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Coworking space takeover - The Pacific Workplaces business case

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Laurent Hollande is the CEO of Pacific Workplaces and of CloudVO. He shared the experience of Next Space coworking space's takeover by his serviced office company, in Northern California.

Published in: Real Estate
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Coworking space takeover - The Pacific Workplaces business case

  1. 1. Integration of Nextspace into Pacific Workplaces ( ) A Coworking Acquisition Case Study By Laurent Dhollande CEO Pacific Workplaces & CloudVO Coworking Europe Dublin Nov 8, 2017
  2. 2. June 2017: Pacific Workplaces Acquiring NextSpace Assets Pacific WorkplacesPowered by
  3. 3. • Born in 2009 in Santa Cruz, CA • Expanded to 7 centers (small) • Charismatic leaders • Born in 2003 • Expanded to 19 centers (larger) • Strong financials
  4. 4. NextSpace: • Open space • Community-focused
  5. 5. NextSpace: • Freelancers • Informal, Funky
  6. 6. NextSpace: • Socially conscious • Events-rich
  7. 7. Pacific Workplaces: • Boardrooms • Reception • Rich in Services
  8. 8. Pacific Workplaces: • Private offices • “Professional”
  9. 9. Pacific Workplaces: • Class A buildings • More expensive
  10. 10. How different could they be? Nextspace Pacific Workplaces Image Highly Informal Highly Professional Community Culture Strong & immediate Grows on you Organization Decentralized Process-driven Marketing Word-of-mouth SEO - SEM Virtual Office Services 6% of revenue 30% of revenue Financial Profile Weak Very strong
  11. 11. 30 miles Pacific Workplaces NextSpace Enerspace
  12. 12. What did Nextspace do wrong? 1. Too geographically dispersed 2. Unplug unproductive experiments too late 3. Lacked business processes, standards, weak technology 4. Insufficient inventory of meeting rooms/day offices 5. Did not sell enough services beyond coworking membership 6. Did not use channels very well
  13. 13. Integration Challenges Suspicions: • Members • Community coordinators Value proposition of portfolio? • Community-centric versus convenient & private What Synergies? • Brand • Products • Technologies
  14. 14. What we did • Kept Nextspace Brand • Kept Nextspace web site, Focused on PacificWorkplaces.com • Realized the models will converge, accelerate the process • Bring Pac training, support and processes to bear • Switch to WUN Systems/KUBE, Intacct • Develop Virtual Office and Meeting Room business Pacific WorkplacesPowered by
  15. 15. Lessons learned • You can’t rest on your Laurels • Strong communities need to be curated with care • Economies of Scale and organizational strength matter • Virtual Services are essential to financial health

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