Med-Spa / Medical Aesthetics Acquisition & SBA Underwriting Financial Model — Injector Productivity, Medical-Director & Owner Add-Backs, DSCR (Excel + Google Sheets)

Buy a med-spa and underwrite it the way an SBA lender actually will — not the way the broker's add-back sheet wants you to. This is a lender-ready acquisition model for a single-location medical aesthetics practice, built around the three things that decide a med-spa deal: how much the injectors produce, the recurring membership book you are really paying the multiple for, and the two costs the broker's sheet quietly leaves out.

The engine most templates skip. Revenue is built 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. Gross Profit and SDE fall out of the mix, not a guessed number.

The honesty-killer: a DUAL add-back a broker's sheet skips. First, under corporate-practice-of-medicine (CPOM) rules a non-physician buyer must contract a medical director — if the seller was an MD, that ~$30–60k/yr line is simply absent from their P&L. Second, the owner is usually the top injector; a non-injector buyer must re-hire that chair. The model deducts a manager, the medical director AND the owner-injector replacement to reach Adjusted EBITDA, and shows the TRUE DSCR (1.23x on the base case) right next to the NAIVE broker-style DSCR (2.17x). The gap is those two hidden add-backs — and it is exactly what separates a financeable med-spa deal from one that looks great on paper and gets declined.

What you get:

• Med-Spa Revenue Engine — injector productivity (providers x revenue/provider), the membership recurring book with a penetration lever, skincare retail, a support-to-provider ratio and a total-revenue-per-provider capacity check.
• SDE & Valuation — Gross Profit from per-line margins, SDE, the medical-director fee, the owner-injector production replacement, Adjusted EBITDA and the price at your SDE multiple.
• SBA 7(a) capital stack — buyer equity + seller note + loan, with a full-standby vs amortizing seller-note toggle that moves DSCR from declined to bankable.
• DSCR & Debt gate — the true DSCR, the naive DSCR, debt yield, the membership-book coverage (~204% of debt service), and a down-case DSCR of 0.83x when the key injector walks and the clientele follows — the sector's #1 risk, priced honestly.
• 5-year P&L, Returns & Exit, Dashboard — cash-on-cash, equity multiple, and a DSCR bankability grid across price and rate.
• 3-way profile toggle — Balanced Med-Spa / Injectables-Heavy / Membership-Forward reloads margins, multiple, working capital and capex.
• 23-page PDF user guide + a Benchmarks & Sources tab with every assumption's range.

Honest by design. SDE margin held at a realistic 30% and Adjusted EBITDA at ~14.5% after the dual add-back; single sites priced at a disciplined ~2.5x SDE (~4–7x EBITDA) — the platform roll-up's 7–12x is NOT sold as your return; the med-spa is shown to be the tightest-penciling of the acquisition niches precisely because of the two hidden costs; and no IRR is headlined, because on one small deal it is hostage to the exit multiple. Machine-verified: 62 automated checks across three engines, zero errors. Works in Excel and Google Sheets — no macros.

Educational planning tool, not financial, legal, tax or investment advice. CPOM / medical-director rules vary by state — confirm your structure with healthcare counsel. Verify the seller's tax returns, provider employment and non-compete agreements and your SBA term sheet before relying on any number.