The Outsider Looking In
 

For Ilka Gregory, president of a seventh-generation family office in New York, joining as its first external leader meant stepping into an organization that had been shaped by 160 years of family control. (Gregory declined to name the family office.)

The family office she joined was formed in the mid-1800s, but it was not until generation four that it began to institutionalize. Historically it was led by the eldest male of the family, then in generation five a son-in-law took over. The son-in-law, who is chairman and a board member, wanted to take a step back. For the first time, the family sought external help to fill the role.

“It was interesting with me coming in, neither as part of the family nor as a male,” she said.

“I credit the board with being open to figuring out who the right candidate might be for the family.”

Starting any new job is challenging. Entering a closed environment that has operated for close to 160 years in a position of authority is harder.

The family interviewed candidates over several years. After the family identified Gregory as a potential candidate, it took more than nine months before it was official. The family had not made a change in over 40 years, and the decision would impact more than 80 people; they had to get it right.

The first thing that Gregory did once she entered the family office was conduct a review of the entire organization. She said that while some initial assessments proved accurate, others could not have been more wrong. For her this was an important learning experience and cemented her instinct that change should be made slowly.