance sheet, and beginning to think about what comes next – that voice on the drive home is right. The best time to start planning was five years ago.

The second-best time is now.

Explore the findings of the ifac Family Business Report 2026

Discover more insights like this from ifac's inaugural SME survey, capturing the experiences, concerns, and ambitions of family businesses across Ireland.

Download the Report

Talk to James Farrell

Head of SME044 9341372 jamesfarrell@ifac.ie Linkedin