How do you prepare a data inventory before talking to buyers?
A data inventory is a simple list of the systems your company uses, what kinds of records each holds, how far back they go, roughly how much there is, and any limits on use. You can build one in a spreadsheet without moving or sharing any data, and it makes every later conversation faster and safer.
Why start with an inventory?
Buyers price and scope deals by the kind of records you have, how many years they cover and how complete they are. An inventory lets you answer those questions without handing over files or passwords. Several buyer programs ask for exactly this kind of summary as a first step.
It also protects you. The FTC's guide on protecting personal information starts with the same advice: know what personal data you hold, where it lives and who can reach it. You cannot decide what to keep out of a deal until you know what is there.
What most buyer programs look for
- ✓ 20+ employees
Most programs set this floor; a few take smaller companies. - ✓ 3+ years of history
Longer histories across several tools tend to be worth more. - ✓ Several systems in daily use
Email or chat, plus CRM, tickets, projects or finance. - ✓ You hold the rights
The records are yours to license, not held for customers under contract. - ✓ Mostly US-based teams
Several programs prioritise US companies; others accept anywhere.
What should the inventory list?
Keep it to one row per system. You are describing the data, not copying it.
A row might read: support ticketing system, customer questions and staff replies, 2016 to today, about 40,000 tickets, managed by the operations lead, contains customer names and order details, customer contracts include confidentiality terms, needs review. That level of detail is enough to start a conversation.
- System name (for example, email, team chat, CRM, accounting, ticketing, file storage, code repositories)
- What kinds of records it holds, in plain words
- Earliest and latest dates of the records
- Rough size: number of users, messages, tickets, documents or gigabytes
- Who manages it and who has admin access
- Whether it contains customer, employee or regulated information
- Any contracts or terms that limit use of the data
- Whether you are still using the system or it is archived
How do you find all the systems?
Start with what you pay for. Your accounting records and credit card statements will show most software subscriptions. Then ask each department head what tools their team uses, including free ones. Check for old systems too: archived mailboxes, a former CRM, or a shared drive from an earlier office.
Do not forget data held by others for you, such as an outsourced bookkeeper or a managed IT provider. Their contracts may say who controls that data.
Note where records were lost or deleted, too. Gaps in date ranges are normal, and buyers will ask about them. It is better to know and say so early.
How do you mark what stays out?
Add a column for status: in scope, out of scope, or needs review. Mark out of scope anything you already know you cannot or will not license, such as HR and payroll files, medical information, legal files, board materials, and customer files covered by strict confidentiality terms.
Mark needs review anything that depends on a contract or a privacy question. Those rows go to your lawyer. The guide on who owns the data explains what to check.
Do you need to export anything yet?
No. Keep the inventory to counts and descriptions. Do not export data, share admin credentials or send sample files until you have chosen a buyer, signed a confidentiality agreement and agreed how de-identification will work.
It does help to know how exports work for your main systems, since a full export can take days and some vendors delete exported files after a set period. The guide on how long it takes gives an example. Check each vendor's current help pages.
Who should own the inventory?
One person should keep the master copy, usually someone in operations, IT or finance, with input from each department. Date it, and keep a short note of who reviewed it. If you later sign a deal, the inventory becomes the starting point for the scope section of the agreement.
A free data inventory worksheet (Excel and PDF) is on our free worksheets page: free worksheets.
Common questions
How long does an inventory take?
For a small company with a handful of systems, it can be a few hours of work. Larger companies with many departments and old archives will need more time to track everything down.
Should we share the inventory with buyers?
A summary is usually enough at first: record types, date ranges and rough volumes. Keep contract details and internal notes for your own team and lawyer.
Do we need exact counts?
No. Rough figures are fine for early conversations. Buyers will measure more precisely later if you move forward.
What if we find data we did not know we had?
That is common and useful. Note it, decide whether it should be kept at all, and flag it for review before including it in any deal.
Sources
- Protecting Personal Information: A Guide for Business - Federal Trade Commission, accessed 2026-10-15
- Buyer program page (scoping from metadata under NDA) - scrimdata.com/partner, accessed 2026-10-15
- Buyer program page (process timeline) - datacorpus.ai/how-it-works, accessed 2026-10-15
General information, not legal, tax or financial advice.