Looking for advice from a non-licensed operator of wellness clinics (Acupuncture/Chiro/Med-Spa)

searcher profile

January 15, 2026

by a searcher from INSEAD in Seattle, WA, USA

Searchfund community — I’m based in WA State and looking at acquiring wellness clinics (acupuncture, chiropractic, naturopathic, and medspa) using an MSO model as a non-licensed operator. Would love perspectives and insights on: • Structuring PC/PLLC + MSO to stay clearly compliant in WA State? • Economics: What MSO fee approaches are working in practice (e.g., fixed FMV admin fees, cost-plus, per-service pricing) while avoiding fee-splitting concerns? • Valuation: What multiples are you seeing/underwriting for 2026–2027 (by specialty if possible)? • Exit paths: Most realistic exits (strategic/MSO platform, PE add-on, recap, etc.) and what buyers care about most? If you’ve done deals in WA or west coast states with tighter regulations, I’d greatly appreciate a quick reply or DM. Thanks!
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commentor profile
Reply by an intermediary
from Gonzaga University in Lake Stevens, WA, USA
I know 2 licensed owners, 1 is Eastern Washington well established and the other is North of Seattle and is a start up less than 1 year in biz. Both have made a notable comment; the industry is quickly becoming crowded. Both are self managed, with physician etc. in place. MSO info from them may not be useful. The established group will talk with you however they charge (figured out lots of people looking for their secret sauce). Send me a private message or email at redacted if you would like to be connected.
commentor profile
Reply by an admin
from Massachusetts Institute of Technology in Portland, OR, USA
^redacted might be able to help ^redacted‌ with Wellness.
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