Family businesses open to 'real risk' as most have no succession plan

Just one in three are optimistic about their business over the coming year

Launching ifac’s inaugural Family Business Report were John Donoghue, ifac CEO; Mary Foley, ifac client and owner of Pat Foley Transport Ltd, Kilkenny; James Farrell, Head of SME at ifac; and Pat Foley, ifac client and owner of Pat Foley Transport Ltd.

Most Irish family businesses have no succession plan in place, despite many owners having most of their personal wealth tied up in their business as they approach retirement, according to a new report.

The inaugural ifac Family Business Report, which looked at challenges and opportunities facing Irish family businesses in 2026, also found that one in three businesses experienced family disputes that affected their business decision-making. The report was launched on Thursday and highlights the exposure faced by many Irish family businesses.