Did you know that $1,400 laser treatment actually costs the owner half a million dollars in equipment?
Dr. Anna Chacon, a board-certified dermatologist and host of Skin Deep, sits down with Angela Baldasare, an experienced entrepreneur who successfully built and sold her med spa practice twice over 25 years. Baldasare brings unique insights from her journey starting with holistic medicine and organically expanding into aesthetics in central Florida. Her expertise in navigating two private equity exits provides invaluable perspective on the financial realities and business complexities of med spa ownership. What makes her story particularly compelling is her honest assessment that aspiring med spa owners should prioritize business passion over aesthetic passion.
This episode explores the harsh financial realities of med spa ownership, including the staggering $2-2.5 million startup costs and ongoing operational complexities. How do you know if you're ready for such a massive investment? Baldasare breaks down everything from laser equipment costs to employee management challenges, the competitive landscape changes, and the intricate sale process. She shares essential advice about maintaining meticulous financial records, understanding EBITDA valuations, and preparing for lengthy sale timelines. The conversation reveals why many aesthetic professionals should consider working for established practices rather than opening their own.
In This Episode:
- (00:00) Why Angela's answer to "should I start a med spa" surprises most people
- (06:23) Breaking down the $2-2.5 million investment needed to open a med spa properly
- (12:25) The gut-wrenching decision to sell after 25 years and calling it her "fourth child"
- (15:52) How private equity groups evaluate med spas and what they're really buying
- (19:45) Essential advice for med spa owners: begin with the end in mind from day one
- Share with a dermatology pro you know, like and subscribe to hear all of our future episodes!
About the show: Welcome to Skin Deep, a podcast designed for dermatology professionals. Host Dr. Anna Chacon, a distinguished dermatologist and author, shares her unique experiences and offers valuable insights on the future of dermatology, including telemedicine and teledermatology in reaching underserved communities. Dr. Chacon provides actionable recommendations for dermatology practices, emphasizing compassion, patient education, and staying current with advancements in the field.
About the host: Dr. Anna Chacon, board-certified dermatologist and founder of Indigenous Dermatology, specializes in treating patients in remote and rural communities. As the first dermatologist serving Alaska's Bush region, she travels by bush plane to reach isolated communities. Dr. Chacon holds medical licenses in all 50 states, DC, Guam, and the U.S. Virgin Islands, providing both in-person and teledermatology services.
Resources:
https://www.linkedin.com/in/angela-baldasare-1013466/
Website: www.drannachacon.com
Facebook: https://www.facebook.com/miamiderm
LinkedIn: https://www.linkedi...
Chapters
- (00:00:00) - Should I Start a Med Spa?
- (00:05:53) - How to start a Med Spa?
- (00:09:18) - How to start a med spa business with a business background
- (00:10:16) - How to Sell Your Med Spa
- (00:12:19) - Are Botox Med Spots Everywhere?
- (00:13:31) - The Private Equity Group That Sold My Home
- (00:14:29) - How to Sell Your Company for the Right Price
- (00:15:40) - When Did Private Equity Buy Your Business?
- (00:17:40) - What kind of issues did you have with employees
- (00:19:28) - 5 Essential Tips for Starting and Selling a Med Spa
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