Office Management Company– a business which is comparatively new but still very useful. Management by Q is one such firm that deals with office management. It provides all kinds of services be it security, IT, office administration, maintenance, and cleaning. Companies outsource to Management by Q for payment of office services, scheduling work, requesting project quotes, and discovering service providers that are vetted. Founded in 2014, the company was acquired in 2020 by Eden.
Background of Managed by Q
This NewYork based company was launched by Dan Teran and Saman Rahmanian. Both the founders met at a venture development company named Prehype. It was then they both realized that they share their interest when it comes to designing and using it further to create wonderful experiences. From their experiences in working for a different company, they realized that one thing which is common in all of them was poor housing co-ops maintenance services. They said that despite having a well-framed contract there was a lack of transparency and also communication when it comes to maintenance. It was then they realized that they can use their shared interest in technology and design to develop a technique that allows them to manage, clean, and maintain a physical space. A wall-mounted Ipad was envisioned by them. This Ipad allowed its customers to customize the dashboard as well as get notified when a particular task assigned is completed. The founders targeted Co-op boards but later started approaching office managers as they felt it would be more efficient and effective to work for them.
Services Offered by Managed by Q
Saman who was the Chief Product Officer and Dan, the company CEO’s decided to retain customers rather than getting one-time clients. They targeted companies that occupied space between 6000 to 20,000 Square feet in commercial buildings that were Class B or C.
Recycling, taking the trash out, detailing floors, cleaning kitchens, workstations, conference rooms, and offices. They charged USD 25 per cleaner but the minimum hour for taking the service was 2. Their maintenance service included tasks related to carpeting, plumbing, electrics, changing bulbs, painting, unpacking and packing boxes, assembling furniture, etc for which they use to charge USD 40 TO 80 per hour depending on the tasks involved. The company ensures that office supplies like toilet paper, trash bags, cartridges, stationery, etc are all stocked up. Through Ipad, the clients could request services and even track the one already assigned, making sure the entire process is transparent.
Employment Model of the Firm
Back in 2014, when Q was founded, it was the contractor model famous among startups that provided cleaning and maintenance services. The founder’s sub-contracted cleaners initially from companies that dealt with commercial cleaning. The cleaners were given the company customized uniform and customer account after educating them how to check out and check-in, on the iPad and also about cleaning protocols.
Within three months of establishment, Both Dan and Saman realized that this model of subcontracting would bring them loss in the longer term and affect the quality of services offered to the clients. It was Teran who felt that no matter how advanced technology is, the company should focus equally on the service quality as well. They even wanted to hire employees who are dedicated and committed to the company and helps in making the firm a success. So, taking inspiration from companies such as Costco and UPS, even Q started taking care of their employees and made sure that both the employees and the companies are satisfied and work together as one and not individuals.
Eventually, the company started addressing each employee of their firm as an ‘operator’ despite their designation.
Timeline of Management by Q
|December 2013: Dan Teran and Saman Rahmanian founded the company which was then known as “Q”|
|August 2014: USD 775k was raised from angel round. Flatiron Health, Elite Daily, and Uber were few prestigious clients.|
|November 2014: Partnered with WB Manson. Also raised USD 1.65 Million through seed rounds and changed its name to “Managed by Q”|
|June 2015: Raised USD 15million Series A and Opened an office in San Francisco|
|March 2016: Raised USD 25 million Series B and had more than 400 employees|
|November 2016: Expanded their services in Oakland and LA, partnered with spales, and raised USD 30 million Series C|
|September 2017: Hivy was acquired by Management by Q|
|June 2018: The firm acquired NVS|
|January 2019: The total funding reached around USD 100 million and Oxford Properties became one of the biggest strategic investors|
|April 2019: WeWork acquired Management by Q for USD 220 million|
|August 2019: IPO was filed by WeWork|
|September 2019: The IPO had to be closed and Adam Neumann, the CEO was asked to step down|
|November 2019: 20% of the workforce, which was around 12500 employees were laid off|
|March 2020: Despite Dan wanting to buy back the firm, it was sold to Eden|
|April 2020: Further Layoffs had to be made, leaving the company with 7 to 8 employees.|