Two-Location Medical Spa, Abilene Texas Aesthetics Practice

$2.6M

Revenue

$649K

SDE

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Full Editorial Writeup

This is a two-location medical spa in Abilene, Texas doing roughly $2.57M in annual collections with about $649K in adjusted EBITDA, a ~25% margin. The practice serves 1,618 patients and adds 55 to 60 new patients monthly across 6,500 combined square feet and 12 treatment rooms. The flagship location holds 3,500 square feet with eight rooms; a second location opened in 2024 adds 3,000 square feet and four rooms. Both were fully remodeled in 2024 and run advanced aesthetic technology including InMode, Aerolase and Sofwave.

Revenue is diversified across injectables and other aesthetic and wellness services, with injectables representing 43.7% of production. That is a healthy diversification for a med spa, but it also means a meaningful slice of the business depends on high-margin, repeat-cadence injectable treatments (neurotoxins and fillers) that patients return for every three to four months. The physician owner also owns both properties and would sell the real estate separately from the operating business.

The pitch here is a turnkey aesthetics platform: modern buildout, established patient demand, two locations, and identifiable growth levers in provider capacity, marketing spend, and new-patient pipeline. For an individual operator or a strategic aesthetics roll-up, this is a clean, profitable base to expand from in a growing regional Texas market. The catch is that med spa demand is fundamentally discretionary, and this is a single-metro operation dependent on a physician owner and provider retention.

Why we like it

Earnings quality is strong on paper: $649K adjusted EBITDA on $2.57M in collections is a real 25% margin, and the injectable mix (43.7% of production) is high-margin, high-repeat revenue that returns every three to four months. Verify how much of that EBITDA depends on the owning physician's personal patient relationships and clinical role before crediting it fully.
The infrastructure is genuinely turnkey: both locations were fully remodeled in 2024, with 12 treatment rooms and current-generation devices (InMode, Aerolase, Sofwave). A buyer avoids the capex and buildout drag that usually eats the first two years of a med spa acquisition.
There are clear, unforced growth levers here: 55 to 60 new patients monthly with room to add provider capacity, increase marketing, and fill the newer second location that only opened in 2024. This is capacity and demand expansion, not a turnaround, which is the easier and cheaper kind of growth to execute.
The two-location footprint with a returning patient base of 1,618 gives an operator or aesthetics roll-up a real platform rather than a single-provider shop. A strategic buyer can layer in memberships, additional injectors, and cross-sell without rebuilding from scratch.

How to improve it

Launch a paid membership or injectables loyalty program in the first 90 days to convert the 1,618-patient base into predictable recurring cadence. Med spas with membership models smooth revenue and lift lifetime value, which is exactly what this business lacks as a fee-for-service shop.
Fill the newer second location's four treatment rooms, which opened in 2024 and is almost certainly underutilized versus the eight-room flagship. Reallocating marketing spend and provider hours to drive utilization there is the fastest incremental EBITDA available.
Reduce single-physician dependence by hiring or contracting additional injectors and mid-level providers under the medical director. This both de-risks the owner transition and expands treatment capacity that is currently capped by provider availability.
Formalize and measure the marketing funnel driving 55 to 60 new patients monthly. Installing proper attribution, a CRM, and reactivation campaigns for lapsed patients should lift new-patient flow and rebooking rates without proportional cost.
Expand the highest-margin service lines and standardize pricing across both locations. With injectables at 43.7% of production, there is room to grow device-based treatments (Sofwave, InMode) and wellness services to diversify and raise average ticket.
Negotiate the real estate purchase or a long-term lease on favorable terms since the physician owns both buildings. Structuring the property deal correctly (or leasing at market with a cap) protects the multiple and preserves capital for growth.

Diligence notes

Confirm what the $649K adjusted EBITDA figure actually adds back and how much of production is personally generated by the selling physician. If the owner is the primary injector or medical director drawing patients, the transferable earnings could be materially lower than stated.
Verify the medical director and physician supervision requirements under Texas law post-sale. Med spas require a licensed physician relationship, and a non-physician buyer must confirm a compliant MSO or medical director structure before closing.
Break out the second location's standalone financials since it only opened in 2024. Determine whether it is profitable or still ramping, because a blended EBITDA number can mask a flagship carrying a money-losing new site.
Scrutinize patient retention and rebooking rates behind the 1,618-patient count and 55 to 60 monthly new patients. Understand churn, average visits per patient per year, and how concentrated revenue is among top patients, since med spa demand is discretionary and can soften in a downturn.
Price the real estate separately and get independent appraisals on both buildings. Since the property is optional and priced apart from the operating business, model the deal on operations first and treat the real estate as a distinct capital decision.
Review the device financing and equipment ownership for the InMode, Aerolase, and Sofwave systems. Confirm whether they are owned free and clear or under lease/finance obligations that transfer, and check remaining service contracts and consumable costs.

Source

Originally listed on BizBuySell. View original listing →