If you’re planning to sell your company or simply conduct M&A due diligence, using a virtual data room makes the process much simpler and safer. You can also control over sensitive documents and intellectual property. To minimize risks, it is important to set up your VDR properly.
The first step to setting your virtual space is to decide on the types of files and documents you will upload. Some of these documents may already be digitally scanned, while others will require scanning prior uploading. You should create a logical arrangement for your files and make use of a virtual room that contains versions of your documents to ensure they’re all current.
The next step is to make a list of the users who will be granted access to your deal rooms. It is essential to carefully take into account the needs of each user, and only grant them the level of access they require. Investors in your company may only require access to financial documents and statements related to investments that could be made. In this case, you’ll need to utilize a virtual deal room with the ability to grant users access to specific areas.
Consider how your virtual deal rooms will be used and select a provider that has an intuitive interface, which is easy to use and navigate through multiple languages. You’ll also want to choose a provider that offers flat-rate pricing that can be either monthly or annual, and includes unlimited storage and users. This will allow you to avoid data overage charges as well as additional charges.
