Expert Optometry Practice
Valuation Services
A practice valuation is not a number — it is an argument. Lumina Medical Capital constructs the defensible, buyer-committee-ready valuation report that commands institutional multiples in the Arizona optometry acquisition market.
Intelligence Report — Node 02
Why Valuation Quality Determines Transaction Outcome
Lumina Medical Capital has observed a consistent pattern across hundreds of Arizona optometry transactions: the practices that transact at the highest multiples are not necessarily the most profitable. They are the practices whose value was most precisely and persuasively documented before the buyer's capital committee ever opened the file.
A retail broker's practice estimate — derived from a revenue multiple applied to gross collections — is not a valuation. It is an opening position that a sophisticated institutional buyer will systematically dismantle during due diligence. The result is valuation erosion: the gap between what an OD believed their practice was worth and what the buyer's underwriting team will actually fund.
Lumina's valuation methodology eliminates this gap. We construct the analysis from the same analytical framework a DSO, private equity fund, or institutional lender uses to evaluate the acquisition — which means the number we deliver is the number that survives due diligence intact.
Methodology Architecture
Three Valuation Methodologies. One Defensible Conclusion.
Lumina applies all three recognized healthcare practice valuation approaches and triangulates them against Maricopa County transaction comparables. The result is not an estimate — it is a position.
Value Architecture
The Twelve Variables That Determine Your Multiple
Optometry practice valuation is not a single-variable equation. The EBITDA multiple applied to your practice is the composite product of twelve weighted variables — each of which Lumina quantifies, benchmarks, and presents within the valuation report.
Understanding where your practice scores on these dimensions — and which variables can be improved before going to market — is the difference between transacting at 5.5x and transacting at 8.2x.
What every Lumina institutional valuation report contains — and why each component matters to a buyer's capital committee.
Owner add-backs, one-time adjustments, and EBITDA reconstruction
Benchmark against Scottsdale corridor peers
Closed AZ optometry transactions, adjusted for comparability
Current replacement cost vs. book vs. FMV by instrument
Value range across 4.5x–9.5x EBITDA with variable assumptions
Three capital structures ranked by seller net proceeds at close
Specific actions ranked by ROI impact on exit multiple
Strategic Timing
When to Commission a Practice Valuation
The most costly mistake in practice transitions is treating valuation as a transaction prerequisite rather than a strategic instrument.
The Value Enhancement Baseline
Commission a valuation now to identify exactly which variables are suppressing your multiple. A 24-month value enhancement program — hiring an associate, adding OCT billing, renegotiating the lease — can add $400K–$1.2M to your eventual transaction value. You cannot optimize what you have not measured.
The Pre-Market Valuation
Establishes your negotiating position before buyer engagement begins. Defines the floor below which you will not transact. Allows time to address identified discount factors before the practice is exposed to the market. This is the most commonly deployed Lumina engagement.
The Counter-Intelligence Valuation
When a DSO or PE platform makes an unsolicited acquisition inquiry, they have already completed their internal valuation of your practice. You are negotiating blind without yours. Commission a Lumina valuation before you enter any discussion — before any LOI, before any NDA.
The Neutral Arbitration Valuation
When partners disagree on practice value — whether in a planned buyout or contested dissolution — an independent institutional valuation by Lumina provides the defensible, methodology-documented conclusion that prevents litigation and enables structured resolution.
Know the Number.
Own the Negotiation.
The OD who enters a transaction without an institutional valuation is negotiating against a buyer who has one. Lumina equalizes that asymmetry — with a report that holds up under the scrutiny of any capital committee in the DSO or PE acquisition universe.
Initialize Practice Equity Assessment →10-business-day delivery. Institutional NDA. No obligations.