Optometry Practice Acquisition & SBA Underwriting Financial Model — Capture Rate, Managed-Care Haircut, Owner-OD Add-Back, DSCR (Excel + Google Sheets)

Buy an optometry practice and underwrite it the way an SBA lender actually will — not the way the broker's retail-list sheet wants you to. This is a lender-ready acquisition model for a single-location optometry practice, built around the two things that decide an optometry deal: how much the practice actually collects after managed vision care (not what it lists at retail), and what it costs to replace the seller's own exam chair once you own it.

Optical is where the money is — and the capture rate is the dial. Revenue is built bottom-up from two engines. The exam chairs (FTE optometrists times exams per OD times a professional fee), and — the part no exam-only template has — the optical dispensary, sized by how many exam patients buy eyewear in-house (the capture rate) times an average ticket, plus a contact-lens attach. Optical is ~58% of revenue on the base case, and it is where the margin lives.

The step every other template skips: retail-list is not collected revenue. The model bridges gross retail-list revenue to net collected revenue through the managed-vision-care haircut — VSP / EyeMed reimburse materials and exams well below retail (a $400 frame allowed ~$170). On the base case the practice lists $2.10M but collects $1.78M — an 85% net capture ratio. Underwrite the retail-list a broker quotes and you overpay the whole managed-care haircut.

The honesty-killer: the owner-OD production replacement. The owner is usually a producing optometrist. If you (or your buyer) don't examine, you must re-hire that chair with an associate OD — on top of a practice-manager salary. The model deducts BOTH to reach Adjusted EBITDA and shows the TRUE DSCR (1.48x on the base case) right next to the NAIVE broker-style DSCR (2.32x). The gap is the seller's own exam production — exactly what separates a financeable optometry deal from one that looks great on the broker's sheet and gets repriced at the bank.

What you get:

• Optometry Revenue Engine — the exam chairs (OD productivity), the optical dispensary sized by capture rate and ticket, the contact-lens attach, and the managed-care write-down bridge with a live net capture ratio, an optical-share and recurring-exam-recall split, and a support-to-OD capacity check.
• SDE & Valuation — Gross Profit from per-line margins on net revenue, SDE, the owner-OD production replacement, Adjusted EBITDA and the price at your SDE multiple (with the implied % of revenue and EBITDA 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, exam-recall coverage (~405% of debt service), and a down-case DSCR of 0.91x under a mid-teens optical-erosion shock (patients buy glasses and contacts online — Warby Parker, 1-800 Contacts, Zenni) — the sector's #1 structural 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 — General Optometric / Balanced, Boutique / Premium Optical (private-pay, higher net capture ratio), Medical / Managed-Care Volume reloads the managed-care share & haircut, margins, multiple, working capital and capex.
• 23-page PDF user guide + a Benchmarks & Sources tab with every assumption's range and source.

Honest by design. SDE margin held at a realistic ~28% of net revenue (not inflated); independents priced at ~2.35x SDE (~67% of revenue) — the platform consolidator's 10-14x EBITDA is NOT sold as your return; the optical that drives the profit is shown as the line most exposed to online eyewear; and no IRR is headlined, because on one small deal it is hostage to the exit multiple. Machine-verified: 65 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. Verify the seller's tax returns, production & collections reports, the managed-care mix, associate employment agreements and your SBA term sheet before relying on any number.