Selling your optometry practice? Know what it is really worth.
Optometry is the healthcare vertical furthest along the PE consolidation curve after dentistry, with platforms like MyEyeDr and EyeCare Partners actively acquiring independent practices nationwide. The industry's dual revenue model — professional fees for eye exams and medical services plus retail revenue from optical product sales — creates a uniquely attractive economic profile. The expansion of optometric scope of practice in many states is increasing the medical revenue opportunity, and aging demographics guarantee growing demand.
PE-backed optometric management organizations like MyEyeDr and EyeCare Partners, ophthalmology practices adding referral feeders, individual ODs acquiring their first practice, and retail optical companies. The PE consolidation wave in optometry is mature and accelerating.
Optical revenue capture and medical optometry mix — a practice doing $1.5M+ with 40%+ from optical dispensing and a growing medical segment trades at the top. Refraction-only practices with no optical trade at the bottom.
Multiple ranges are directional and based on general market experience. Market multiples will vary based on your specific geography and market economics. Your valuation will include comparables that will establish your specific range of value.
The factors that push multiples to the top of the range.
Not all optometry / eye care businesses are created equal in the eyes of a buyer. The spread across the multiple range is enormous. Here is what separates the top from the bottom.
Optical capture rate and revenue
The percentage of exam patients who purchase glasses or contacts from your practice is the primary margin driver. Industry average is approximately 60%; top practices achieve 75–85%. A 10-point improvement in capture rate can add $200K+ to annual revenue.
Medical optometry services
Practices billing medical codes — dry eye treatment, myopia management, minor lid procedures — generate higher-margin revenue less susceptible to retail competition. Practices with 25%+ medical revenue are increasingly favored by PE buyers.
Vision plan participation vs independence
Major vision plans drive patient volume but at compressed margins. Practices that have strategically exited low-reimbursement plans while maintaining volume demonstrate pricing power. Practices 80%+ dependent on a single plan face margin risk.
Multi-doctor and associate capacity
Practices with 2+ producing ODs are worth more than solo practices. Associates provide scheduling flexibility, sub-specialty capability, and continuity risk mitigation. Practices where the owner can step out without revenue declining are the preferred acquisition targets.
Technology and diagnostic equipment
Current-generation OCT, retinal imaging, visual field, topography, and dry eye diagnostics enable higher medical billing and more complex patient care. Equipment age is scrutinized — a practice needing $200K in upgrades will see that reflected in the price.
Frame inventory and vendor relationships
Optical inventory typically represents $75K–$250K at retail. Practices with curated, current-season frame boards from desirable brands and favorable vendor terms are more valuable than those with stale inventory. Lab relationships and lens pricing also impact margin.
The deal structures owners need to know.
PE-backed MSO acquisitions
PE-backed MSO acquisitions dominate for practices above $500K EBITDA. The MSO acquires non-clinical assets and enters into a management services agreement with the professional entity. Purchase prices are 70–80% cash at close with 15–20% seller note or earnout. Sellers often retain rollover equity for a second bite when the platform recapitalizes.
Individual OD buyers
Individual ODs use SBA 7(a) financing with 10% equity. Frame inventory is purchased at wholesale outside the SBA loan. Equipment appraisals by specialized healthcare appraisers are standard. Seller transition periods of 6–12 months are typical — longer than most healthcare verticals.
Frame inventory at closing
Frame inventory is a significant closing item — typically purchased at wholesale cost outside the SBA loan and financed through vendor payment plans or separate inventory loans. Obsolete inventory is discounted 50–80% from wholesale in diligence.
State corporate practice laws
State corporate practice of optometry laws vary significantly and dictate deal structure. In restrictive states, MSO structures are required. In permissive states, direct practice purchases are possible. Vision plan contract terms and HIPAA compliance are key diligence items.
The value gap
Most optometry practice owners we work with are leaving $200K–$600K on the table by not optimizing their optical capture rate before selling. Moving from 60% to 75% capture adds over $200K in annual revenue on a busy practice — revenue that drops straight to the bottom line and multiplies at sale.
The wealth gap
An optometry practice doing $1.5M in revenue with $400K adjusted earnings at a 3.5× multiple walks away with $1.4M before taxes. After capital gains and transaction costs, that may be $1.05M. Is that your freedom number? The wealth gap is the distance between your exit proceeds and the life you want after.
The readiness gap
You built this practice one patient at a time. You know every patient's prescription history, frame preference, and family. That personal care built the practice — but it also makes it untransferable. If patients cannot be examined, fitted, and retained without you for 90 days, the readiness gap is open.
Questions owners actually ask.
What is my optometry practice worth? ▸
Optometry practices typically sell for 2.5–4.1× adjusted earnings. On $400K adjusted earnings, that is a range of $1.0M to $1.64M. Where you fall depends on optical capture rate, medical services mix, vision plan dependency, associate capacity, and equipment condition. A professional opinion of value gives you the real number.
Will a PE platform buy my single-location practice? ▸
Yes — platforms like MyEyeDr and EyeCare Partners actively acquire single locations. They look for practices doing $800K+ in collections with optical revenue and growth potential. The deal typically includes rollover equity, giving you a second payday when the platform recapitalizes — often yielding more than the initial purchase.
Should I drop VSP before selling? ▸
It depends on your patient mix. Dropping low-reimbursement vision plans can improve margins but may reduce patient volume. The strategic approach is to demonstrate that you can maintain or grow volume while exiting compressed plans. We help you model both scenarios with real numbers.
How important is my frame inventory? ▸
It matters. Current-season, well-curated inventory from desirable brands adds real value. Stale, outdated inventory is discounted 50–80% in diligence. Refreshing your frame board before selling — especially with favorable vendor exchange programs — is a relatively easy win.
What can I do in the next 12 months to increase my value? ▸
Three highest-impact moves: (1) Optimize your optical capture rate — train staff, curate frames, competitive pricing. (2) Add medical optometry services like dry eye treatment and myopia management. (3) Hire an associate OD so the practice generates revenue without you in the chair. These moves routinely add $200K–$500K to an optometry exit.
Know your number
We value your practice using real comps from completed optometry transactions — not generic formulas. You get a professional opinion of value with optical capture analysis, medical services assessment, frame inventory audit, and the earnings adjustments specific to eye care.
Grow your value
If you have runway, Value Growth coaching helps you optimize capture rates, add medical services, build associate capacity, and strategically manage vision plan participation. Each improvement moves your multiple.
Sell on your terms
When you are ready, we list the practice, screen and qualify buyers (PE platforms, ophthalmology groups, individual ODs), negotiate the deal structure, manage diligence including inventory audits, and sit at the closing table.
Know what your optometry practice is really worth.
The first step costs nothing. Tell us about your business and we will send a market intelligence brief specific to optometry in your geography in 24–48 hours. No forms to fight, no pitch attached.