A Virtual Data Rooms Guide For Advisors
As an advisor, you need to be aware of the entirety of the deals you negotiate with your clients. This includes their data rooms. If your client requires an VDR for their M&A deal an interface that is modern, with granular permissions for documents and a strong team of support could make or break the deal process.
You can learn more about various providers by reading reviews at sites like Capterra or G2. Beware of providers that have numerous 5-star reviews, but only one is from a specific industry or use case.
Make sure you are able to see transparent pricing during your research. See if the plans are clearly outlined and understand the features included in each plan and which are add ons. Inconsistency in pricing could result in unanticipated charges later.
Choose a flexible VDR with an initial trial period. Make sure you have the opportunity to test the VDR with your team and decide whether it’s suitable before making an investment. Make sure to avoid a service that doesn’t offer a trial since it will limit your ability to assess the product’s capabilities, usability and performance under real-world conditions without spending.
Once you’ve shortlisted the top three vendors, schedule demos with them to experience their platform and customer service. Be sure to keep track of how responsive each one is and ask questions related to security, cost and scaling capabilities, integration capabilities, and ease of use.
