Virtual Data Rooms - Worth It For Small Businesses?
I run a small marketing agency (15 employees) and we're considering selling in the next year or so. Been told we should set up a "data room" but it sounds like overkill for our size. Anyone have experience with this for smaller businesses? Is it really necessary or just another expense?
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We sold our 20-person software company last year and initially had the same concerns. Started with just shared folders but quickly realized how messy that got when dealing with potential buyers asking for different documents. Found https://vdrsolutions.org/easy-steps-to-set-up-data-rooms/ which helped us create a simple but professional system. Honestly, it made a huge difference - buyers took us more seriously and the process was much smoother than expected. We didn't need anything fancy, just the basic tier that let us control who saw what and track document views. Our attorney said it probably increased our valuation by showing we had our house in order. The cost was minimal compared to what we were paying our accountant and lawyer. Even for small businesses, it's worth considering if you're serious about selling