---
title: "FirstPass Memo vs Prelim: free listing red-flag scans compared"
url: https://firstpassmemo.com/guides/firstpass-vs-prelim
updated: 2026-10-10
publisher: FirstPass Memo (hello@firstpassmemo.com)
---

Comparison

# FirstPass Memo vs Prelim: free listing scans compared

Short answer: Both have a free first step. Prelim's free scan reads a business description and returns 3 preliminary flags; its full report costs $499 (first one free) and needs your CIM, financials and lease. Its copy is aimed at buyers spending $150,000 to $2,000,000. FirstPass's free checker runs 33 published rules on a pasted online-business listing and shows payback, the asking multiple against comparable listings and the top flags, all in your browser. For a $10k–150k online listing with no documents yet, start with FirstPass; once you have a CIM and financials on a larger deal, Prelim's full report is built for that.

Updated 10 October 2026 · Prices checked on each provider's own site on 10 October 2026

## What does Prelim offer, and at what price?

Prelim (redflagreview.co) offers a free preliminary scan: paste a business description or listing paragraph and get 3 preliminary flags, cited to your text, with a checklist of missing documents. The full report covers 8 risk categories, needs your uploaded CIM, financials and lease, runs in under two minutes and costs $499 per report, with the first report free. The site's pricing copy addresses buyers "about to spend $150,000 to $2,000,000". A broker version costs $299 per report.

## How do they compare?

FirstPass and Prelim, as listed on 10 October 2026

| Option | Price | Works from | What you get |
| --- | --- | --- | --- |
| FirstPass red-flag checker | Free, no sign-up | Listing text and numbers you paste | 33 published rules run in your browser; payback, asking multiple vs comparable listings, top flags with seller questions |
| FirstPass Memo | Free during the beta; then $99 (first memo $79 for waitlist members). Not on sale yet | The public listing or pasted text, plus your criteria | Every flag ranked, payback sensitivity, ranked seller questions, checked against your own limits |
| Prelim free scan | Free | A business description or listing paragraph | 3 preliminary flags, cited to your text, plus a missing-document checklist |
| Prelim full report | $499 per report; first free | Your CIM, financials and lease | 8 risk categories, findings cited to your documents, Q&A |

## What is different about the free checks?

- Rules you can read. All 33 FirstPass rules are published, one page each at red flags explained (https://firstpassmemo.com/flags/) and as rules.json (https://firstpassmemo.com/rules.json), so you can see why a flag fired.

- Numbers, not only flags. The FirstPass checker works out payback in months and compares the asking multiple with comparable listings.

- Where your text goes. The FirstPass checker runs in your browser and sends nothing. Prelim processes what you submit on its servers, and asks for an email to run the full report.

- Deal type. FirstPass rules are written for online businesses (MRR, churn, traffic mix, Amazon and Google dependence). Prelim's 8 categories include items such as lease terms that matter more for physical businesses.

## How can you try FirstPass for free?

Try the free first step. Paste a listing into the FirstPass red-flag checker (https://firstpassmemo.com/checker/): payback, the asking multiple against comparable listings and the top flags, each with a question for the seller. Nothing you paste leaves your browser. Or download the 33-rule checklist (PDF) (https://firstpassmemo.com/get/33-rule-checklist.pdf).

Already talking to a seller about a $10k–150k listing? Apply for a free beta memo (https://firstpassmemo.com/#beta)

FirstPass Memo is independent and is not affiliated with Prelim. We wrote this page about a competitor, so check the sources yourself; prices and features may change. Spotted an error? Email hello@firstpassmemo.com and we will correct it. General information, not advice.

## Sources

- Prelim, home page and pricing (https://redflagreview.co/), read 10 October 2026.

- Prelim, Prelim for Brokers (https://redflagreview.co/brokers), read 10 October 2026.

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FirstPass Memo is informational screening, not investment, legal, tax, accounting or valuation advice, and not an audit. Seller figures are not independently verified. HTML version: https://firstpassmemo.com/guides/firstpass-vs-prelim