Tearsheet exists because the gap between “skim a listing” and “pay for a Quality of Earnings review” was where most bad deals were hiding.
Self-funded acquirers and ETA searchers look at 30-80 deals a month. They can't run formal diligence on all of them — a real review can cost $15K-30K and takes weeks. So they skim. The skim is where deal killers hide: aspirational add-backs, owner-dependent revenue, top-customer concentration, the kind of detail that surfaces in week 3 of diligence and costs you the deposit.
Tearsheet's job is the part between skim and serious diligence. Pre-LOI acquisition memos that are honest about what they do and do not know. Checked by automated challenge passes and deterministic quality gates before paid Deal Desk Sprint delivery.
The Acquisition Memo pipeline runs Plan → Research → Ground → Draft → Verify. The Ground step builds an Evidence Ledger that separates provided facts, derived checks, model-prior assumptions, and unknowns before the final memo is written. Target Scorer and Industry Teardown use shorter agent-specific pipelines, but the same rule applies: label uncertainty instead of hiding it.
URLs you paste are scraped via Firecrawl so the analysis is grounded in actual listing text, not whatever the model guessed. PDFs of broker packages are extracted server-side.
Tearsheet is built and operated by Garrett Gleave. The product runs on Next.js, Supabase, Stripe, Anthropic, and Vercel. The self-serve product is priced at $49/month for 100 memos; Deal Desk Sprint is a one-time automated deal-quality check.
Security-sensitive changes get separate code and product review before deployment. The product is improved by reading every rating + feedback users leave.
Contact hello@usetearsheet.com. If you spot a memo that's wrong, please tell us. We read every reply.