How it plays out on a deal
A first request list can run to several hundred lines, and follow-ups arrive throughout diligence. Tracking it in a spreadsheet passed by email works for a small deal and breaks on a large one, because nobody is sure which version of the list is current.
Some rooms include a request tracker that links each line to the folder or document that answers it and to the Q&A thread where it was discussed. Others leave it to the deal team. If the room does not handle it, at least check that the folder structure can be built from the request list so items map cleanly.
What to check in a review or demo
- 1Whether request items can be linked to documents and marked complete inside the room.
- 2Whether a request list can be imported from a spreadsheet to build folders.
- 3Whether the buyer can see the status of its own requests without emailing the seller.
Read alongside
- Due diligenceThe checking phase before money changes hands: the acquirer or backer works through the target's accounts, contracts, disputes, systems and staffing, largely by reading what the seller has posted.
- Folder hierarchyThe nested folder layout of a data room, usually organized by workstream such as corporate, financial, legal, commercial, HR, IT and tax.
- Q&A workflowA module that replaces the question spreadsheet: bidders raise points from inside the room, the seller's experts draft replies, someone approves them, and every thread stays linked to the file that prompted it.
- Data room indexThe numbered table of contents of a data room, listing every folder and document with a reference number such as 3.2.4, so readers and lawyers can cite files precisely.