What Is Your Practice Really Worth in 2026?

Most practice owners walk into a valuation conversation with a number already in their head — and that number is almost always wrong. Bill Walker breaks down the real math behind what an aesthetic practice is actually worth in 2026, starting with the gap between top-line revenue and the EBITDA buyers actually underwrite against. He walks through the hidden adjustments most owners forget: the fair market value of your own injector time, the way patient refunds silently drop straight to the bottom line, and the multiplier effect even a small EBITDA hit has on your total enterprise value. Then he covers the three ways practices get valued — discounted cash flow with a multiple, market comparables, and asset appraisal — and why owners who spent hundreds of thousands on equipment are often disappointed by what those assets actually return at sale. A “first to market” buyer premium in your metro can shift the number, too. Listen for how due diligence really works, why war-gaming your KPIs is the difference between a $3M and an $8M valuation on the same revenue, and the five gears every founder shifts through — including the two that come after you sign the deal. Questions answered by this episode: How much is a medical spa worth? How do you value an aesthetic practice? What multiple do med spas sell for? How do you calculate EBITDA for a medical practice? What are owner add-backs in a practice valuation? How does private equity value aesthetic practices? What happens during due diligence when selling a medical spa? How do you prepare a med spa to sell? When is the right time to sell an aesthetic practice? How do you increase the value of a medical spa before selling? HOST Bill Walker Founder & CEO, Aesthetic Brokers Bill Walker is the Founder & CEO of Aesthetic Brokers, where he leads transaction advisory for medical spas, cosmetic dermatology practices, and plastic surgery centers. Prior to founding Aesthetic Brokers, Bill led mergers & acquisitions for a large private equity-backed healthcare services organization, where he helped doctors unlock hundreds of millions of dollars in generational wealth. He is a nationally recognized speaker and thought leader in healthcare M&A. Bill began his career as a Marine Corps pilot, ultimately serving under two administrations at the Presidential Helicopter Squadron and commanding a squadron in combat. Follow Bill on Instagram @aestheticbrokers Connect with Bill on LinkedIn About Aesthetic Appeal Aesthetic Appeal is where Aesthetic Brokers brings you the latest insights straight from Southern California. We break down what’s happening in the medical aesthetics world—especially when it comes to private equity and transactions with mergers and acquisitions that matter to you as a practice owner. Learn more about Aesthetic Brokers Follow Aesthetic Brokers on Instagram @aestheticbrokers Theme music: Blinding, Cushy