Our CEO, John Donoghue, features in this month's Business Plus Magazine.
In this insightful interview, as part of the Accountancy & Business Advisory Survey 2025, John shares his perspective on ifac’s journey over the past year, highlighting our achievements, challenges, and the key factors that have driven our growth and success. He also discusses the strategic vision for the future, offering a glimpse into the exciting developments and initiatives we have in store.
Can you outline your activity in the past year, how it has evolved/changed and where the key areas of growth have been?
2024 was another great year at Ifac. We have acquired a number of SME accounting firms over the past 12 months, and we’re assembling them into a division focused on the mid to large SME market. Ifac has 30 offices around the country and this is a new centralised model for fast scaling ambitious SMEs. There are about 35 people in our mid-large SME group and we expect to grow quickly in this space. The team is led by Partner & Head of SME James Farrell. We already service thousands of local SMEs in the towns we work in.
We see a large opportunity in adding specialist advisory services to a largely compliance-driven market. Many scaling SMEs require advice on how they can develop their businesses, how they can maximise profit and opportunity, and how they can optimise their tax structures. A particular focus is large regional businesses where we would have a very strong affinity and alignment. Our agrifood consultancy continues to be very successful, advising on go-to-market strategies, digitalisation, business development, and transformation projects. Tax advisory, financial planning, and corporate services are also a big growth drivers for us.
Are there any important recent developments in your firm that you would like to share (for example, new strategy, new service line, recruitment drive, innovation initiatives etc)?
Sustainability remains a central focus for all our clients and last year we appointed Dr Rosie O'Neill as Director of Sustainability. Another significant senior appointment is David Leydon to the newly created role of Group Head of Growth and Agrifood Consulting. Ifac now provides a wide range of expert-led consultancy services including strategic planning, market research, food business and retail advisory, strategic marketing and communications, sustainability and ESG, and funding and management accounting. All are growing quickly.
What would you say are the main factors affecting your profession at present and how is your practice adapting to change? In particular, can you refer to technological change and artificial intelligence (and how this is affecting your own business and that of your clients).
Innovation is strong within the Irish food, agtech, agribusiness sectors. When it comes to emerging technologies, our research indicates that only one in six business leaders have a good understanding of the applicability of artificial intelligence for their business. Ifac advises a considered and strategic approach and keeping the business case front and centre for any investment.
Can you comment on the consolidation trend in your sector (and share if your practice has been involved in any mergers or acquisitions and why)?
We are in acquisition mode, and Ifac is different to the private equity acquirers in the market. We’re a permanent capital offer - we’re not going to sell your business in three, five, or seven years. We’re going to retain it long term - once we buy, we hold forever. We are a good home for practices that value their clients and want to see their teams looked after too. We expect to see consolidation continuing at pace.
What is your reaction and insight into the early weeks of the Trump administration and what this means for your business and your clients (what advice would you give to businesses trying to prepare for the prospect of an EU-US trade war, for example)
The tariff threat is definitely a big issue. Many clients see the US as a natural market, and they’re wondering now about the profitability of that market. Tariffs have the potential to significantly reduce margins, which are usually fairly tight for export products.
The other risk is Ireland’s tax flow from US companies. There are definitely challenges ahead, and we feel it’s time for government to really focus on indigenous businesses that have the capacity to create quality long-term employment in regional communities. FDI is brilliant, but it’s now under some level of threat.
Apart from geopolitical events, what are the other burning issues facing your clients in 2025?
The most pressing concern facing the farming sector is the potential loss of Ireland’s nitrates derogation. At Ifac we are conducting stress testing with dairy farmers to assess various scenarios, including reduced herd sizes, expanded storage facilities, and land acquisition strategies.
What is your outlook for your own firm, business in general and the Irish economy for the next year?
Export markets present opportunities for growth for many of our clients, and expansion into larger markets is crucial for our food producer clients. The road ahead requires investment in sustainability initiatives, careful strategic planning, and continued innovation, whatever business you’re in.