A virtual data room can help make selling your business, or conducting due diligence on M&A transactions, much safer and easier. It also allows you to maintain control of sensitive information and intellectual property. It is imperative to configure your VDR correctly to reduce risks.
The first step in setting your virtual deal room is determining the type of documents and files you will upload to it. Some of these documents could already be digitally scanned, while others will require scanning prior to uploading. You should create a logical structure for your files, and utilize a virtual space with document versions to ensure that they are all up-to-date.
The next step is to create a list of the users who will have access to your deal rooms. You must carefully consider the requirements of each user and only give them access to what they require. Investors in your company may only need access to financial documents and reports pertaining to investments that could be made. This is why you’ll want to use a virtual deal room with advanced user permissions.
It is also important to think about how your virtual deal room will be accessed, and look for a vendor with an intuitive interface that can be simple to navigate and use in a variety of languages. You should also ensure that you select a vendor that offers flat-rate pricing that is either annually or monthly with unlimited storage and users. This will allow you to avoid excess charges for data and other fees.