A virtual data room can make the process of selling your company, or conducting due diligence on M&A transactions, much more secure and simpler. It also lets you maintain control of sensitive information and intellectual property. It is essential to set up your VDR correctly to minimize risks.
The first step to set up your virtual room is to decide on the types of files and documents you will upload. Some of them may already be digitized and others will require to be scanned prior uploading. You should create a logical structure for your files and utilize a virtual space with versions of your documents to ensure they are all up-to-date.
Next, you will need to establish a list of users who will be given access to your deal room. You must carefully consider the requirements of each individual 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 potential investments. In this case, you’ll want to use a deal room online that includes the ability to grant users access to specific areas.
You should also think about how your virtual deal space can be accessed, and seek out a provider with an intuitive interface that can be easy to navigate and use in a variety of languages. You’ll also want to choose an option that offers flat-rate pricing that is either annual or monthly and provides unlimited users and storage. This will help you avoid overage charges and additional fees.
