It’s important that confidential information is stored in a place that is secure and easily controlled by a reputable administrator. In this episode of Dealmaking with Laura DiFrancesco, Laura explains the purpose of data rooms and the best practices for maintaining an organized and secure environment for due diligence information to be shared. It is more common to see virtual data rooms being utilized over in-person data rooms; however, Laura emphasizes that some information should be saved for in-person, such as trade secrets, intellectual property and more. She explains common functionalities of virtual data rooms and tips for who should access what information. Laura explains her own organizational practices such as creating a number system, having clear naming conventions, and having many folders. You are dealing with a lot of heavy information during the due diligence phase, so it’s important that you stay aware of the information you are sharing and where you are putting it!
What You’ll Learn
Functionality of Virtual Data Rooms
// Understand how virtual data rooms function compared to in-person data rooms. Sharing information with certain people and collaborating on documents are easier than ever.
When to Use In-Person Data Rooms
// Confidential information can he more-easily stolen from the web, so it's important to keep information such as trade secrets, intellectual property, and personally identifiable information to in-person data rooms.
Organization Practices
// Learn some practices to keep virtual data rooms organized, such as creating a number system, naming conventions, and many folders.
Common Pitfalls
// Understand practices to avoid, such as poor organization, no care for sensitivity of information, using unsecure and outdated services, and more!
Episode Highlights:
[00:00] Introduction to Dealmaking with Laura DiFrancesco
[01:48] Purpose of Data Rooms
[05:08] Functionality of Virtual Data Rooms
[10:42] When to Use In-Person Data Rooms
[11:45] Dean Street Law
[12:43] Organization Practices
[16:53] Tips for Access Controls
[18:59] Common Pitfalls
[19:47] Outro
Resources Mentioned
Entrepreneurship Through Acquisition Waitlist
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Credits
Host // Laura DiFrancesco
Executive Producer // Teagan Rowland
Editor // Juliana Bernardo
Associate Producer // Juliana Bernardo
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