I am currently managing a small development team at a small startup. The marketing and business folks (all 5 of us) are in the NY area. We get together a few times a week but are still working to gel as well as I think we need to.
The technical team I work with on a daily basis is in Montreal (recruited from a previous gig). I Skype with them frequently, do a daily “standup” (on which I doubt anyone actually stands) and we share previous experiences.
This article helps explain how “distance” is not just physical and suggests some insightful ways to consider it.