Whether you’re fundraising, merging or acquiring new businesses, DocSend’s new spreadsheet sharing controls coupled with DocSend’s virtual data rooms will help you effortlessly organize and secure all the deal files you send and receive, without losing context or control.
Your company is your baby — and you know first-hand how vulnerable it feels to share your company’s sensitive financial data. High stakes deals require high security sharing solutions. Don’t lose sleep over fear your company’s financial data won’t impress your potential partners or could end up in the wrong hands. Take advice from successful dealmakers and make sure you take these steps before you share any of your company’s financial data:
Be prepared to back up claims in your pitch deck: You wowed them with a memorable pitch and you should expect them to remember and fact check the impressive claims you made to capture their attention. Keeping your pitch deck and financial data in one shared space, like DocSend’s virtual data rooms, enables fact checkers to easily access and cross-check all the types of data, from qualitative customer stories to quantitative revenue forecasts, in one secure location, with one single link.
Expect to dig into the details: Due diligence is a full time job (only for the most detail oriented of people). Know that no cell in your spreadsheet will go overlooked. Inconsistencies across spreadsheets and decks can make you look unprepared at best and untrustworthy at worst. By getting all your ducks in a row early, in a virtual data room you’ll give your team the best chance to triple check and ensure every document you intend to share reflects a consistent narrative and financial picture.
Have an answer for known risks (and show that you have mitigation plans for potential unknown risks): Your deal partners are looking for certainty. They want to leave the due diligence phase confident they have all the data and have considered all the potential pros and cons of the deal. Showcase your strategic thinking by proactively communicating known risks, openly sharing potential unknown risks and demonstrating your mitigation plans for both.
Expect due diligence to take longer than planned: The hard truth is that there will always be unknowns in a deal. Every deal team is incentivized to uncover unknown risks before anyone signs on the dotted line. It’s not personal, it’s the job. You’ll be living in your virtual data room for weeks, maybe months, constantly sending and receiving new files. Maintaining a sense of structure in your DocSend data rooms ensures that the endless hours spent in due diligence will not be wasted searching for lost documents.
Put your best foot forward by being organized and professional: Your pitch deck was your first impression and your virtual data room is your opportunity to show you can both sell a vision and run a well-oiled machine. Take advantage of DocSend’s done-for-you templates to minimize the administrative overhead of due diligence, available within your DocSend dashboard.
Don’t have a DocSend account? Start a free trial and see how DocSend can ease the due diligence process.
Coming soon: Due diligence templates
We’re launching industry-vetted templates for common due diligence spreadsheets in August 2023, and would love to hear from you.