Optometry practices typically sell for 2.0x-3.5x seller’s discretionary earnings (SDE) or 0.43x-0.75x revenue—though exceptional practices with strong operations can reach 4x+ SDE. A $1 million revenue practice might sell for $430,000 or $750,000 depending on operations, buyer type, and preparation. The difference? Usually not the practice itself, but how transferable and predictable the business looks to buyers.

Quick takeaways for optometrists considering a sale:

This guide covers everything you need to know about selling your optometry practice in 2025-2026: current valuation multiples, the private equity landscape, tax implications, and a realistic preparation timeline.

What Your Optometry Practice Is Actually Worth in 2025

The old rule of thumb—practices sell for 100% of gross revenue—is increasingly unreliable. While some PE-ready practices with exceptional EBITDA margins still command 1x revenue or higher, most transactions today are valued on earnings multiples. Profitability matters more than top-line numbers.

The Three Valuation Methods

Seller’s Discretionary Earnings (SDE) Multiple Best for owner-operated practices under $1M revenue. SDE includes the owner’s salary, benefits, and discretionary expenses added back to net income. Current multiples: 2.0x-3.5x SDE.

Example: $260,000 SDE × 2.5x multiple = $650,000 valuation

EBITDA Multiple Better for larger practices or those with non-owner managers. EBITDA strips out owner compensation for a cleaner profitability picture. Current multiples: 3.5x-6.0x EBITDA for standard practices, 6.0x-8.0x+ for PE-ready practices.

Example: $200,000 EBITDA × 5x multiple = $1,000,000 valuation

Revenue Multiple The quick-and-dirty method, less reliable but useful for benchmarking. Current multiples: 0.43x-0.75x gross revenue.

Example: $1,000,000 revenue × 0.6x = $600,000 valuation

What’s Typically Included (and Excluded)

Valuation multiples usually apply to the operating business—not necessarily everything you own. Clarify these items early:

Often included in the sale:

Often handled separately:

The “valuation” number and your “cash at closing” number can differ significantly once these items are sorted out.

For a deeper dive into valuation methods, see our complete optometric practice valuation guide. You can also use our EBITDA impact calculator to model how operational improvements affect your multiple.

What Moves You Up (or Down) the Multiple Range

Higher multiples go to practices with:

Lower multiples hit practices with:

The uncomfortable truth: buyers don’t just buy revenue. They buy a business that works. The more your practice depends on you personally, the less it’s worth to someone else.

The 3 Types of Buyers (And What Each Will Pay)

Understanding who might buy your practice helps you prepare for what they’ll want to see.

Individual OD Buyer

Who they are: Often a younger optometrist looking to own rather than associate. May be relocating to your area or expanding from a first practice.

What they pay: Typically at or below market multiples (2x-3x SDE). They’re buying a job as much as a business, so they scrutinize cash flow carefully.

What they want: Reasonable price, seller financing options, smooth transition, staff retention, patient continuity.

Pros: More likely to maintain your practice culture. May offer favorable terms like longer transitions.

Cons: Limited capital. May need seller financing. Longer due diligence.

Private Equity / DSO Buyer

Who they are: Investment firms building platforms of optometry practices through DSOs (Dental/Doctor Service Organizations) or MSOs (Management Service Organizations). These structures allow PE firms to invest in healthcare practices while complying with state corporate practice laws. Currently, dozens of PE firms are actively acquiring in eye care.

What they pay: Premium multiples for the right practices—sometimes 6x-8x EBITDA or 100%+ of gross revenue for PE-ready practices.

What they want: Scale potential, strong EBITDA margins, multiple revenue streams, experienced staff, systems that can replicate across locations.

Pros: Higher purchase prices. Professional transaction process. Often offer equity rollover.

Cons: Culture changes likely. Operational control shifts to corporate. May require you to stay on for 2-3 years.

Strategic Acquirer

Who they are: Another optometry group or DSO expanding into your market. Could be a regional competitor or a practice in an adjacent area.

What they pay: Variable—depends on strategic value. Sometimes pay premiums for market access.

What they want: Geographic expansion, patient base, elimination of competition, staff and talent acquisition.

Pros: May understand your market and culture better. Could offer partnership structures.

Cons: May consolidate your location. Staff changes possible.

Private Equity in Optometry: The 2025 Acquirer Landscape

Private equity has transformed optometry transactions. If you’re considering selling to PE, know the players.

The Major PE-Backed Acquirers in 2025

AcquirerFocus
MyEyeDrNational MSO platform; one of the largest optometry consolidators
AEG VisionMulti-specialty eye care consolidation
EyeCare PartnersLarge-scale DSO with national footprint
Elevate EyecareMedical and retail optometry
Keplr VisionMedical optometry focus
EyeSouthRegional expansion, particularly Southeast
Eye Health AmericaRegional eye care platform

Note: The PE landscape changes frequently. Verify current activity and terms directly with any potential acquirer.

What PE Buyers Look For

PE firms aren’t just buying practices—they’re buying EBITDA that they can scale. They want:

The Reality Check

PE acquisitions have cooled from 2021 peaks. Higher interest rates and economic uncertainty mean PE firms are more selective. They’re still buying, but deals take longer and scrutiny is higher.

If you’re targeting a PE exit, start preparing 2-3 years out. The practices commanding premium multiples in 2025 built their operational foundations in 2022-2023.

For a real-world example, see how one 15-location DSO recovered $1.2M in annual revenue by fixing their intake operations before expansion. Our DSO integration playbook also covers how PE-backed groups standardize operations across locations.

The 1-3 Year Preparation Timeline

The best time to start preparing was three years ago. The second best time is now.

3+ Years Out: Foundation Building

1-2 Years Out: Optimization Phase

6-12 Months Out: Go-to-Market

The Critical Insight

Most sellers wait too long to start. By the time they’re burned out and ready to exit, they’re also too tired to optimize. The practice sells for less than it could have.

Start early. The improvements you make in years 1-2 don’t just help the sale—they make your practice more profitable and less stressful to run right now.

What Buyers Actually Look For in Due Diligence

Buyers will dig into everything. Here’s what moves the needle.

Financial Metrics They’ll Scrutinize

Operational Metrics That Signal Quality

If you’re not already tracking these metrics, our guide to building a KPI dashboard for multi-location intake shows exactly what to measure and how.

Documentation Buyers Expect

The practice with organized documentation closes faster and often at a better price. Chaos in due diligence makes buyers nervous—and nervous buyers either walk or reduce their offer.

How Operations Affect Your Valuation Multiple

Here’s what most sellers miss: the difference between a 2.5x and a 4x multiple often isn’t revenue or profit—it’s operations.

Buyers are acquiring a business, not a job. They need to believe the practice will perform after you leave. That means:

Intake and Phone Systems

How calls are handled signals operational maturity. Buyers ask:

A practice where calls go to voicemail and the owner personally handles complaints is worth less than one with professional intake operations, documented scripts, and trained staff.

This is exactly why practices that optimize intake operations before a sale often see significant valuation improvements. It’s not just about revenue—it’s about demonstrating that the business runs without the owner.

Documented Systems

Can someone else run your practice using your playbook? If the answer is “they’d have to shadow me for six months,” that’s a problem.

Buyers want:

Staff Independence

If your staff can’t function when you take a two-week vacation, buyers will notice. The practices that command premiums have:

Ready to see how your operations stack up? The intake systems, call handling, and patient communication processes are exactly what buyers scrutinize during due diligence. Schedule a free operational assessment to identify gaps that could affect your valuation—and fix them before you go to market.

Asset Sale vs Stock Sale: Tax Implications Explained

How you structure the sale dramatically affects your after-tax proceeds.

Asset Sale (More Common)

In an asset sale, you sell the individual assets of the practice—equipment, patient records, goodwill, non-compete—and the buyer starts a new entity.

Tax treatment for sellers:

Note: Tax rates and treatment vary by state. Some states have no income tax; others tax capital gains as ordinary income. Work with a CPA who understands your specific situation.

Buyer preference: High. Buyers like asset sales because they get a stepped-up basis (better depreciation) and avoid inheriting unknown liabilities.

Seller implication: Mixed—favorable treatment on goodwill but ordinary income on recapture and non-competes often results in higher overall tax.

Stock Sale

In a stock sale, you sell your ownership interest in the legal entity. The buyer acquires the company including all assets and liabilities.

Tax treatment for sellers:

Buyer preference: Low. Buyers inherit unknown liabilities and can’t step up asset basis.

Seller implication: Better tax treatment but harder to negotiate—buyers often discount price or require indemnification.

Quick Comparison

FactorAsset SaleStock Sale
Seller tax treatmentMixed (gains + ordinary income)Mostly capital gains
Buyer preferenceStrongWeak
Liability transferClean—stays with sellerFull—transfers to buyer
Typical structureMost commonLess common

The Negotiation

Because buyers prefer asset sales and sellers prefer stock sales, the structure becomes a negotiation point. Sellers sometimes accept asset structure in exchange for higher purchase price.

Work with a CPA who understands practice sales. The structure decision should happen early—not during final negotiations.

The 5 Costly Mistakes That Kill Deals

Based on what brokers, CPAs, and attorneys see repeatedly:

1. Valuing Based on Revenue, Not Operations

“My practice does $1.2M so it’s worth $1M.”

No. A $1.2M practice with 35% margins, documented systems, and growing patient count might sell for $900K+. The same revenue with 15% margins, owner-dependent operations, and declining patients might struggle to sell at all.

2. Suppressing Earnings Unintentionally

Every expense that’s not essential to operations suppresses your EBITDA—and your valuation. Common culprits:

Review expenses with a “buyer’s eye” 2 years before selling.

3. Not Tracking the Metrics Buyers Care About

If you can’t produce your capture rate, no-show rate, or patient retention numbers, buyers assume they’re bad. Lack of data signals lack of management sophistication.

4. Starting Too Late

Practices that come to market with “I need to sell in 6 months” get lower offers. There’s no time to fix problems, and buyers sense desperation.

5. Choosing the Wrong Buyer for the Wrong Reasons

The highest offer isn’t always the best deal. Consider:

Building Your Advisory Team

You need three key advisors—get them in place early.

Broker / M&A Advisor

A good broker who specializes in optometry practices will:

Broker fees typically run 8-12% of sale price for smaller practices, less for larger deals. Worth it for most sellers.

CPA / Tax Advisor

Your CPA should:

Ideally, find a CPA with healthcare practice transaction experience.

Attorney

Your attorney should:

Don’t use your general business attorney if they’ve never done a practice sale. The nuances matter.

Negotiating the Sale: What’s Actually Negotiable

Almost everything. The purchase price gets the attention, but these terms matter too:

Purchase Price and Terms

Transition Period

Non-Compete Provisions

Note: Non-compete enforceability varies dramatically by state. California largely prohibits them; other states enforce them strictly. The legal landscape is evolving—your attorney should advise on what’s enforceable in your jurisdiction.

Staff and Operations

Get everything in writing. Verbal assurances during negotiations don’t survive closing.

Post-Sale Options: Full Exit vs Stay On as Clinician

You have more options than “sell and walk away.”

Full Exit

You sell, complete a transition period (usually 6-12 months), and leave entirely. Best if you’re retiring or pursuing something completely different.

Sell and Stay as Employee

You sell the business but stay on as a practicing optometrist. The buyer handles all the business headaches; you just see patients.

Advantages: Steady income, no admin burden, continued patient relationships.

Considerations: You’re now an employee with a boss. Cultural fit matters enormously.

Partial Sale / Partnership

You sell a majority stake but retain minority ownership. Common with PE deals (equity rollover).

Advantages: Participate in future upside if the platform grows. Stay involved in decisions.

Considerations: Your money is tied up until a future exit event. Less control than before.

Your Exit Strategy Checklist

Use this as a starting point for your preparation:

2-3 Years Before Sale:

1-2 Years Before Sale:

6-12 Months Before Sale:

At Closing:

The Bottom Line

Selling your optometry practice is likely the largest financial transaction of your career. The difference between a good outcome and a great one often comes down to preparation, timing, and operations.

Start earlier than you think you need to. Document more than you think matters. And remember: buyers aren’t just buying your revenue. They’re buying a business that works without you.

The practices that sell for premium multiples in 2025-2026 are the ones that look transferable, predictable, and professionally operated. If your practice depends entirely on you—for patient relationships, for daily decisions, for answering the phones—that’s the first thing to fix.

Wondering how your intake operations would look to a buyer? Book a discovery call to see how MyBCAT can help you build more transferable, valuable operations—whether you’re selling next year or in ten.