The short answer: Single-site med spas sell for about 3× provider-adjusted SDE (band ~2.1×, 3.9×), a spa with $300K SDE prices near $900K. With an SBA 7(a) loan you put down roughly 10% (~$90K) plus closing costs, working capital, and any device payoff. Budget upfront for the compliance structure (medical director / MSO). Memberships push the multiple up; a lone selling injector pushes it down.
Purchase price by practice size
| Revenue | SDE (~25%) | Price @ 3.0× SDE | Basis |
|---|---|---|---|
| $750,000 | $188,000 | $564,000 | SDE multiple |
| $1,200,000 | $300,000 | $900,000 | SDE multiple |
| $2,000,000 | $500,000 | $1,500,000 | SDE → EBITDA transition |
Below ~$1M SDE, spas are valued on SDE like a "buying a job plus a business." Above roughly $1M EBITDA, buyers shift to normalized EBITDA multiples (~5×, 10×) and platform pricing. The single biggest swing factor within the band is the recurring membership share. See current comps on the med spa multiples page.
What moves the multiple
| Pushes multiple up | Pushes multiple down |
|---|---|
| 30%+ recurring membership revenue | Reliance on one-off appointments |
| Retained provider team, low owner dependence | Revenue tied to the selling injector |
| Modern, owned FDA-cleared devices | Aging or heavily financed/leased devices |
| Clean compliance & medical-director file | CPOM/structure gaps or board issues |
Down payment & the full cost stack
- Equity injection, ~10% of project cost; a standby seller note can count toward part.
- SBA + closing fees, guaranty fee, packaging, closing costs.
- Compliance/legal setup, healthcare counsel to establish the medical-director agreement and, in CPOM states, the MSO/PC structure.
- Device payoff / assumption, settle or assume financed laser and energy equipment.
- Working capital, product (toxins/fillers) inventory and payroll.
The compliance structure is not optional
Unlike other industries here, a med spa's legal structure is a hard cost you pay before opening the doors. Budget for healthcare counsel, it's cheaper than an unwound deal or an unlicensed-practice problem.
A worked deal
You buy a $1.2M-revenue spa with $300K provider-adjusted SDE at 3×, a $900,000 price.
| Line | Amount |
|---|---|
| Purchase price (3.0× $300K SDE) | $900,000 |
| Equity injection (~10%) | $90,000 |
| SBA 7(a) loan (~90%) | $810,000 |
| Est. annual debt service (10 yr, ~11%) | −$133,900 |
| SDE available (provider-adjusted) | $300,000 |
| Cash flow after debt (pre-owner-wage) | $166,100 |
| DSCR (SDE ÷ debt service) | ~2.2× |
Because SDE is already provider-adjusted, the ~$166K after debt is genuine owner cash flow before your management salary, and the ~2.2× DSCR clears lender minimums comfortably. That headroom is what recurring memberships buy you. Model your own version in the valuation calculator and read how SBA financing works.
Run this deal with your numbers
Price, down payment, loan payment, and cash flow after debt, instantly.
Frequently asked questions
Single-site spas sell for about 3× provider-adjusted SDE (band ~2.1×, 3.9×). A $300K-SDE spa prices near $900K. With an SBA loan you'd put down ~10% (~$90K) plus closing costs, working capital, and any device payoff.
SBA 7(a) generally requires ~10% equity. On a $900K spa that's ~$90K, and a standby seller note can count toward part while keeping the seller invested in the transition.
About 3× SDE for a single site (2.1×, 3.9× band). Pay top-of-range for high membership revenue, a retained provider team, modern owned devices, and low dependence on the selling injector. Platforms move to ~5×, 10× EBITDA.
Healthcare legal work for a compliant medical-director/MSO structure, quality-of-earnings diligence, payoff or assumption of financed devices, and working capital for product and payroll. The compliance structure is a real, essential upfront cost.
Sources
- Med spa SDE/EBITDA multiples & membership premium, FOCUS Investment Banking; Sofer Advisors; BizBuySell Q2 2025 Insight Report.
- SBA 7(a) equity injection & DSCR standards, sba.gov 7(a) program; SOP 50 10 8.
