Two-coordinate transition metal complexes are exciting candidates for single-molecule magnets (SMMs) because their highly axial coordination environments lead to sizeable magnetic anisotropy. We report a series of five structurally related two-coordinate Fe(II) m-terphenyl complexes (4-R-2,6-Xyl2C6H2)2Fe [R = tBu (1), SiMe3 (2), H (3), Cl (4), CF3 (5)] where, by changing the functionalisation of the para-substituent (R), we alter their magnetic function. All five complexes are field-induced single-molecule magnets, with relaxation rates that are well-described by a combination of direct and Raman mechanisms. By using more electron donating R groups we were able to slow the rate of magnetic relaxation. Our ab initio calculations predict a large crystal field splitting (>850 cm-1) and sizeable zero-field splitting parameters (ca. -60 cm-1, |E| < 0.2 cm-1) for 1-5. These favourable magnetic properties suggest that m-terphenyl ligands have untapped potential as chemically versatile ligands able to impose highly axial crystal fields.