If you’re looking to sell your company or simply conduct M&A due diligence, using a virtual data room makes the process simpler and safer. You can also maintain the security of sensitive documents and intellectual properties. To avoid risk it is crucial to set up your VDR correctly.
The first step to setting up your virtual room is to determine the types of files and documents you will upload. Some of these documents may already be digitalized, while others will require scanning prior uploading. You should create a logical structure for your files and use a virtual room with document versions to ensure that they are all current.
You will then need to create a list with the users who will have access to your deal rooms. You should take into consideration the needs of each user and only give them access to the data they require. Investors in your company may only require access to financial documents and financial statements relating to investments that could be made. It is therefore important to utilize a virtual space with user access rights that are granular.
Consider how your virtual deal rooms will be accessed and choose a vendor that has an intuitive interface, which is easy to use and navigate in different languages. Also, ensure that you select a provider with flat-rate pricing that is either monthly or annually and offer unlimited storage and users. This will allow you to avoid overage charges and additional fees.