Med-Spa Acquisition and SBA Underwriting Model – Excel XLSX

BENEFITS OF THIS DOWNLOADABLE EXCEL DOCUMENT

1. Revenue is built from injector productivity, the recurring membership book and skincare retail at their own margins, so SDE comes out of a provider mix you can change rather than a single assumed number.
2. Adjusted EBITDA is struck after a manager, a CPOM medical-director fee and the injector who replaces the owner's own production, and the resulting 1.23x true DSCR is printed beside the 2.17x naive one.
3. The down-case prices the sector's main risk: if the key injector leaves and the clientele follows, DSCR falls to 0.83x, while membership-book coverage shows what the recurring revenue carries on its own.

SALON & SPA EXCEL DESCRIPTION

Med-Spa Acquisition and SBA Underwriting Model is an Excel template (XLSX) with a supplemental PDF document available for immediate download upon purchase.

This is a lender-ready acquisition model for a single-location medical aesthetics practice, written for a buyer financing the purchase with an SBA 7(a) loan.

The valuation error it intercepts sits in the broker's add-back sheet. Two real costs are usually missing from the seller's P&L. First, under corporate-practice-of-medicine rules a non-physician buyer must contract a medical director; if the seller was an MD, that line, roughly $30,000 to $60,000 a year, simply does not appear in the historical numbers. Second, the owner is usually the top injector, so a buyer who does not inject has to re-hire that chair. Neither cost is optional after closing, and both come straight out of the earnings you are paying a multiple on.

The engine builds revenue bottom-up from the providers: FTE injectors times revenue per provider, plus the recurring membership book (members times annual fee) and skincare retail, each carried at its own gross margin, with a support-to-provider ratio and a total-revenue-per-provider capacity check. Gross profit and SDE fall out of that mix rather than being assumed. The model then deducts a manager, the medical director and the owner-injector production replacement to reach Adjusted EBITDA, and prints the true DSCR of 1.23x on the base case directly next to the naive broker-style DSCR of 2.17x. The gap is the dual add-back, and it is what separates a financeable med-spa from one that looks strong on paper and gets declined.

Financing is modelled as a full SBA 7(a) capital stack: buyer equity, a seller note with a full-standby versus amortizing toggle that moves DSCR from declined to bankable, and the loan. The DSCR and debt sheet also shows debt yield and the membership-book coverage, about 204% of debt service, so you can see how much of the payment the recurring book alone carries. A down-case prices the sector's principal risk honestly: when the key injector walks and the clientele follows, DSCR falls to 0.83x.

Sheets include START HERE, the med-spa revenue engine, SDE and valuation, sources and uses, the SBA stack, DSCR and debt, a five-year P&L, returns and exit, a dashboard with a DSCR bankability grid across price and rate, and a benchmarks and sources tab carrying the range behind every assumption. A three-way profile toggle (Balanced Med-Spa, Injectables-Heavy, Membership-Forward) reloads margins, multiple, working capital and capex. A 23-page PDF guide is included. The workbook is 10 sheets, machine-verified by 62 automated checks across three engines, and runs in Excel and Google Sheets with no macros.

What the model does not claim: SDE margin is held at a realistic 30% and Adjusted EBITDA at about 14.5% after the dual add-back; single sites are priced at roughly 2.5x SDE, and the platform roll-up's 7x to 12x is not presented as your return. No IRR is headlined, because on one small deal it depends on the exit multiple. CPOM and medical-director rules vary by state; confirm your structure with healthcare counsel. Educational planning tool, not financial, legal, tax or investment advice.

Source: Best Practices in Salon & Spa, Integrated Financial Model Excel: Med-Spa Acquisition and SBA Underwriting Model Excel (XLSX) Spreadsheet, ProformaWorks