Setting Up a Data Room

If you’re looking to sell your company or simply conduct M&A due diligence, using a virtual data room makes the process more simple and secure. You can also control over sensitive documents and intellectual properties. To avoid risk, it is important to set up your VDR properly.

The first step in setting your virtual space is to decide on the types of documents and files that you will upload. Some of these documents could already be digitally converted, while others will require scanning prior to uploading. You should create a logical arrangement for your files and make use of a virtual room that contains document versions setting up a data room in google drive to ensure that they are all up-to-date.

The next step is to make a list of users who will be given access to your deal room. You should carefully consider the requirements of each user and limit access to what they require. Investors in your company may only need access to financial documents and financial statements relating to possible investments. You will therefore want to make use of a virtual room that has user permissions that are flexible.

Consider how your virtual deal rooms are accessible and select a vendor with an intuitive user interface, which is easy to use and navigate through multiple languages. You will also want to make sure that you choose an option with flat-rate pricing that is either annually or monthly, and include unlimited storage and users. This will help you avoid data overage charges as well as additional charges.