# FirstPass Memo

> FirstPass Memo is a free red-flag checker for people buying a small online business: SaaS, content sites, ecommerce, apps. Paste the listing text and it shows payback in months, the asking multiple against a range of comparable listings, and the top three red flags, each with a question to send the seller. It runs entirely in your browser; nothing you paste is sent.

It also writes independent, buyer-side first-pass memos on listings priced about $10k to $150k (payback, the asking multiple against comparable listings, red flags tied to the listing field they came from, and questions for the seller), and publishes free buyer calculators, decision guides by business type, short sourced answers to common buyer questions, dated listing benchmarks and an explainer for every checker rule.

Every page below has a markdown copy; links point to it, and the HTML page is named after each entry.

Key facts:
- Buyer-paid only. No referral fees or payments from marketplaces, brokers or sellers. Not affiliated with any marketplace.
- Memos, the checker and the calculators are informational screening, not investment, legal, tax or valuation advice, and not an audit or verification.
- Memos work from public listing information or text the buyer pastes. Seller figures are not independently verified.
- The free beta offers memos to buyers with a live listing between $10k and $150k.
- The checker and calculators run entirely in the browser and send nothing to a server.
- Contact: hello@firstpassmemo.com

## Tools
- [Free red-flag checker](https://firstpassmemo.com/checker/index.md): paste a business-for-sale listing and get payback in months, the asking multiple against a benchmark range (Empire Flippers asking multiples, 6 October 2026 snapshot) and the top three red flags with a question for the seller. Runs entirely in the browser; pasted text is never sent. (HTML: https://firstpassmemo.com/checker/)
- [All calculators](https://firstpassmemo.com/tools/index.md):  (HTML: https://firstpassmemo.com/tools/)
- [True payback calculator for buying an online business](https://firstpassmemo.com/tools/payback-calculator/index.md): Work out headline and adjusted payback and the annual multiple after owner time, missing costs and one-time deal costs. Free, runs in your browser. (HTML: https://firstpassmemo.com/tools/payback-calculator/)
- [SaaS churn stress test for buyers](https://firstpassmemo.com/tools/saas-churn-stress-test/index.md): See a SaaS listing's MRR over the next 12 months at its churn rate, and how long payback takes if new sales continue or stop. Free, runs in your browser. (HTML: https://firstpassmemo.com/tools/saas-churn-stress-test/)
- [Traffic-drop test for content sites](https://firstpassmemo.com/tools/traffic-shock-test/index.md): Enter revenue, profit and the share from organic search to see profit and payback after a traffic drop, and the drop that takes profit to zero. Free, runs in your browser. (HTML: https://firstpassmemo.com/tools/traffic-shock-test/)
- [Amazon FBA price check including inventory](https://firstpassmemo.com/tools/fba-inventory-price-check/index.md): Compare an Amazon FBA listing's headline multiple with the all-in multiple once inventory is counted, plus months of stock cover. Free, runs in your browser. (HTML: https://firstpassmemo.com/tools/fba-inventory-price-check/)
- [Seller financing calculator for online business purchases](https://firstpassmemo.com/tools/seller-financing-calculator/index.md): Monthly seller-note payment, the cash left from profit each month, and how long it takes to earn back your down payment, with an optional earnout. Free, runs in your browser. (HTML: https://firstpassmemo.com/tools/seller-financing-calculator/)

## Answers (questions buyers ask)
- [All answers](https://firstpassmemo.com/answers/index.md): Short, sourced answers for buyers of $10k–$150k online businesses: multiples, payback, churn, verifying Stripe and traffic, red flags. (HTML: https://firstpassmemo.com/answers/)
- [What multiple should I pay for a $50k content site?](https://firstpassmemo.com/answers/what-multiple-should-i-pay-for-a-50k-content-site/index.md): Start near 2 to 2.5 times annual profit for a $50k content site, then adjust for Google dependence, age and trend. With Flippa H1 2026 data and a worked example. (HTML: https://firstpassmemo.com/answers/what-multiple-should-i-pay-for-a-50k-content-site/)
- [How many times profit do small online businesses sell for in 2026?](https://firstpassmemo.com/answers/how-many-times-profit-do-online-businesses-sell-for/index.md): Small online businesses usually sell for 2 to 4 times annual profit. Acquire.com, Flippa and BizBuySell 2026 figures side by side, with our own asking data. (HTML: https://firstpassmemo.com/answers/how-many-times-profit-do-online-businesses-sell-for/)
- [What is a good payback period for an online business?](https://firstpassmemo.com/answers/what-is-a-good-payback-period-for-an-online-business/index.md): A good payback for a small online business is usually 24 to 36 months of verified profit after your own time. October 2026 listing data and a worked example. (HTML: https://firstpassmemo.com/answers/what-is-a-good-payback-period-for-an-online-business/)
- [How do I verify Stripe revenue before buying a SaaS?](https://firstpassmemo.com/answers/how-to-verify-stripe-revenue-before-buying-a-saas/index.md): Get View Only access to the seller's Stripe account, export 12 to 24 months, match payouts to the bank and MRR to cash collected. Five checks and a worked example. (HTML: https://firstpassmemo.com/answers/how-to-verify-stripe-revenue-before-buying-a-saas/)
- [How do I verify a website's traffic before buying it?](https://firstpassmemo.com/answers/how-to-verify-website-traffic-before-buying/index.md): Ask for Viewer access to Google Analytics and restricted access to Search Console, look at 24 months, and run six checks. With a worked example. (HTML: https://firstpassmemo.com/answers/how-to-verify-website-traffic-before-buying/)
- [How can I tell if a business-for-sale listing's revenue is fake?](https://firstpassmemo.com/answers/how-to-tell-if-a-website-listings-revenue-is-fake/index.md): Fake revenue shows up as numbers that disagree: profit above revenue, margins over 90%, MRR above cash collected. How often we see each, and what to ask. (HTML: https://firstpassmemo.com/answers/how-to-tell-if-a-website-listings-revenue-is-fake/)
- [Is Flippa legit and safe for buyers?](https://firstpassmemo.com/answers/is-flippa-legit-for-buyers/index.md): Flippa is a long-running marketplace with escrow and optional verification badges, but most small listings show seller-entered figures. What it checks, from its own pages. (HTML: https://firstpassmemo.com/answers/is-flippa-legit-for-buyers/)
- [What churn rate is acceptable when buying a micro-SaaS?](https://firstpassmemo.com/answers/what-is-a-good-churn-rate-for-a-saas-you-want-to-buy/index.md): Monthly revenue churn under about 3% is comfortable for a small SaaS you plan to buy; above 5% is a warning. The 12-month arithmetic and a worked example. (HTML: https://firstpassmemo.com/answers/what-is-a-good-churn-rate-for-a-saas-you-want-to-buy/)
- [How do you value a small SaaS business, for example one making $1,000 MRR?](https://firstpassmemo.com/answers/how-to-value-a-small-saas-business/index.md): Small SaaS businesses are valued on profit: Acquire.com reports a 3.9x median sold multiple. What $1k, $3k and $10k MRR are worth, and the adjustments that matter. (HTML: https://firstpassmemo.com/answers/how-to-value-a-small-saas-business/)
- [What are the red flags when buying an online business?](https://firstpassmemo.com/answers/red-flags-when-buying-an-online-business/index.md): The red flags that matter: numbers that disagree, short history, dependence on one channel or customer, uncounted owner work. How often each fired in October 2026. (HTML: https://firstpassmemo.com/answers/red-flags-when-buying-an-online-business/)
- [Can a Stripe account be transferred when you buy a SaaS?](https://firstpassmemo.com/answers/how-to-transfer-a-stripe-account-when-you-buy-a-saas/index.md): Stripe lets a seller hand an account to a buyer after a sale, through Stripe Support. Cross-border buyers need a new account. What changes, and what to put in the agreement. (HTML: https://firstpassmemo.com/answers/how-to-transfer-a-stripe-account-when-you-buy-a-saas/)
- [Can you transfer an AdSense account when buying a website?](https://firstpassmemo.com/answers/can-you-transfer-an-adsense-account-when-buying-a-website/index.md): AdSense accounts cannot be sold with a website. The seller removes the site, you add it to your own account and wait for Google. How to verify earnings and price the gap. (HTML: https://firstpassmemo.com/answers/can-you-transfer-an-adsense-account-when-buying-a-website/)
- [Is Acquire.com legit for buying a SaaS?](https://firstpassmemo.com/answers/is-acquire-com-legit-for-buyers/index.md): Acquire.com is a genuine startup marketplace that verifies sellers' identity and publishes its own deal data. Profit figures are still yours to check. Plans, fees and figures, dated. (HTML: https://firstpassmemo.com/answers/is-acquire-com-legit-for-buyers/)
- [How much is a YouTube channel worth?](https://firstpassmemo.com/answers/how-much-is-a-youtube-channel-worth/index.md): A YouTube channel is worth a multiple of verified profit. Flippa's H1 2026 data puts sold YouTube businesses at 1.57x on average. A worked example with presenter costs. (HTML: https://firstpassmemo.com/answers/how-much-is-a-youtube-channel-worth/)
- [How much is an Amazon FBA business worth, and is inventory included?](https://firstpassmemo.com/answers/how-much-is-an-amazon-fba-business-worth-with-inventory/index.md): Value an Amazon FBA business on profit, then add inventory at cost. A worked example of headline versus all-in multiple, months of stock cover, and what to check. (HTML: https://firstpassmemo.com/answers/how-much-is-an-amazon-fba-business-worth-with-inventory/)
- [What questions should I ask a seller before buying a website?](https://firstpassmemo.com/answers/questions-to-ask-before-buying-a-website/index.md): Ask first for what proves the numbers and what transfers. Ten first-message questions, the before-offer requests, and counts by business type from our 153-question bank. (HTML: https://firstpassmemo.com/answers/questions-to-ask-before-buying-a-website/)
- [What due diligence should I do before buying a small SaaS?](https://firstpassmemo.com/answers/due-diligence-checklist-for-buying-a-small-saas/index.md): Small SaaS diligence comes down to five checks: revenue, churn and concentration, code and domain, costs and owner time, and transfers. Ordered by cost and time, with an example. (HTML: https://firstpassmemo.com/answers/due-diligence-checklist-for-buying-a-small-saas/)
- [Should I value an online business on SDE or net profit?](https://firstpassmemo.com/answers/sde-vs-net-profit-for-valuing-an-online-business/index.md): SDE adds the owner's pay back to profit, so a multiple on SDE assumes you work for free. Definitions, which marketplaces use which, and a worked conversion with owner hours. (HTML: https://firstpassmemo.com/answers/sde-vs-net-profit-for-valuing-an-online-business/)
- [How does seller financing work when buying a website?](https://firstpassmemo.com/answers/how-does-seller-financing-work-when-buying-a-website/index.md): With seller financing you pay part of the price at closing and the rest to the seller over time. How a note works, a coverage test, and a worked example with an earnout. (HTML: https://firstpassmemo.com/answers/how-does-seller-financing-work-when-buying-a-website/)
- [How does escrow work when buying a website or online business?](https://firstpassmemo.com/answers/how-does-escrow-work-when-buying-a-website/index.md): Escrow holds your payment with a neutral party until the assets have moved and you have checked them. The steps, what to list, and Escrow.com's published fees at small-deal prices. (HTML: https://firstpassmemo.com/answers/how-does-escrow-work-when-buying-a-website/)
- [Why would someone sell a profitable website?](https://firstpassmemo.com/answers/why-would-someone-sell-a-profitable-website/index.md): Owners sell profitable sites for ordinary reasons, and sometimes because they expect a decline. Three checks that tell the two apart, a worked example and the questions to ask. (HTML: https://firstpassmemo.com/answers/why-would-someone-sell-a-profitable-website/)
- [How can I tell if a content site was hit by a Google update before I buy it?](https://firstpassmemo.com/answers/how-to-tell-if-a-content-site-was-hit-by-a-google-update/index.md): Overlay 16 to 24 months of Search Console clicks on the dates in Google's Search Status Dashboard. The 17 core and spam updates since March 2024, and a worked example. (HTML: https://firstpassmemo.com/answers/how-to-tell-if-a-content-site-was-hit-by-a-google-update/)
- [How do I buy a SaaS business, step by step?](https://firstpassmemo.com/answers/how-to-buy-a-saas-business/index.md): Buying a small SaaS takes six steps, from criteria to closing through escrow. Each step with the tool that does it, Acquire.com's 81-day average, and a composite deal budget. (HTML: https://firstpassmemo.com/answers/how-to-buy-a-saas-business/)
- [How do I buy an online business?](https://firstpassmemo.com/answers/how-to-buy-an-online-business/index.md): To buy a small online business, set a budget and payback target, screen listings, question the seller, verify with read-only access, and close through escrow. With a budget table. (HTML: https://firstpassmemo.com/answers/how-to-buy-an-online-business/)
- [Glossary of listing terms](https://firstpassmemo.com/glossary/index.md): Plain definitions of the terms in business-for-sale listings: payback, annual multiple, SDE, MRR, ARR, churn, earnout, escrow and more, with formulas. (HTML: https://firstpassmemo.com/glossary/)

## Is it worth it? (by business type)
- [All business types](https://firstpassmemo.com/buy/index.md):  (HTML: https://firstpassmemo.com/buy/)
- [Is buying a Shopify store worth it?](https://firstpassmemo.com/buy/shopify-store/index.md): When buying a Shopify store is worth it and when it is not: prebuilt starter stores versus operating stores, the five numbers to check, and how a store transfer works. (HTML: https://firstpassmemo.com/buy/shopify-store/)
- [Buying an Amazon FBA business: what to check first](https://firstpassmemo.com/buy/amazon-fba-business/index.md): Inventory, account health and product concentration: what to check before buying an Amazon FBA business, and what Amazon's own terms say about seller accounts. (HTML: https://firstpassmemo.com/buy/amazon-fba-business/)
- [Is buying a website worth it?](https://firstpassmemo.com/buy/website/index.md): Is buying a website worth it? What payback small online businesses ask for (October 2026 data), how to adjust it, and the signs that a listing is not worth the price. (HTML: https://firstpassmemo.com/buy/website/)
- [Buying a YouTube channel: worth it, and what YouTube's rules say](https://firstpassmemo.com/buy/youtube-channel/index.md): What YouTube's terms and help pages say about channel ownership transfers, when buying a channel is worth it, and the numbers and strikes to check first. (HTML: https://firstpassmemo.com/buy/youtube-channel/)
- [Buying a micro-SaaS: churn, age and the Stripe transfer](https://firstpassmemo.com/buy/micro-saas/index.md): When buying a micro-SaaS is worth it: what churn does to payback, why so many listings are under a year old, and how a Stripe account changes hands. (HTML: https://firstpassmemo.com/buy/micro-saas/)
- [Buying a content site after the 2024–2026 Google updates](https://firstpassmemo.com/buy/content-site/index.md): Seventeen Google core and spam updates since March 2024. How to judge a content site's traffic history, what a drop does to payback, and when it is still worth buying. (HTML: https://firstpassmemo.com/buy/content-site/)
- [Buying a newsletter: list health, sponsors and platform transfer](https://firstpassmemo.com/buy/newsletter/index.md): When buying a newsletter is worth it: why open rates mislead, how much one sponsor can carry, and how Substack and beehiiv move a publication to a new owner. (HTML: https://firstpassmemo.com/buy/newsletter/)
- [Buying an app business: store dependence, reviews and platform fees](https://firstpassmemo.com/buy/app/index.md): What to check before buying an iOS or Android app: Apple and Google transfer rules, what moves with the app, store fees in 2026 and the risk of one store. (HTML: https://firstpassmemo.com/buy/app/)

## Guides
- [How to verify Flippa revenue before you pay for diligence](https://firstpassmemo.com/guides/how-to-verify-flippa-revenue.md): What Flippa's Data Verified and Vetted badges cover, and a step-by-step way to check a seller's revenue yourself: listing arithmetic, read-only access, payouts and traffic. (HTML: https://firstpassmemo.com/guides/how-to-verify-flippa-revenue)
- [FlipAudit alternative: a cheaper first step before a human review](https://firstpassmemo.com/guides/flipaudit-alternative.md): A fair look at FlipAudit's $950 Red Flag Report, what it covers, and how a listing-only first pass can narrow your shortlist before you pay for a human review. (HTML: https://firstpassmemo.com/guides/flipaudit-alternative)
- [Is Flippa Verification & Assessment worth it?](https://firstpassmemo.com/guides/is-flippa-verification-worth-it.md): Flippa's in-house review starts at $1,500. What each package checks, how it differs from the free Vetted badge, and a simple way to decide whether it pays off on your deal. (HTML: https://firstpassmemo.com/guides/is-flippa-verification-worth-it)
- [How to calculate payback on a small online business or SaaS](https://firstpassmemo.com/guides/how-to-calculate-payback-on-an-online-business.md): Payback is price divided by monthly profit. Which profit figure to use, how payback maps to the annual multiple, and the adjustments that can double a headline payback. (HTML: https://firstpassmemo.com/guides/how-to-calculate-payback-on-an-online-business)
- [Acquire.com listing red flags: what to check before you request access](https://firstpassmemo.com/guides/acquire-listing-red-flags.md): What Acquire.com's curation, Verified badge and connected metrics do and do not tell you, and six red flags you can spot in a listing's public summary. (HTML: https://firstpassmemo.com/guides/acquire-listing-red-flags)
- [Flippa vs Empire Flippers vs Acquire.com for buyers](https://firstpassmemo.com/guides/flippa-vs-empire-flippers-vs-acquire-for-buyers.md): What each marketplace charges, who pays, what it checks before a listing goes live and what buyers must verify themselves, from each platform's own pages (October 2026). (HTML: https://firstpassmemo.com/guides/flippa-vs-empire-flippers-vs-acquire-for-buyers)
- [Is Empire Flippers legit? A neutral buyer's checklist](https://firstpassmemo.com/guides/is-empire-flippers-legit.md): What Empire Flippers says it vets, how payment and migration work, what vetting cannot tell you, and what to verify yourself before you buy. Facts from its public pages. (HTML: https://firstpassmemo.com/guides/is-empire-flippers-legit)

## Data
- [What $10k–$150k online-business listings ask, October 2026](https://firstpassmemo.com/data/index.md): Median asking payback and multiples for online-business listings priced $10k–150k, October 2026, by type. Free CSV and charts under CC BY 4.0, with the method. (HTML: https://firstpassmemo.com/data/)
- [Latest benchmarks as JSON](https://firstpassmemo.com/data/latest.json): same aggregates as the CSV plus how often each checker rule fires; schema on the data page. CC BY 4.0.
- [October 2026 benchmarks as JSON](https://firstpassmemo.com/data/benchmarks-2026-10.json): the dated edition of latest.json. CC BY 4.0.
- [Benchmarks CSV](https://firstpassmemo.com/data/firstpass-benchmarks-2026-10.csv): the same aggregates, CC BY 4.0.

## Red flags explained (one page per checker rule)
- [All red flags](https://firstpassmemo.com/flags/index.md): Each of the 33 rules in the free FirstPass Memo checker explained: when it fires, why it matters, a worked example and the questions to send the seller. (HTML: https://firstpassmemo.com/flags/)
- [rules.json](https://firstpassmemo.com/rules.json): the checker's rules as JSON.
- [No asking price: why a listing without a price is hard to judge](https://firstpassmemo.com/flags/no-asking-price/index.md): Why the checker flags a listing with no asking price, what payback and multiple need, and what to ask the seller before you spend time on it. (HTML: https://firstpassmemo.com/flags/no-asking-price/)
- [No profit figure: why revenue or MRR alone is not enough](https://firstpassmemo.com/flags/no-profit-figure/index.md): Why the checker flags listings that give revenue or MRR but no profit, how it works out payback in that case, and what to ask for. (HTML: https://firstpassmemo.com/flags/no-profit-figure/)
- [Zero or negative profit: when a listing cannot pay back any price](https://firstpassmemo.com/flags/zero-or-negative-profit/index.md): Why the checker flags a business that states zero or negative profit, what you would actually be buying, and the questions to ask. (HTML: https://firstpassmemo.com/flags/zero-or-negative-profit/)
- [Priced below one year of profit: when cheap is a warning](https://firstpassmemo.com/flags/priced-below-one-year-of-profit/index.md): Why the checker flags listings priced under one year of profit, the common reasons, and what to ask before you treat it as a bargain. (HTML: https://firstpassmemo.com/flags/priced-below-one-year-of-profit/)
- [Asking multiple above the typical range: what has to justify the price](https://firstpassmemo.com/flags/asking-multiple-above-typical-range/index.md): Why the checker flags an asking multiple above the middle half of comparable listings, and what evidence can justify a higher price. (HTML: https://firstpassmemo.com/flags/asking-multiple-above-typical-range/)
- [Last month's profit was zero or negative: the average is hiding something](https://firstpassmemo.com/flags/last-month-profit-zero-or-negative/index.md): Why the checker flags a listing whose most recent month broke even or lost money while the average looks positive, and what to ask. (HTML: https://firstpassmemo.com/flags/last-month-profit-zero-or-negative/)
- [Last month's profit well below the average: pricing on a better past](https://firstpassmemo.com/flags/last-month-profit-below-average/index.md): Why the checker flags a last month more than 20% below the average profit, how to rework payback on recent months, and what to ask. (HTML: https://firstpassmemo.com/flags/last-month-profit-below-average/)
- [Revenue declining by 20% or more: what a stated decline means for the price](https://firstpassmemo.com/flags/revenue-declining/index.md): Why the checker flags a listing that reports a revenue decline of 20% or more, why declines tend to continue, and the questions to ask. (HTML: https://firstpassmemo.com/flags/revenue-declining/)
- [Earnings averaged over only a few months: what a short window can hide](https://firstpassmemo.com/flags/earnings-averaged-over-short-period/index.md): Why the checker flags profit averaged over fewer than 12 months, how a short window can hide seasonality or a peak, and what to ask for. (HTML: https://firstpassmemo.com/flags/earnings-averaged-over-short-period/)
- [ARR and MRR disagree: which recurring revenue figure is real?](https://firstpassmemo.com/flags/arr-and-mrr-disagree/index.md): Why the checker flags a SaaS listing whose ARR differs from MRR times 12 by more than 15%, and how to find out which figure is current. (HTML: https://firstpassmemo.com/flags/arr-and-mrr-disagree/)
- [Run-rate ARR far above the last 12 months' revenue](https://firstpassmemo.com/flags/arr-far-above-trailing-revenue/index.md): Why the checker flags ARR more than 1.5 times trailing 12-month revenue, what it says about growth or optimism, and what to ask. (HTML: https://firstpassmemo.com/flags/arr-far-above-trailing-revenue/)
- [Stated MRR above last month's collected revenue](https://firstpassmemo.com/flags/mrr-above-revenue-collected/index.md): Why the checker flags MRR more than 15% above the revenue collected last month, and how failed payments, discounts and refunds explain the gap. (HTML: https://firstpassmemo.com/flags/mrr-above-revenue-collected/)
- [Monthly revenue times 12 does not match annual revenue](https://firstpassmemo.com/flags/monthly-revenue-does-not-match-annual/index.md): Why the checker flags monthly revenue × 12 that differs from annual revenue by more than 10%, and how to find which months each figure covers. (HTML: https://firstpassmemo.com/flags/monthly-revenue-does-not-match-annual/)
- [Profit higher than revenue: a figure is mislabelled or wrong](https://firstpassmemo.com/flags/profit-higher-than-revenue/index.md): Why the checker flags a listing whose profit is higher than its revenue, what usually causes it, and what to ask the seller to correct. (HTML: https://firstpassmemo.com/flags/profit-higher-than-revenue/)
- [A margin above 90%: what is usually left out](https://firstpassmemo.com/flags/very-high-margin/index.md): Why the checker flags profit margins above 90%, the costs most often left out, and how to rework payback with them included. (HTML: https://firstpassmemo.com/flags/very-high-margin/)
- [No churn figure for a subscription business](https://firstpassmemo.com/flags/no-churn-figure/index.md): Why the checker flags a recurring-revenue listing that gives no churn rate, why churn decides the price, and what to ask for. (HTML: https://firstpassmemo.com/flags/no-churn-figure/)
- [Monthly churn above 5%: how much of today's revenue lasts a year](https://firstpassmemo.com/flags/monthly-churn-above-5-percent/index.md): Why the checker flags monthly churn above 5%, the arithmetic behind it, and how to judge whether new sales will keep up after the sale. (HTML: https://firstpassmemo.com/flags/monthly-churn-above-5-percent/)
- [Fewer than 25 paying customers: when one cancellation moves the numbers](https://firstpassmemo.com/flags/few-paying-customers/index.md): Why the checker flags subscription businesses with fewer than 25 paying customers, what it means for risk, and what to ask the seller. (HTML: https://firstpassmemo.com/flags/few-paying-customers/)
- [Top customer above 25% of revenue: concentration risk](https://firstpassmemo.com/flags/top-customer-over-25-percent/index.md): Why the checker flags a single customer, sponsor or partner above 25% of revenue, and how to check whether that revenue will stay after the sale. (HTML: https://firstpassmemo.com/flags/top-customer-over-25-percent/)
- [Concentration not disclosed: who pays the bills?](https://firstpassmemo.com/flags/concentration-not-disclosed/index.md): Why the checker raises a low-severity flag when a listing does not say how much revenue comes from its largest customer or partner. (HTML: https://firstpassmemo.com/flags/concentration-not-disclosed/)
- [Organic search above half of traffic: Google update risk](https://firstpassmemo.com/flags/organic-search-over-half-of-traffic/index.md): Why the checker flags sites with more than 50% of traffic from organic search, how often Google updates land, and how to check a site's history. (HTML: https://firstpassmemo.com/flags/organic-search-over-half-of-traffic/)
- [One traffic channel above 60%: when a business runs on one source](https://firstpassmemo.com/flags/one-channel-over-60-percent-of-traffic/index.md): Why the checker flags a single non-search channel above 60% of traffic, such as paid ads, social or email, and what to ask about it. (HTML: https://firstpassmemo.com/flags/one-channel-over-60-percent-of-traffic/)
- [Claims search-driven growth, but organic search is small](https://firstpassmemo.com/flags/claims-seo-growth-but-search-is-small/index.md): Why the checker flags a listing that credits SEO for its growth while its own traffic figures show less than 20% from organic search. (HTML: https://firstpassmemo.com/flags/claims-seo-growth-but-search-is-small/)
- [Depends on a platform the buyer does not control](https://firstpassmemo.com/flags/depends-on-a-platform/index.md): Why the checker flags businesses that rely on Amazon, YouTube, an app store, an ad network or another platform, and how to judge the risk. (HTML: https://firstpassmemo.com/flags/depends-on-a-platform/)
- [No traffic data for a traffic-driven site](https://firstpassmemo.com/flags/no-traffic-data/index.md): Why the checker flags content, affiliate, ad-supported and YouTube listings that give no traffic figures, and what data to ask for. (HTML: https://firstpassmemo.com/flags/no-traffic-data/)
- [No connected data source: figures typed in by the seller](https://firstpassmemo.com/flags/no-connected-data-source/index.md): Why the checker flags listings that mention no verified or connected data source such as Stripe, PayPal or analytics, and how to check the numbers. (HTML: https://firstpassmemo.com/flags/no-connected-data-source/)
- [Business age not stated](https://firstpassmemo.com/flags/business-age-not-stated/index.md): Why the checker flags listings that do not say how old the business is, and why history length matters for judging the numbers. (HTML: https://firstpassmemo.com/flags/business-age-not-stated/)
- [Under 6 months of history: too short to judge](https://firstpassmemo.com/flags/under-6-months-of-history/index.md): Why the checker flags businesses with less than 6 months of history as high severity, and what to ask before buying a very young business. (HTML: https://firstpassmemo.com/flags/under-6-months-of-history/)
- [Under 12 months of history: no full year to judge](https://firstpassmemo.com/flags/under-12-months-of-history/index.md): Why the checker flags businesses between 6 and 12 months old, what a missing full year hides, and how to ask for the history there is. (HTML: https://firstpassmemo.com/flags/under-12-months-of-history/)
- [Owner hours not stated: how much work comes with the business?](https://firstpassmemo.com/flags/owner-hours-not-stated/index.md): Why the checker flags listings that do not say how many hours a week the owner works, and how to price the owner's time into payback. (HTML: https://firstpassmemo.com/flags/owner-hours-not-stated/)
- [Owner works more than 10 hours a week: the hidden salary in the profit](https://firstpassmemo.com/flags/owner-works-over-10-hours-a-week/index.md): Why the checker flags sellers who work more than 10 hours a week, how that time lowers real profit, and how to rework payback. (HTML: https://firstpassmemo.com/flags/owner-works-over-10-hours-a-week/)
- [Called passive, but relies on staff or contractors](https://firstpassmemo.com/flags/called-passive-but-relies-on-staff/index.md): Why the checker flags listings described as passive or hands-off that also mention writers, VAs, developers or other contractors. (HTML: https://firstpassmemo.com/flags/called-passive-but-relies-on-staff/)
- [Generic reason for sale: why "other opportunities" deserves a question](https://firstpassmemo.com/flags/generic-reason-for-sale/index.md): Why the checker raises a low-severity flag for vague reasons for sale such as "other opportunities", and what to ask instead. (HTML: https://firstpassmemo.com/flags/generic-reason-for-sale/)

## About
- [About FirstPass Memo](https://firstpassmemo.com/about/index.md): facts, who pays, what we do and do not do, corrections. (HTML: https://firstpassmemo.com/about/)
- [Home and free beta](https://firstpassmemo.com/index.md): what a memo contains, how it works, pricing comparison and FAQ. (HTML: https://firstpassmemo.com/)
- [Guides index](https://firstpassmemo.com/guides/index.md):  (HTML: https://firstpassmemo.com/guides/)

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