Multi-Location Medical Optometry Practices, Three-Location Remote-Managed Group

$2.0M

Revenue

$500K

SDE

5.0x

Multiple

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Full Editorial Writeup

This is a three-location medical optometry group headquartered in Arizona with practices operating inside grocery store warehouse clubs across multiple states. The model is deliberately narrow: it delivers comprehensive medical eye care and exams without the drag of eyewear retail, optical inventory, or lens fulfillment. That means no inventory carry, no frame merchandising, and no working capital tied up in product, which is a cleaner and more scalable footprint than a traditional optometry storefront.

The practices sit inside big box grocery warehouse locations, which supplies constant, high-quality foot traffic without the operator having to buy demand. Rent is remarkably low at roughly $2,500 per month, and the business is described as remote-managed with experienced staff and standardized systems already in place. That combination of embedded host traffic, low fixed cost, and delegated day-to-day operations is what lets an owner run this without being chairside.

On the numbers, 2025 actual revenue was approximately $1.47 million with roughly $500,000 of net income, and the listing projects $2.0 million for 2026. The asking price of $2.5 million against $500,000 of cash flow puts this at a 5x multiple. The core appeal is a recurring, insurance-and-exam-driven medical service riding on someone else's retail footprint, with room to add chairs, providers, and locations.

Why we like it

Earnings quality is strong for the size: roughly $500,000 of net income on $1.47 million of 2025 actual revenue is a 34 percent margin, driven largely by the decision to skip eyewear retail and inventory. Medical eye exams billed through insurance and cash-pay are sticky and repeatable, and rent at $2,500 a month is a rounding error against revenue.
The moat is the host relationship and the location scarcity. Practices embedded inside grocery warehouse clubs get a firehose of qualified foot traffic that the operator does not have to pay to acquire, and those in-club slots are limited and hard for a competitor to replicate next door.
Optometry is genuinely recession-resistant. Vision correction, eye disease screening, and annual exams are covered by vision and medical insurance and get deferred, not eliminated, in a downturn. Patients return on a roughly annual cycle, which produces the recurring behavior that underwrites the earnings.
This is a rare medical asset that is already delegated and remote-managed with standardized systems, so an owner does not need an optometry license to hold it. That is the operator advantage: you can add locations, providers, and payer contracts without being the doctor in the chair.

How to improve it

Nail down and pressure-test the 2026 revenue bridge in the first 90 days. Revenue is projected to jump from $1.47 million actual to $2.0 million, and you need to see exactly which locations, chairs, or added exam days drive that before you underwrite the 5x on projected numbers instead of trailing.
Add a second exam lane or extend provider hours in the highest-traffic host location. With foot traffic already supplied by the grocery club, incremental optometrist capacity converts existing walk-by demand into billable exams at very high marginal margin.
Systematize insurance credentialing and payer mix optimization across all three states. Medical optometry can bill both vision and medical plans; auditing coding, reducing claim denials, and adding higher-reimbursing medical services (diabetic eye exams, dry eye management) can lift revenue per patient without new locations.
Build a recall and reactivation engine. Because exams recur roughly annually, an automated recall system for lapsed patients plus SMS and email reminders converts the existing patient panel into predictable repeat visits and smooths seasonality.
Formalize and expand the host relationship into a repeatable rollout template. If the big box grocery partner has additional warehouse locations, negotiate a preferred-provider or multi-site agreement so new practices open on the same low-rent, high-traffic terms that make this model work.
Reduce single-point-of-failure risk on providers. Cross-train and build a bench of relief and part-time optometrists so a single doctor departure in one state cannot stall a location, which also makes the remote-management model more durable for a lender and future buyer.

Diligence notes

Verify the gap between projected and actual. The listing leads with $2.0 million (2026 projected) but 2025 actual is $1.47 million. Underwrite on trailing actuals, get monthly P&Ls by location, and treat the $500,000 cash flow as the number to prove before paying 5x.
Scrutinize the host and lease relationship. The entire traffic model depends on being inside the grocery warehouse clubs. Read the lease and any co-location or license agreements: term length, renewal rights, exclusivity, termination clauses, and whether the host can pull the slot or add a competing provider.
Confirm the provider and licensing structure across three states. Optometry requires licensed doctors, and the practices operate in multiple states. Verify who holds the licenses, whether they stay post-close, employment or contractor agreements, non-competes, and any professional-entity ownership restrictions that affect a non-OD buyer.
Break down payer mix and revenue concentration. Understand the split between vision plans, medical insurance, and cash-pay, plus any single location carrying an outsized share of revenue. Reimbursement rate changes or the loss of one host location could materially move the $500,000 cash flow.
Validate the 'remote operations' claim in practice. Ask exactly how the three sites are managed day to day, what the current owner personally does, and what happens operationally after close. Confirm there is a real manager or system, not just an absentee label, so the SDE does not require the seller's hidden labor.

Source

Originally listed on BizBuySell. View original listing →