Transforming Client Accounting Blog

In July, Inc. magazine released the “30 Under 30” list of “coolest, young entrepreneurs.” They are revitalizing what it means to be a business owner, with unique brands, innovation, and philanthropic acts—all the while making money, and loads of it.

Working with these smart, up-and-coming professionals means you, as a trusted business advisor, may want to consider adding them as a client. But note: They don’t expect business as usual or the way their parents and grandparents did things. They want fresh ideas, new technology, and innovation that mirrors what they are doing in the business world.

Are you ready for that? Is your firm prepared to become the advisor for the business owners of tomorrow—and in many cases today?

Some things to consider:

1. Portability: Does your firm offer secure, online access to financial information these busy entrepreneurs need to review anytime, anywhere?
2. International Regulations: Are you and your staff current on international financial regulations governing businesses doing business internationally? These up-start businesses are not just focusing on business in the United States. Many are also doing business overseas.
3. Staff: Do you have the talent who can speak the millennial “language”? The kind of staff that can help young business professionals understand what’s needed in order to maintain and gain in the business world?
4. Scalability: As more and more millennial business owners continue to spread their wings, is your firm prepared to scale with their needs? Is your firm the firm of the future?
5. Building Trust: In order to gain trust, you must first trust.  According to Charles Green, founder and CEO of Trusted Advisor Associate, “Before we can expect them to understand and appreciate where we’re coming from, we must first take the time to make them feel understood.”

Recently, members of the AICPA Trusted Business Advisor LinkedIn group* were asked:

“What advice would you give them [the 30 Under 30] as leaders of start-up businesses?”
David wrote, “One of the biggest mistakes I made back when I had my own business was not recognizing a profitable exit opportunity when it presented itself. I was so busy working IN the business and I could have done a much better job of working ON the business. If I were to start a new business today, I would have a very clear understanding of at what point(s) I would sell the business as well as keep an eye and open mind to my potential buyers.”

Dallon added, “My advice to them would be to start their business planning with a targeted profit or cash flow number and work up the income statement instead of starting with sales and working down the income statement to arrive at net income.”

What advice do you have? What other considerations are needed as trusted business advisors who acquire millennial start-up companies as clients?  

Add your comments here, or share your comments in the AICPA Trusted Business Advisor LinkedIn group.*

* Click here to learn how to join the LinkedIn group.