A virtual data room can make the process of selling your company or conducting due diligence on M&A transactions, much more secure and easier. You also have control over sensitive information and intellectual properties. To reduce risk, it is important to set up your VDR properly.
The first step to set up your virtual deal space is determining the type of documents and files you will upload to it. Some of these documents could already be digitalized, while others require scanning prior to uploading. You should create a sensible order for your files and make use of a virtual room that contains versions of your documents to ensure they’re all up-to date.
You’ll then have to create a list with the users who will have access to your deal rooms. It is important to carefully examine the needs of each user and only give access to them at the level they require. Investors within your company might only need access to financial documents and financial statements relating to potential investments. It is therefore important to utilize a virtual space with user permissions that are flexible.
Consider how your virtual deal rooms are accessed and choose a vendor that has an intuitive interface that is simple to use and navigate in multiple languages. You should also choose an option that offers flat-rate pricing that is either monthly or annually and provides unlimited storage and users. This will help you avoid having to pay for data excess and other charges.
