Research shows that only 1 in 3 people would start a business and work with a family member.
A COS study surveyed over 1,000 Australian workers and found that most people would not consider starting a business with a family member. Main reasons included concerns about mixing business and family (50%), difficulty in separation (32%), and potential arguments (20%). Males (41%) were more open to it than females, with 25-34 year olds being the most likely age group (45%).
Co-CEO of COS, Belinda Lyone says, “Being part of a family owned and operated company shouldn’t be like an episode of Succession, in fact quite the opposite. There is something extremely special and rewarding about working in a family owned and run company. Whether you are part of the founding family or an unrelated employee, working for a company that has a strong sense of values, its mission and vision, and one that is able to prioritise people over profit, are just a few of the positive drawcards.”
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