If you’re planning to sell your business or simply conduct M&A due diligence, using a virtual data room makes the process easier and safer. It also lets you ensure the security of sensitive documents and intellectual property. It is essential to configure your VDR correctly to reduce risks.
The first step in setting the virtual deal room is determining the kind of documents and files you will upload to it. Some of them may already be digitized, and others will require to be scanned before uploading. No matter what, you should be sure to create a logical file structure, and also use an online data room with document versioning to ensure that all files are current.
Next, you will need to create a list people who will have access to your deal room. It is important to carefully consider each user’s needs, and only give access to them in the manner they need. For instance, investors who are part of your business may only require access to financial statements and documents related to investments. For this reason, you will want to use an online deal room that comes with high-level user permissions.
Think about how your virtual deal rooms will be access and select a service with an intuitive user interface that is simple to navigate and use in several languages. You’ll also want to choose a vendor that offers flat rate pricing that is either annual or monthly, and includes unlimited users and storage. This will allow you to avoid data overage charges and additional costs.