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We have a small team based in Seattle with people as fat away as France. I definitely agree with this post and with what others have said both about increased productivity and about the difficulty of working with a team that is mostly centrally located and missing out on casual socialization.

However we have also found that having a spread out team can lead to increased collaboration and outreach as people go to seminars/meetups etc locally. It is also nice that people who are normally in the office can easily participate in meetings when traveling or staying home for whatever reason.