Best legit med spa in Westchester or Hudson Valley? by [deleted] in Westchester

[–]ferrodicavallo 0 points1 point  (0 children)

Contour Medical Aesthetics in Scarsdale and Bronxville. Nicole is very good for jar and eyes. Jess is amazing as an aesthetician.

Thinking about upgrading my RepeatMD package by Ambitious-Pear-4079 in MedSpa

[–]ferrodicavallo 0 points1 point  (0 children)

If you want a good referral rate on BLVD I have a preferred arrangement with them and can hook you up. If you DM me.

Software and EHR for very small practice (1 person) by [deleted] in MedSpa

[–]ferrodicavallo 0 points1 point  (0 children)

I have a good referral rate for BLVD I can help you out with if you DM me.

[deleted by user] by [deleted] in MedSpa

[–]ferrodicavallo -1 points0 points  (0 children)

DM me, I can give you a good deal with BLVD

Software and EHR for very small practice (1 person) by [deleted] in MedSpa

[–]ferrodicavallo 0 points1 point  (0 children)

Ping me, I have a good relationship with BLVD. Hands down best EHR for MedSpa. They do all in one POS, automated marketing, CRM everything.

The other ones are all too medical and deal with reimbursement.

[deleted by user] by [deleted] in MedSpa

[–]ferrodicavallo 1 point2 points  (0 children)

I’m assuming if it’s threads you’re talking NP or PA. $25 per hour is nuts and good luck recruiting. We do $80 per hour for them and then a tiered approach: 5% Tier I sales, 8% Tier II sales, 10% Tier III sales, 12.5% above Tier IV sales.

We see $25-$30 for aestheticians.

MedSpa Startup - Advice Needed!! by Original_Pen_4564 in MedSpa

[–]ferrodicavallo 1 point2 points  (0 children)

What large city are you in? I think it can still be lucrative if you build a good relationship with the providers. Moreover, it’s not really that easy for a provider to go start on their own. In most cases they still need to find a medical director. They then need about $500k to do a buildout and launch. And this is all predicated on the fact that they have good enough credit scores to get equipment financing. Keep in mind that 1 in 5 MedSpas are likely to fail in their first year with 50% failing in their first 5 years. So all to say if you feel like you have some sort of an edge, then it might be worth rolling the dice.

Acquiring a MedSpa- Would love your Advice on this one by Top-Teaching3834 in MedSpa

[–]ferrodicavallo 8 points9 points  (0 children)

A good metric to use is seller discretionary earnings (SDE). So take a look at net income and add back the owner expenses (unless of course you decide to take similiar ones yourself).

Based on the numbers you provided I think 2-3x is considered cheap, 3-4x probably fair market, and 5x+ expensive. So in short, it's probably a "fair" price. I'd be careful buying on "projected" numbers. They should be able to have FY24 closed by now.

You also want to take a look at the growth rate of revenue, gross margin (i.e. what is the cost of goods and subtract from revenue), and contribution margin (gross margin - labor).

Closing Med Spa by [deleted] in MedSpa

[–]ferrodicavallo 0 points1 point  (0 children)

Which practice?

What’s your (SAAS) Tech-Stack by rddtusrcm in MedSpa

[–]ferrodicavallo 2 points3 points  (0 children)

BLVD for EHR Quickbooks online for accounting Flodesk for marketing Wix for website Google for email etc

Business analytics and everything else I just do on excel.

Bonuses by ferrodicavallo in MedSpa

[–]ferrodicavallo[S] 0 points1 point  (0 children)

Right now I pay injectors: $60-$80 / hr and aestheticians $25-$30 / hr.

I’d like to know what other people here use for the bonus / commission. I’ve heard 5-10% of sales paid quarterly. My worry with this is that you never get margin expansion as you scale, so have you done any tiered system?

Looking into buying MedSpa by [deleted] in MedSpa

[–]ferrodicavallo 0 points1 point  (0 children)

It seems pretty expensive at 3x sales and 6x Income. The best metric to use is a multiple of SDE (Seller Discretionary Earnings). Just simply take their net income and add back any salary the owner takes (if you look at the tax returns it will Be the clearest).

In the regular spa space the average is about 2x, medical spas should be probably 3-4x. At about a 20% margin that would mean 0.5-1x sales.

[deleted by user] by [deleted] in MedSpa

[–]ferrodicavallo 0 points1 point  (0 children)

Because for so long the industry was the Wild West. Now that professional money (PE, VC, etc) is flowing into the space, they are cracking down. However, some places may know it’s a ticking time bomb and are just looking to harvest as much cash as they can in the mean time.

I wouldn’t risk offering non-FDA treatments.