Selling your plastic surgery practice is one of the most significant financial decisions of your career. In San Antonio, a market with strong buyer demand, the opportunity for a successful exit is high. However, navigating the process to maximize value requires more than just a willing buyer. It demands careful preparation, strategic positioning, and expert guidance to translate market interest into a premium outcome. This guide provides a clear overview for practice owners considering their next chapter.
Market Overview
The Texas market for plastic surgery is robust, and San Antonio is a key part of that story. We see high patient search interest for procedures like BBLs, Botox, and liposuction, confirming the city as a center for aesthetic medicine. This patient demand creates a healthy foundation for practice revenue and, in turn, attracts acquirers. Both private equity groups and larger strategic practices are actively looking to partner with or acquire strong, physician-led practices in the area. This competitive environment means it is a favorable time for owners to explore their options, but it also means buyers are sophisticated. They are looking for well-run businesses with a clear growth narrative.
Key Considerations for Sellers
Translating a strong practice into a valuable asset for sale depends on several factors that buyers scrutinize. Before you even think about a listing, you should assess your practice from an acquirer’s point of view. Understanding your position on these key issues is the first step.
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Your Provider Model. Is your practice built entirely around you, or do you have associate surgeons and physician extenders who drive revenue? Practices that are not solely dependent on the owner are typically seen as less risky and can command higher valuation multiples.
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Your Service Mix. A healthy balance of surgical procedures and recurring, non-invasive services like injectables can be very attractive. A strong medspa component demonstrates diversified, high-margin revenue streams that buyers value.
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Your Financial Readiness. Buyers look at your Adjusted EBITDA, not just your revenue. This means normalizing your financials by adding back personal expenses run through the business or one-time costs. A clean, clear financial picture is non-negotiable.
Market Activity
The market for aesthetic practices is active. We are seeing a national trend of consolidation, and San Antonio is no exception. This activity is driven by an influx of capital from private equity firms looking to build regional and national platforms. These buyers are looking for established practices with a strong brand, a stable team, and potential for growth. For a practice owner, this means you are not just selling to another doctor down the street. You are potentially selling to a sophisticated partner who can provide capital and operational support. The key is to run a process that creates competition among these well-funded buyers to ensure you achieve the best possible terms, not just the first offer that comes along.
The Sale Process at a Glance
A successful sale is not an event, it is a structured process. Many owners who try to sell on their own find themselves overwhelmed or leave money on the table. A formal process protects your confidentiality and maximizes your leverage. While every transaction is unique, the journey generally follows a few key phases.
| Phase | What It Means for You |
|---|---|
| 1. Preparation & Valuation | We work with you to understand your goals, prepare your financials, and determine a realistic valuation range. |
| 2. Confidential Marketing | We present your practice to a vetted pool of qualified buyers under strict non-disclosure agreements. |
| 3. Negotiation & Offers | We manage the offer process, creating competitive tension to drive up the price and improve the terms. |
| 4. Due Diligence & Closing | We guide you through the buyer’s review process and work with attorneys to finalize documents and close the deal. |
Determining Your Practice’s Value
Practice owners often ask, “What is my practice worth?” The answer is more complex than a simple revenue percentage. Sophisticated buyers value your practice based on a multiple of its Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (Adjusted EBITDA). This figure represents the true cash flow of the business. For a plastic surgery practice with over $1M in EBITDA, multiples can often range from 5.5x to 7.5x or higher, depending on factors like your provider mix, growth rate, and market reputation. Getting this calculation right is the foundation of a successful sale. Miscalculating EBITDA or using an outdated “rule of thumb” can cost you millions at the closing table.
Post-Sale Considerations
The day you sign the papers is not the end of the story. A well-structured deal considers what happens after the sale to protect your legacy, your team, and your financial future. It is important to negotiate these points upfront.
Your Future Role
Do you want to continue practicing for several years, or are you ready to retire? Your desired role will shape the type of buyer you look for. Many partnership models are designed to keep you clinically autonomous while freeing you from administrative burdens.
Protecting Your Team
Your staff is a huge part of your practice’s value. A good transition plan ensures they are taken care of and feel secure under new ownership. This is a critical point of negotiation that preserves the culture you built.
Structuring Your Payout
The final sale price is often a mix of cash at close, a potential earnout based on future performance, and rollover equity where you retain a stake in the larger new company. Each component has different tax implications and requires careful planning.
Frequently Asked Questions
What is the current market demand for plastic surgery practices in San Antonio, TX?
San Antonio has a strong buyer demand for plastic surgery practices, supported by high patient interest in procedures like BBLs, Botox, and liposuction. This robust market attracts private equity groups and larger strategic practices actively looking to partner with or acquire established physician-led practices.
What factors do buyers consider most important when evaluating a plastic surgery practice in San Antonio?
Buyers focus on the provider model (whether the practice depends solely on the owner or has associate surgeons), the service mix (balance of surgical and recurring non-invasive services), and financial readiness, especially the Adjusted EBITDA rather than just revenue. Practices with diversified revenue streams and predictable cash flow command higher valuations.
How is the value of a plastic surgery practice determined in San Antonio?
Practice value is primarily based on a multiple of Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). For well-performing practices with over $1M EBITDA, multiples typically range from 5.5x to 7.5x or more, depending on factors like provider mix, growth rate, and market reputation.
What are the key phases in the sale process of a plastic surgery practice?
The sale process generally includes four phases:
- Preparation & Valuation: Understanding goals, preparing financials, and determining valuation.
- Confidential Marketing: Presenting practice to qualified buyers under NDA.
- Negotiation & Offers: Creating competitive tension among buyers.
- Due Diligence & Closing: Managing buyer’s review and finalizing documents.
What post-sale considerations should a seller keep in mind?
Post-sale, sellers should consider their future role (retiring or continuing to practice), how to protect their team with a smooth transition plan, and structuring their payout (cash at close, earnouts, rollover equity). These elements affect legacy, financial security, and tax planning and should be negotiated upfront.