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PHILANTHROPICADVISORY 

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AURA

HOPE FOR HUMANITY

ESTABLISHED

1981

LOCATION

PHUKET - THAILAND

EMPLOYEES

18310

EMAIL

WEBSITE

NEWS & BLOGS

The innate desire to uplift humanity and foster the welfare of others is a universal sentiment shared by individuals across the globe. At Aura, we recognize the profound impact of philanthropy and the pivotal role it plays in shaping a brighter future for all.

The landscape of philanthropy is evolving at a remarkable pace, with over 260,000 foundations spanning 39 countries and boasting assets exceeding USD$1.5 trillion. This surge in philanthropic activity underscores a growing dedication to making a positive difference in the world. In Europe particularly, there has been a notable surge in foundation creation, with countries like Switzerland and Spain witnessing a significant increase in new foundations over the past two decades. Even in China, where foundations were once predominantly public and government-run, private foundations have emerged as the fastest-growing segment, reflecting a global trend towards more diverse and dynamic philanthropic endeavors.

Individual giving, irrespective of socio-economic backgrounds, has also seen a substantial rise, surpassing institutional giving in many countries. This shift not only underscores the vital role of philanthropy in our society but also highlights the unwavering commitment of individuals and families to making a tangible difference through charitable contributions.

It's important to distinguish between charity and philanthropy. While charity represents acts of generosity and donations aimed at immediate assistance, philanthropy transcends individual acts by encompassing a strategic approach to creating lasting impact. At Aura, we believe in harnessing the power of philanthropy to effect meaningful change, weaving together every charitable act into a comprehensive blueprint for positive societal transformation.

As stewards of change, we are committed to guiding individuals and families in channeling their philanthropic efforts towards strategic and impactful initiatives. Through thoughtful planning and strategic focus, we empower our clients to maximize the effectiveness of their philanthropic endeavors, ensuring that each contribution leaves a lasting legacy of compassion and hope.

PHILANTHROPHY

In the realm of philanthropy, one size does not fit all. Each individual and family embarks on a unique journey, guided by their values, passions, and aspirations for creating positive change in the world. At the heart of philanthropy lies a spectrum of giving — from the donation of time, treasure, and talents to more hands-on involvement such as volunteering, mentoring, or serving on philanthropic boards.

Some families adopt a more traditional, passive approach to philanthropy, contributing through regular charitable donations. Conversely, others embrace a more hands-on, entrepreneurial mindset, treating their philanthropy as a strategic venture akin to running a business. Regardless of the approach, it is imperative for families to navigate their philanthropic endeavors thoughtfully, aligning their actions with their core values and objectives.

For those families who opt for a more active philanthropic role, strategic planning becomes paramount. It entails identifying areas of focus that resonate most deeply, understanding the complexities of active philanthropy, and developing a clear roadmap for impact. Strategic development lays the foundation upon which philanthropic efforts are built, ensuring alignment with overarching goals and maximizing the effectiveness of contributions.

Moreover, compliance and infrastructure serve as essential pillars of philanthropic success. Navigating the regulatory landscape, establishing robust governance structures, and implementing sound financial practices are imperative for ensuring transparency, accountability, and long-term sustainability.

Implementation is where intentions transform into tangible action. It involves executing philanthropic initiatives with precision and purpose, leveraging resources, networks, and expertise to effect meaningful change in communities and causes.

Equally important is monitoring and evaluation, which enable families to assess the effectiveness and impact of their philanthropic endeavors. By tracking progress, soliciting feedback, and measuring outcomes, families can continuously refine their strategies, optimize resource allocation, and amplify their positive influence.

The purpose of this discourse is to provide families with a strategic framework for navigating their philanthropic journey. While it may not encompass every nuance or challenge, it offers a comprehensive guide to stimulate thoughtful consideration and informed decision-making.

In essence, philanthropy is a deeply personal and transformative endeavor, guided by the shared desire to leave a lasting legacy of compassion and impact. As families embark on this noble pursuit, may they find inspiration, guidance, and fulfillment in their quest to make a meaningful difference in the world.

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PORTFOLIO

Navigating the intricate world of philanthropy can undoubtedly feel overwhelming for families embarking on this transformative journey. However, the journey itself is a dynamic process, one that evolves and adapts alongside the family's growth and changing aspirations. The beauty lies in the fact that not all decisions need to be made at the outset; rather, they can organically evolve over time, guided by experience, reflection, and a deepening understanding of the impact they seek to create.

Fortunately, families are not alone in this endeavor. A wealth of resources stands ready to support and guide them every step of the way. From professional consultants offering specialized expertise to educational training programs, online resources, and vibrant peer and network groups, families have access to a rich tapestry of support systems to help navigate the complexities of philanthropy with confidence and clarity.

At Aura, we recognize the profound significance of philanthropy in shaping the fabric of our society. It's not just about making donations; it's about fostering meaningful connections, uniting families in a shared purpose, and harnessing the power of collective values for the greater good. Philanthropy becomes a vehicle for instilling a sense of purpose and unity within the family, empowering each member to contribute their unique talents and perspectives towards a common cause.

By focusing on key pillars such as strategic development, compliance and infrastructure, implementation, and monitoring and evaluation, families can lay a solid foundation for their philanthropic endeavors. These pillars serve as guiding principles, enabling families to channel their resources and efforts effectively, maximize their impact, and cultivate a legacy of purpose-driven philanthropy that resonates for generations to come.

As families embark on this journey of discovery and transformation, may they find solace in the knowledge that they are not alone. With the support of a vibrant community of like-minded individuals and the guidance of experienced professionals, they can navigate the complexities of philanthropy with confidence, knowing that every step taken brings them closer to realizing their vision of a better world.

SUCCESSION

Aura Solution Company Limited offers profound insights into the intricacies of founder transitions within family enterprises. With a focus on understanding the unique mindset of founders and the dynamics that drive their success, we delve into the complexities of transitioning leadership from one generation to the next.

Founder transitions represent a pivotal moment for family businesses, where the challenge lies in navigating the significant influence and central role that founders typically hold. This transition involves more than just passing the baton of leadership; it requires a fundamental shift in organizational structures, values, and governance to ensure continued success.

At the heart of successful founder transitions lies a deep understanding of the founder's mindset. Founders are driven by a relentless passion for value creation, often possessing a unique ability to identify trends, innovate, and lead with determination and conviction. However, the very traits that propel founders to success in the initial stages may not necessarily align with the needs of the enterprise in subsequent generations.

One of the key structural shifts recommended during founder transitions is the move from a hub-and-spokes organizational model to a pyramidal structure. While the former may facilitate quick decision-making and efficiency in the early stages, it becomes unsustainable as the organization grows in size and complexity. The pyramidal model, with its distributed responsibilities and clear hierarchies, offers a more scalable and robust framework for long-term success.

Transitioning from the hub-and-spokes model to the pyramidal structure requires deliberate steps, including restructuring the organization and ownership, building management talent, and formalizing decision-making processes. It also necessitates a shift in power dynamics, leadership models, governance practices, and reward systems to adapt to the evolving needs of the enterprise and its stakeholders.

Furthermore, successful founder transitions extend beyond organizational restructuring to encompass a holistic transformation of family dynamics, ownership structures, and communication channels. This entails clarifying roles and responsibilities, fostering transparent and merit-based reward systems, and nurturing supportive family relationships that transcend traditional parent-child interactions.

Central to the success of founder transitions is the founder's willingness to relinquish control and embrace a new role as a mentor and supporter of the next generation. Whether stepping into a part-time role as the Chair of the Board or pursuing new endeavors, founders play a pivotal role in facilitating a smooth transition and empowering the next generation to shape the future of the family enterprise.

 

In essence, founder transitions represent a pivotal chapter in the evolution of family businesses, requiring a delicate balance of tradition and innovation, continuity and change. By embracing these principles and practices, family enterprises can navigate founder transitions with confidence, ensuring a legacy that endures for generations to come. At Aura Solution Company Limited, we stand ready to support families in navigating this transformative journey with expertise, empathy, and dedication.

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#aura_family

MULTIGENERATIONAL

Even before the coronavirus required physical distancing, enterprising families were dispersing around the globe- typically making it harder for families to stay united. How does a family maintain strong ties and alignment when physically separated?

For the last half century, enterprising families have been dispersing geographically, which is challenging the unity of next-generation family business owners. It is difficult for families to maintain unity without in-person connections. Yet, the trends of geographic mobility among enterprising families are here to stay. Families must find ways to build and maintain long-distance family relationships.

There is a myriad of reasons for this geographic mobility.

Since the 1980’s, as globalization has increased the internationalization of family companies, we are seeing more members of enterprising families move abroad for family business purposes such as to open new operations for the family company or lead posts like a regional sales office, foreign manufacturing, or other operations. The challenge for families is to keep the distant branch of the family connected to and feeling a part of the original family, and to keep the distant operations well-coordinated with headquarters.

Global high net worth families

Another type of enterprising family has emerged in the last twenty years: high net worth families that leave their country of origin and shop the world for the safest neighborhoods and best education. Individuals in these families can reside in multiple jurisdictions. These families become less aligned with any particular country, and the jury is out on how their migration will impact their family unity. It could be that their common immigrant story could help to increase their alignment on purpose and values.

For the last half century, enterprising families have also been increasingly dispersing geographically due to individual exploration. The pattern over the last half century has largely looked like this: next generation members attend university, or travel for pleasure or work, to another part of their country or to another country. They like this new place and different culture, and settle there. They marry a local, have children, enter a different line of work than the family business, and visit their original home periodically. The challenge is to maintain close family relationships with the big family, and to stay informed about the family enterprise.  

Technology has recently opened wide the door on remote work and schooling, allowing employees to work from anywhere and students to attend classes on their laptops. Technology could make it less important where people reside to do certain work, and this might increase the number of family members who choose to live in distant countries. Most recently, we have experienced a different kind of family physical distancing, forced by the coronavirus pandemic that has isolated us physically from one another. In this condition, even family members who are geographically close could feel as distant from one another as those living in different countries. Technology and social media have become the great equalizers in many families who report greater frequency of interaction with family members through technology than they achieved pre-Covid.

Though the pandemic lockdowns have eased, the trends described are continuing. Families will continue to become more physically separated from each other. The traditional notion of a family living in the same city for generations has become outdated. Families are on the move and this will likely continue.

How does geographic separation affect family unity?

What binds an enterprising family is a common purpose and shared values. Family unity is measured by members’ alignment on and commitment to their mission (or purpose) as a family, and their approaches (or values) to achieving their mission.

Alignment and commitment are easier to build when there are shared experiences, and felt trust, respect, and caring among the members. Unity is built through several factors (see Building Family Unity), most of which are nurtured through shared, in-person experiences. Think of celebrating birthdays and holidays, gathering for Sunday lunch at grandmother’s house, a weekly tennis match between siblings. These activities strengthen relationships, build family pride, provide a space for needed conversations, and build collective memories—all activities that help to unite a family and provide a sense of shared identity.

Maintaining close family relationships and a shared identity with one’s family of origin is more challenging when a family member is geographically separated. In the next generation, especially, family members can have little understanding of, identity with, and ability to contribute to the interests and priorities of the original family, including the family business. Outside of financial benefits and a proud history, their association with the original family can become a “nice to have” but not something that is pivotal to their life.

Unity is difficult for families to maintain without in-person connections. This is one reason that family unity tends to decline over generations. You’re more inclined to talk with people who you trust and get to alignment if you trust them, respect them, and like them. Building that trust, respect, and liking usually takes some lengthy periods where you spend time together, communicate and collaborate, support each other, and learn to quarrel and make up.

NEXT GENERATION

How unity can affect the success of the next generation of family business

How, then, does an enterprising family maintain a shared experience while physically apart? At the most fundamental level, how do you keep a growing and geographically cleaved group of family members connected to one another and to the family business?

Consider these areas where family unity can weaken or deteriorate because family members are geographically distant:

  • Family bonds:
    How do you strengthen relationships and build friendships among relatives when family members did not grow up together and do not have opportunities to socialize?

  • Owner alignment:
    How do you align owners around strategic decisions when they have limited time together and don’t see each other on a regular basis?

  • Family connection to the business:
    How does the family stay connected to the business when the business is located somewhere that family members rarely—and may not even like to—visit?

  • Family alignment around mission & values:
    How do you keep family members aligned around the enterprise’s mission, vision, and values when they have developed different individual interests and priorities due to living in different locations?

  • Resolution of sensitive issues:
    How do you resolve conflicts and heal past wounds between family members when you aren’t near enough to meet and talk in-person?

  • Family care:
    How do family members show support for one another, especially in times of need, when they are not nearby?

 

Is digital connection a sufficient replacement for maintaining long-distance family relationships?

While modern communication technologies often feel like an antidote to the challenges described above, research across the social sciences has repeatedly demonstrated how email and videoconferencing cannot replace in-person contact. For instance, meeting face-to-face, when compared to virtual replacements, has been shown to more effectively build empathy, enable difficult conversations, and prevent miscommunication. Research also shows that face-to-face requests were 34 times more likely to garner positive responses than emails.

In-person communication is simply more persuasive and effective. Meeting together physically improves creativity and strengthens friendship. These are helpful elements in building family unity. Families should make every effort to meet regularly and, when possible, in-person.

How to build unity in a multi-generational family business?

For the reasons described above, meeting face to face is not always feasible for families. But it is still possible to stay connected and maintain unity when physically distanced from one another. Below are 10 practical actions for enterprising families to try as they work to strengthen unity while physically apart. Some of these require meeting in-person; others can be effective online. Likewise, some can be followed without violating social distancing guidelines; others are suggested with a post-Covid-19 environment in mind.

  1. 1.Unify around mission, vision, and values.
    Remind the family what brings you together. For example, lay out what it means to be a member of this family, what the family wants to achieve together, its purpose for being together, and why it is important to maintain connections and support the work it is doing. Don’t assume people have this in mind, but instead make it an explicit exercise. Virtual or in-person workshops work well for this activity.

  2. 2.Convey messages of geographic inclusion.
    Actively articulate to the family: “We are all in this together. No matter where we are in the world.”

  3. 3.Broaden the geographic scope of family activities.
    Expand the geographic boundary around family activities to engage more family members. For example, redefine the social issues that the family’s philanthropy addresses by selecting regional or global issues. Organize ways for the family to respond philanthropically to a crisis or disaster in geographic areas where family members reside, as this can be a unifying and inclusive activity.

  4. 4.Actively engage distant family members.
    Families should be particularly deliberate in engaging family members who are far away or isolated. Stay in close touch with them. Help them feel connected and help them contribute to the enterprise in productive ways. Assign someone in the family to serve as their “Sherpa” so they have a go-to person they can ask questions of or receive updates from, allowing them to stay in touch with the family enterprise. You don’t want to risk these family members becoming disengaged, uninformed, apathetic, or alienated. Don’t forget to reach out to in-laws (spouses) and non-marital partners, either. Their participation can be essential in the pursuit of family unity.

  5. 5.Develop a caring culture in your family.
    A feeling of being cared for is a critical force in unifying families—it is part of the foundation on which unity must rest. Develop a caring culture in your family. Appoint family unifiers who pay attention to the shifting winds of relationships and who work hard to assure they blow warmly. Unifiers are responsible for bringing people together and recognizing people for their personal achievements.

  6. 6.Meet in person whenever you can.
    Devote a substantial amount of time and resources to bringing the whole family together in-person every year, preferably for extended periods. These events should balance pure diversion—a vacation somewhere—with a formally structured retreat. The focus should be on collaboration, joint learning, team-building, shared experiences—and being a family together.

  7. 7.Facilitate ways for family members to rngage socially together.
    Participating in interesting social activities together is a wonderful way for family members to get to know each other, build bonds, and connect meaningfully. Make it easy for family members to participate in experiences by providing encouragement and resources. Come together to celebrate milestones and holidays. Also make it a habit to participate in novel experiences: take trips together, host community gatherings together, create something new together, be adventurous together.

  8. 8.Pay close attention to relationships among the next generation.
    The next generation needs time alone to build relationships, learn about the family enterprise together, and work together. Develop projects for the next generation to work on together so they have a reason to coordinate and communicate. For example, have them work on a philanthropic activity together, or develop a business plan for an entrepreneurial idea, or present something that they’re passionate about. It is effective when the senior generation unites to support and provide these opportunities for the next generation.

  9. 9.Visit each other
    —on holidays and for no reason at all.

  10. 10.Survey the Family
    Ask the family’s input on what each individual would find beneficial to stay connected and united around the mission, vision, and values of the family and enterprise.

 

In closing

In the end, a family enterprise can only be as strong as the family behind it. In the face of trends and currents driving families apart, both socially and geographically, families need to actively build a sense of connection and unified purpose. The suggestions above are a place to start, but bear in mind the pursuit of unity is, and always will be, a process. Like a fire, it needs steady stoking and care.

#aura_family

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At Aura Solution Company Limited, our unwavering commitment is to deliver meticulously tailored private banking services, placing a premium on the preservation and expansion of our clients' wealth across generations. Situated in the dynamic heart of Thailand, Aura draws strength from a global network of top-tier specialists, allowing us to provide unparalleled investment services that transcend currencies and markets on a worldwide scale.

Nestled amidst the vibrant landscape of Thailand, Aura serves as a beacon of financial stewardship, leveraging global expertise to offer a level of service that goes beyond borders. As we navigate the intricacies of the financial world, our focus remains resolutely on our clients' well-being, ensuring that their wealth journey is not just managed but curated with precision and care. At Aura Solution Company Limited, we stand as a testament to the artistry of private banking, where every financial strategy is a brushstroke, painting a portrait of lasting prosperity for our cherished clientele.

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