Meet a TAP client - HudCo
HudCo was born to fill a need. While co-working spaces are a common site in cities, finding the right place in the suburbs is not as easy. More than just a shared workspace, HudCo is also a shared wellness space and a space committed to creating community in the river towns of Westchester County.
HudCo’s membership runs from accountants to herbalists, from florists to business strategists, from landscape architects to leadership coaches. What makes HudCo unique is not just the diversity of its membership, nor that it offers a range of business memberships to meet individual needs. HudCo has taken the co-working model further by offering a wellness membership, which provides space for those in the business of helping others live their healthiest lives. Yes, that means you can take your Pilates class at your co-working space. In addition, HudCo offers a rich array of programming such as speakers on diverse topics, movement workshops, and author talks. In other words, there is a place for everyone at HudCo.
HudCo was founded in January 2016 by three entrepreneurs who wanted a co-working space. Friends told friends and soon thereafter the seven invested founders leased more space. In time, the opportunity arose to lease even more space in the same light-filled building, with its exquisite views of the Hudson. The founders were in a quandary. As creative types (including an architect and designer), they understand space and environment. They all liked the concept of more space but weren’t sure how they would finance it. As entrepreneurs, they had developed a business plan, but they weren’t completely comfortable with their financial projections. They also realized that as partners, their objectives (and contributions) had diverged.
Two HudCo founders met TAP at a speed-consulting workshop run by the Armonk Chamber of Commerce. They were there for their own individual businesses but quickly determined that TAP might be able to help HudCo as well. And we were --in two significant ways. The first big piece was financial, and TAP helped break it down into smaller pieces. We discussed capital needs, looked at structuring options, and identified third party lenders. We also created a forecast model for HudCo that would give them an easy way to play with their current and future growth assumptions.
The second major piece was the business relationships among the partners. The partners gave TAP the opportunity to meet with each partner individually to better understand what each really wanted. This allowed TAP to step into the role of an honest broker and show the partners where there were synergies in their thinking and where there were gaps. We facilitated a discussion on equitable strategies for ownership and reviewed how partnership documents could accurately reflect each partner’s role and profit participation. We also provided an action plan to move the business forward on all fronts.
Now positioned for growth and the future, HudCo can focus on its mission “to integrate work, life, and being well. “
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