Young entrepreneurs: the future of practice growth

Millennial business owners own and operate almost 40 percent of American small businesses. In this special report from The Pacesetters, we explore the growing market of millennial business owners and what they’re looking for as they switch advisors.

A millennial business owner sits on the couch with their dog and checks their accounting dashboard on the Xero mobile app.

Millennial business owners are different from previous generations in one key way: they’ve been online almost all of their lives. We wanted to find out how they like to interact with their advisors and what they expect.

  • 31% say that business success is about making more money.
  • 80% want to replace their current advisor.
  • 75% would pay an advisor so they could stop record keep

What millennial business owners expect from their advisors

  • 27% want an advisor with great attention to detail.
  • 31% want an advisor who’s enjoyable to work with.
An accountant shows a client their numbers in Xero and discusses how their business is performing.

Advisors are well placed to help millennial business owners

Millennial business owners are keen to enjoy the benefits of being in business, including making more money, expanding into new markets, and being less stressed out.

However, one of the biggest hurdles to success is in reducing costs, providing the perfect opportunity for proactive advisors to step in and help.

A stack of bills, a bar chart and a coffee cup represent the report, with insights about millennial business owners.

Read the full report

Find out more about the rise of millennial business owners, what they expect from accountants and bookkeepers, and how you can make the most of your partnership.

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