If you’re looking to sell your business or simply conduct M&A due diligence, using a virtual data room makes the process much more efficient and secure. You can also keep control over sensitive information and intellectual property. It is therefore crucial that you configure your VDR properly to reduce any risks.
The first step in setting the virtual space is to decide on the types of files and documents you will upload. Some of these documents might already be digitalized, while others will require scanning prior uploading. Regardless, you should be sure to establish a proper file structure and use an online data room with document versioning to ensure that the files are all up-to date.
The next step is to create a list of the users who will be granted access to your deal rooms. It is important to consider the requirements of each user and limit access to what they need. For instance, investors within 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 the ability to grant users access to specific areas.
Think about how your virtual deal rooms will be access and select a service with a user-friendly interface that is easy to use and navigate through different languages. You should also select one that has flat-rate pricing that is either monthly or annually and that includes unlimited users and storage. This will avoid having to pay for data overage or other fees.
