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Choosing the right data room is a crucial decision for any business. During the selection process businesses must ensure that the VDR is able of handling the specific requirements of their business and that they do not overpay for features that they will never utilize. It is also essential to determine if the package includes set-up, ongoing support, and/or training.
It is essential to consider the number of documents that will be stored and who will have access to them. In the majority of cases, it is best to choose one that can handle unlimited users and documents. This will allow the company not to pay extra for storage or users. It is also important to consider the pricing model and what is included. For instance, some providers still offer per-page pricing, which could be costly when a company has thousands of pages of documents to store.
What documents will be uploaded into the data room is another important factor to consider. Investors will be looking for the typical documentation of due diligence like financial statements, business plan, intellectual property, and incorporation documents. They will also want to see customer references and referrals as well as a competitor analysis.
The key is not to overshare or include too many minor documents as this could result in an overload of information and confuse investors. It is also a good idea to go through the documents on a regular basis and eliminate all that are no longer relevant.
