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Nationwide · Sell-Side M&A
The single biggest variable in selling a medical or aesthetic practice is not your revenue. It is the state you operate in. Corporate-practice-of-medicine law decides who can own the entity, who can collect the fees, and how the deal must be built. Those rules change at every state line, and they can move your value as much as your earnings do. We map them in every market we serve and structure the sale around the rules instead of around the buyer.
Start with a confidential, two-minute read on where you stand.
Why Geography Sets the Deal
A med spa doing the same revenue can be a clean direct sale in one state and a structured, multi-entity transaction in the next. The reason is corporate-practice-of-medicine law. In strict states a non-physician buyer cannot own the clinical practice at all, so the deal runs through a physician-owned professional corporation paired with a management services organization. In permissive states a buyer can often take direct ownership, and the compliance hook sits somewhere else entirely. The owner who knows which rules apply, and gets the structure right before going to market, transacts faster and holds value. The owner who does not invites re-trading and discounts. Below, find your state and the one fact that changes everything about how your sale has to be built.
In strict states only a physician-owned professional corporation can own the clinical practice. In permissive states a non-physician or private equity buyer can frequently take direct ownership. That answer is set by your state, not by your deal.
The friendly-PC and MSO wrap exists because of state law. Where it is required, a buyer pays for a management-fee stream and the durability of the PC relationship, not a clean equity purchase. That changes price and timeline.
Some states codify the ban in statute. Others build it from case law or leave the doctrine ambiguous. Knowing which kind of state you are in is the difference between a clean close and a deal that unwinds.
We represent owners, never buyers. There is no other side of the table for us to protect. The same discipline applies in every state: map the rules, build the structure, run a confidential process, and negotiate for you.
Find Your State
Each state hub explains that market's real differentiator and how it shapes a sale. AmSpa's State of the Medical Spa Industry report publishes a national total of 10,488 US med spas but no state-by-state breakdown or ranking, so each hub cites verifiable population, metro, and provider-depth context instead of an uncitable state-level med spa count.
One of the strictest corporate-practice regimes in the country, and two new 2026 laws, SB 351 and AB 1415, just reset how a practice changes hands. You do not sell the practice, you structure access to it.
Most populous US state
California sell-side →The corporate-practice ban is codified in the Texas Medical Practice Act, Occupations Code Chapter 151. Non-physicians cannot own the practice, employ physicians for clinical care, or collect medical fees.
2nd-most populous US state
Texas sell-side →No formal corporate-practice-of-medicine doctrine, so a non-physician or private equity buyer can frequently take direct ownership. The real compliance hook is the Health Care Clinic Act, not ownership.
3rd-most populous US state
Florida sell-side →Among the most strictly enforced corporate-practice states. A non-physician cannot own the practice or profit directly from running it, so you sell the management company, not the clinical practice.
4th-most populous US state
New York sell-side →The rule that sets your deal is case law, not a statute. The Arizona Supreme Court built the doctrine, and its core holding is that only a person, not a corporation, can hold a license to practice.
Fast-growing Sun Belt market
Arizona sell-side →Corporate practice of medicine has been enforced here since the Illinois Supreme Court's 1935 Allison decision. A physician, or a physician-owned corporation, must be the sole owner of a medical facility in the state.
6th-most populous US state
Illinois sell-side →Georgia removed its explicit statutory ban in 1982, and the Georgia Supreme Court's Sherrer v. Hale decision that same year signaled a possible surviving common-law restriction that no higher court has re-decided since. The doctrine is ambiguous, not abolished.
8th-most populous US state
Georgia sell-side →Corporate practice is enforced. The treating practice must be a professional corporation or PLLC owned by North Carolina-licensed physicians, so a non-physician buyer cannot own it directly.
9th-most populous US state
North Carolina sell-side →Prohibits corporate practice and treats med spa and aesthetic services as the practice of medicine, so a med spa is a medical practice under the same rule. Ownership is limited to licensed professionals.
Most densely populated US state
New Jersey sell-side →Follows the doctrine through the Colorado Medical Practice Act at Title 12, Article 240, where practicing in collaboration with an unlicensed entity, rather than a professional service corporation, is unprofessional conduct.
High dermatologist concentration (BLS)
Colorado sell-side →The doctrine bars a non-healthcare-provider from owning a business that practices medicine, so only a Nevada-physician-owned professional corporation can own the practice. Las Vegas tourism drives demand well beyond what the state's population alone would suggest.
Las Vegas tourism-driven market
Nevada sell-side →The corporate-practice ban is implied and built from case law, not one express statute. Courts created the doctrine in Morelli v. Ehsan and Washington Imaging Services. Only a physician-owned PC can hold the clinical license.
Seattle-anchored market
Washington sell-side →Recognizes the corporate practice of medicine through case law rooted in Neill v. Gimbel Brothers (1938), not a single statute. A sale is structured through the captive-PC and MSO pathway rather than blocked outright.
Philadelphia + Pittsburgh anchor markets
Pennsylvania sell-side →Anchored by Nashville, the nation's healthcare-operations capital: a 72.1 billion dollar annual healthcare industry with more than 900 healthcare companies in Middle Tennessee, per the Nashville Health Care Council.
Nashville healthcare-capital market
Tennessee sell-side →Each teaser summarizes what that state hub explains in full. State law on the corporate practice of medicine changes and, in California, just changed for 2026, so treat each hub as current guidance and confirm the structure for your specific deal in a confidential review. Population and metro figures are US Census Bureau estimates; AmSpa's State of the Medical Spa Industry report publishes national med spa totals only, with no state-by-state breakdown or ranking.
By-State Sale FAQ
The single biggest variable in selling a medical or aesthetic practice is not your revenue. It is the state you operate in. Corporate-practice-of-medicine law decides who can own the entity, who can collect the fees, and how the deal must be built. In strict states only a physician-owned professional corporation can own the clinical practice, so the deal runs through a friendly-PC and management services organization structure. In permissive states a non-physician or private equity buyer can frequently take direct ownership. Those rules change at every state line, and they can move your value as much as your earnings do.
Fourteen states: California, Texas, Florida, New York, Arizona, Illinois, Georgia, North Carolina, New Jersey, Colorado, Nevada, Washington, Pennsylvania, and Tennessee. Each state hub explains that market’s real differentiator, whether it comes from a statute, from case law, or from an ambiguous doctrine, and how it shapes a sale. If you would rather start from your specialty than your state, we also cover medical spas, cosmetic dermatology, and plastic surgery.
It is the legal doctrine that decides whether a non-physician can own a medical or aesthetic practice, employ physicians for clinical care, or collect fees generated by the practice of medicine. Some states codify the ban in statute. Others build it from case law, and a few leave the doctrine ambiguous. Where the ban applies, a non-physician buyer cannot own the clinical practice at all, so the deal runs through a physician-owned professional corporation paired with a management services organization instead of a direct purchase of the clinical entity.
No. There is no published state-specific sale multiple for any of the fourteen states we cover, and we will not invent one for yours. What we use instead is the national vertical range for your practice type, the same range published on our medical spa, cosmetic dermatology, and plastic surgery hubs, then we explain how your state’s rules move structure and value. Your real number comes from a confidential, practice-specific analysis.
Confidential by default. We represent owners, never buyers, so there is no other side of the table for us to protect. Your details and any report we share are released only under mutual confidentiality, and never published.
Think by Specialty Instead?
State law sets how your deal must be built. Your vertical sets what drives the value inside that structure. If you would rather start from your specialty than your state, these hubs cover the economics that move a med spa, a cosmetic dermatology practice, or a plastic surgery practice, then pair them with the state rules above.
How recurring and membership revenue, provider capacity, and key-person risk set a med spa's value, ready to pair with your state's structure work.
Med spa sell-side →Where national derm consolidators are most active, and how a cosmetic dermatology practice is valued for sale.
Cosmetic derm sell-side →The valuation and deal-structure work for a surgical aesthetic practice, mapped to your state's corporate-practice rules.
Plastic surgery sell-side →By Metro
State law sets how your deal must be built. Inside the largest markets, local buyer activity is what moves a sale. These metro pages name who is buying right now and how a sale is structured in each city, then tie back to the state rules above.
City deal activity plus the local enforcement reality every seller faces.
Selling in New York City →California’s largest aesthetic demand market, and who is consolidating it.
Selling in Los Angeles →Our home market in La Jolla, and the verified buyers active here.
Selling in San Diego →Three PE platforms consolidating the Bay Area. Who, and how a sale is built.
Selling in San Francisco Bay Area →The Newport Beach and Irvine corridor, and the KKR-backed buyer here.
Selling in Orange County →Capital-region deal activity, mapped to California structure.
Selling in Sacramento →Florida’s most active aesthetic deal market, and how a Miami sale is built.
Selling in Miami →The Tampa Bay market, and the verified buyer active here.
Selling in Tampa →Central Florida deal activity, mapped to Florida structure.
Selling in Orlando →Northeast Florida buyer activity and how a sale is built.
Selling in Jacksonville →Broward County, distinct from Miami, and who is buying here.
Selling in Fort Lauderdale →The deepest verified buyer set in Texas, mapped to MSO structure.
Selling in Dallas-Fort Worth →The Texas Medical Center market and its market-leadership pool.
Selling in Houston →South Texas deal activity, mapped to MSO and friendly-PC structure.
Selling in San Antonio →The fastest-growing Texas metro, with verified platform and consolidator activity.
Selling in Austin →Illinois’ dominant aesthetic market, under strict corporate-practice rules.
Selling in Chicago →The nation’s highest per-capita density tier, and who is buying.
Selling in Phoenix and Scottsdale →Southern Arizona deal activity, distinct from Phoenix and Scottsdale.
Selling in Tucson →Georgia’s Buckhead and Sandy Springs corridor, and how a sale is built.
Selling in Atlanta →Front Range deal activity and how a Colorado sale is structured.
Selling in Denver →Puget Sound deal activity, mapped to Washington structure.
Selling in Seattle →Charlotte deal activity and how a North Carolina sale is built.
Selling in Charlotte →The national per-capita density leader, and the buyers in Clark County.
Selling in Las Vegas →
Who you work with
Bill Walker founded Aesthetic Brokers after leading mergers and acquisitions for a large private-equity-backed healthcare services organization. Before that he flew for the Marine Corps at the Presidential Helicopter Squadron and commanded a squadron in combat. He knows how an investor values a practice, and how to make sure that value lands with you, not the buyer.
Talk with Bill about your practiceStart with a confidential, two-minute read on where you stand.