Optometry Practice Acquisition & SBA Underwriting Financial Model (Excel + Google Sheets)

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

Optical is where the money is, and the capture rate is the dial. Revenue is built bottom-up from the exam chairs (FTE optometrists x exams x a professional fee) and 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 about 58% of revenue on the base case, and where the margin lives.
The managed-care write-down bridge takes gross retail-list revenue to net collected revenue: VSP and EyeMed reimburse materials and exams well below retail, so the practice lists 2.10M but collects 1.78M - an 85% net capture ratio. Underwrite the retail-list and you overpay the whole haircut.

The owner-OD production replacement deducts an associate OD to cover the seller's chair, on top of a manager, and shows the TRUE DSCR (1.48x) next to the broker-style NAIVE DSCR (2.32x). Includes a 3-part SBA 7(a) capital stack, a DSCR gate, exam-recall coverage, an optical-erosion down-case (0.91x), a 3-way profile toggle, a 23-page PDF guide and a sourced benchmarks tab. 10 sheets, machine-verified across 3 engines, Excel + Google Sheets, no macros. Educational planning tool, not financial advice.