For businesses valued from $5M to $100M+
Considering selling your aesthetics practice?
Med spa and aesthetics businesses are valued on the durability of the patient relationship. Membership revenue, injector retention and consistency across locations drive the range far more than headline revenue does.
- Membership revenue
- Patient retention
- Injector retention
- Treatment mix
- Average patient value
- Multi-site consistency
- Customer acquisition cost
- Medical director structure
- Adjusted EBITDA add-backs
What aesthetics buyers are actually underwriting
Buyers in this sector are trying to work out one thing: how much of the revenue comes back next year without being bought again.
Membership and package programs answer that directly, which is why practices with a real membership base are valued on a different footing from practices running on transactional visits and paid acquisition. Retention and visit frequency are the supporting evidence.
Injector concentration is the risk that gets priced hardest. If one provider carries a large share of the book, a buyer assumes they might leave and structures the deal around that possibility. Across multiple locations, buyers underwrite the weakest site rather than the average.
What gets examined closely
- Membership or package revenue as a share of the total, and renewal rate
- Patient retention and visit frequency over three years
- Injector count, tenure, and the share of revenue tied to any one provider
- Treatment mix across injectables, devices, skin and wellness
- Average patient value and how it has trended
- Consistency of performance across locations, not just the average
- Customer acquisition cost and dependence on paid marketing
- Medical director arrangement and compliance with your state's structure
Who buys aesthetics practices
Private equity platforms and their add-ons
Aesthetics platforms are consolidating actively and pay for membership bases, multi-site proof and injectors who stay. Expect close attention to whether your second and third locations perform anything like your first.
Strategic acquirers
Larger med spa groups and dermatology platforms buying patient bases, geography or provider teams. Strategics with existing brand presence may value your location and patient list above what the standalone financials suggest.
Which type of buyer suits you depends less on the multiple than on what you want afterward: a clean exit, a second bite through rollover equity, or a few more years running the business with someone else's balance sheet behind it. That is worth deciding before you go to market rather than during.
- Revenue concentrated in one injectorIf a single provider carries the book, a buyer prices the risk that they leave, usually through an earnout
- No membership programTransactional visits are worth materially less than contracted recurring revenue, even at the same margin
- One strong location subsidizing the othersBuyers underwrite the weakest site, not the average across the group
Where aesthetics owners lose value
Almost always in the same three places, listed alongside. None of them are inevitable, and all three are decided well before a letter of intent is signed.
Building membership revenue and spreading the book across more than one injector are both slow changes, which is exactly why they are worth starting well before you intend to sell.
Request a confidential valuation.
An advisor who works with aesthetics practices will review your business and give you a real range.
- No cost, no obligation, strictly confidential
- Grounded in what buyers in your sector are paying now
- Useful whether you sell next year or in five