M&A Advisor for Ophthalmology Practice Owners: 2026 Sell-Side Guide

By Christoph Totter, Managing Partner, CT Acquisitions. Last reviewed: July 2026.

An M&A advisor for ophthalmology practice owners runs a targeted sell-side process into the small pool of private equity-backed eye care management services organizations (MSOs) and strategic consolidators that would credibly close on a lower-middle-market cataract, retina, or comprehensive ophthalmology group in 2026. The advisor prepares a defensible quality-of-earnings package, segregates professional medical revenue from optical dispensary and ambulatory surgery center (ASC) revenue for corporate practice of medicine (CPOM) compliance, and drives a competitive process among named buyers including EyeCare Partners (backed by Partners Group), MyEyeDr (backed by Goldman Sachs Merchant Banking), Retina Consultants of America (backed by Webster Equity Partners), Acuity Eyecare Group (backed by Riata Capital), and American Vision Partners (backed by H.I.G. Capital).

Executive summary

Ophthalmology has been one of the most consolidated physician specialties in United States private equity since 2017, with tracked platforms measured by PCPCC / Private Equity Stakeholder Project and academic work by JAMA Ophthalmology (Chen et al., 2020) . Named ophthalmology MSO platforms include EyeCare Partners ( Partners Group, 2019 ), MyEyeDr ( Goldman Sachs Merchant Banking, 2019 ), Retina Consultants of America ( Webster Equity Partners ), Acuity Eyecare.

• Ophthalmology has been one of the most consolidated physician specialties in United States private equity since 2017, with tracked platforms measured by PCPCC / Private Equity Stakeholder Project and academic work by JAMA Ophthalmology (Chen et al., 2020).
• Named ophthalmology MSO platforms include EyeCare Partners (Partners Group, 2019), MyEyeDr (Goldman Sachs Merchant Banking, 2019), Retina Consultants of America (Webster Equity Partners), Acuity Eyecare Group (Riata Capital), and American Vision Partners (H.I.G. Capital).
• Deal multiples for ophthalmology MSO transactions would not be publicly disclosed on most transactions because these are private-to-private LMM deals, per general PE reporting standards described by PitchBook Q4 2024 Healthcare Services Report.
• Revenue-mix segregation matters: professional medical fees, ASC facility fees, optical dispensary sales, and refractive cash-pay each carry different buyer treatment and different multiple bands, per American Academy of Ophthalmology practice management commentary.
• State CPOM statutes govern the MSO structure and vary materially: California, Texas, and New York impose the most restrictive frameworks per American Bar Association Health eSource.
• Medicare Physician Fee Schedule reimbursement for cataract surgery (CPT 66984) declined in nominal terms from 2010 to 2024 per CMS Physician Fee Schedule, which would compress professional-fee EBITDA absent volume growth or subspecialty mix.
• The FTC non-compete rule was blocked nationwide by Ryan LLC v. FTC (N.D. Tex., Aug 2024), so physician non-competes in an ophthalmology sale would remain governed by state law in 2026.

Key findings

Named PE-backed ophthalmology and vision MSOs actively acquiring in 2026 include EyeCare Partners, MyEyeDr, Retina Consultants of America, Acuity Eyecare Group, and American Vision Partners ( Partners Group ; Goldman Sachs ; Webster Equity ; Riata Capital ; H.I.G. Capital ). Buyer preferences segment sharply between comprehensive-plus-optical retail platforms (MyEyeDr, EyeCare Partners, Acuity) and subspecialty-focused platforms such as retina (Retina Consultants of America) per public platform descriptions on the sponsor.

1. Named PE-backed ophthalmology and vision MSOs actively acquiring in 2026 include EyeCare Partners, MyEyeDr, Retina Consultants of America, Acuity Eyecare Group, and American Vision Partners (Partners Group; Goldman Sachs; Webster Equity; Riata Capital; H.I.G. Capital).
2. Buyer preferences segment sharply between comprehensive-plus-optical retail platforms (MyEyeDr, EyeCare Partners, Acuity) and subspecialty-focused platforms such as retina (Retina Consultants of America) per public platform descriptions on the sponsor sites cited above and analysis by Provident Healthcare Partners.
3. Multiples on ophthalmology MSO transactions would not be publicly reported because deals close as private-to-private LMM add-ons, per PitchBook Q4 2024 Healthcare Services and Bain Global Healthcare Private Equity Report 2025.
4. Optical dispensary revenue mix commands a different multiple than professional medical fee revenue because it is retail rather than clinical, per practice-management commentary in Review of Optometric Business and AAO consolidation reporting.
5. ASC ownership would typically be treated as a separate deal component with its own multiple, per Becker’s ASC reporting on ophthalmology ASC transactions.
6. State CPOM enforcement varies materially, with California, New York, and Texas among the most restrictive, per American Bar Association Health eSource.
7. The Corporate Transparency Act beneficial ownership reporting regime was reinstated in stages during 2025 per FinCEN BOI guidance, so any newly formed MSO friendly-PC structure would carry BOI obligations at closing.
8. Cataract surgery is Medicare Part B reimbursement dependent; refractive surgery is cash-pay per CMS Physician Fee Schedule and AAO EyeNet.
9. Qualified Small Business Stock (QSBS) treatment under IRC Section 1202 was expanded by the One Big Beautiful Bill Act to a $15 million per-issuer lifetime cap and reduced holding-period tiers per IRS OBBBA guidance, which would meaningfully affect after-tax proceeds for founding physician-owners with corporate stock basis.
10. The federal non-compete rule was vacated nationwide by Ryan LLC v. FTC (N.D. Tex., Aug 2024), so physician non-competes at closing would be governed by state law, with California, Minnesota, North Dakota, and Oklahoma imposing the strictest limits per state statute.

What an M&A advisor for an ophthalmology practice actually does

An M&A advisor for an ophthalmology practice owner acts as the sell-side quarterback: pre-diligence packaging, quality-of-earnings coordination, buyer outreach to the named vision MSO and specialty PE universe, negotiation of the letter of intent and definitive agreement, and management of the physician rollover, escrow, and CPOM-compliant closing…

An M&A advisor for an ophthalmology practice owner acts as the sell-side quarterback: pre-diligence packaging, quality-of-earnings coordination, buyer outreach to the named vision MSO and specialty PE universe, negotiation of the letter of intent and definitive agreement, and management of the physician rollover, escrow, and CPOM-compliant closing structure. The advisor would run a competitive process rather than a bilateral negotiation because ophthalmology has enough named consolidators to sustain real tension.

Sell-side scope

Scope on a full sell-side engagement would include normalization of the professional medical fee revenue line, segregation of ASC facility fees, optical dispensary retail revenue, refractive cash-pay revenue, and premium-IOL add-ons. Each revenue line carries a different buyer treatment because retail optical revenue would typically clear at a lower multiple than professional medical revenue in a management services structure, per practice-management commentary from Provident Healthcare Partners.

Buyer universe curation

Buyer universe curation would include the five named vision MSO platforms above, plus subspecialty platforms (retina, glaucoma), plus a curated set of independent PE sponsors that would enter the vertical through a platform acquisition. CT Acquisitions maintains a proprietary buyer list of 100 plus vetted institutional buyers for lower-middle-market health services and would layer that against the vision-specific universe (CT Acquisitions M&A Advisory).

Structure and tax coordination

Structure and tax coordination on an ophthalmology deal would include friendly-PC / MSO mechanics for CPOM states, physician rollover equity design, ASC minority carve-out treatment, and QSBS analysis under the expanded Section 1202 cap per IRS OBBBA. The advisor coordinates with the seller’s tax counsel and health care counsel rather than replacing them.

Ophthalmology M&A multiples by size band

Publicly disclosed ophthalmology MSO multiples are limited because most transactions close as private-to-private LMM add-ons, per PitchBook Q4 2024 Healthcare Services . The table below reports generalized specialty physician services ranges that would appear in published PE and healthcare investment banking commentary, not asserted ophthalmology-specific multiples. A concrete valuation would come from a buyer indication of interest, not from a range. Practice size (Adjusted EBITDA) Typical buyer type Generalized specialty-physician.

Publicly disclosed ophthalmology MSO multiples are limited because most transactions close as private-to-private LMM add-ons, per PitchBook Q4 2024 Healthcare Services. The table below reports generalized specialty physician services ranges that would appear in published PE and healthcare investment banking commentary, not asserted ophthalmology-specific multiples. A concrete valuation would come from a buyer indication of interest, not from a range.

Practice size (Adjusted EBITDA)	Typical buyer type	Generalized specialty-physician EBITDA range (indicative, not ophthalmology-specific)	Source framing
Below $1M EBITDA	Regional add-on to existing MSO	Would typically clear in the low single-digit to mid single-digit range for add-ons	Physician services PE reporting per PitchBook
$1M-$3M EBITDA	Add-on to national vision MSO	Would typically clear at mid single-digit multiples with rollover	Physician services PE reporting per PitchBook
$3M-$10M EBITDA	Sub-platform or bolt-on to platform	Would typically clear in the mid-to-high single-digit range for physician services platforms	Physician services PE reporting per PitchBook and Bain Healthcare PE 2025
$10M+ EBITDA	Platform investment or MSO expansion	Would typically command double-digit platform multiples if operating scale and clinician recruitment are proven	Physician services PE reporting per PitchBook and Bain Healthcare PE 2025

These ranges are indicative for physician services generally. Ophthalmology-specific transaction data is not systematically published. Blending optical dispensary retail revenue, ASC facility revenue, and professional medical revenue into a single multiple would be a category error, and this guide keeps them separate.

What moves the multiple for an ophthalmology practice

Subspecialty mix. Retina, glaucoma, and cornea would carry premium versus general comprehensive ophthalmology because reimbursement per encounter is higher and clinician replacement risk is greater, per AAO EyeNet commentary. ASC ownership and utilization. Practice-owned or majority-owned ASCs with strong cataract volume would be treated as a separate high-multiple revenue line, per Becker’s ASC reporting. Optical dispensary mix. Optical retail is non-medical revenue and would carry a lower blended multiple than.

1. Subspecialty mix. Retina, glaucoma, and cornea would carry premium versus general comprehensive ophthalmology because reimbursement per encounter is higher and clinician replacement risk is greater, per AAO EyeNet commentary.
2. ASC ownership and utilization. Practice-owned or majority-owned ASCs with strong cataract volume would be treated as a separate high-multiple revenue line, per Becker’s ASC reporting.
3. Optical dispensary mix. Optical retail is non-medical revenue and would carry a lower blended multiple than professional medical fees, but generates cash and captive-patient economics, per Review of Optometric Business.
4. Premium IOL and refractive cash-pay mix. Cash-pay procedures (premium intraocular lenses, LASIK, PRK, SMILE) would command higher unit margins than Medicare-reimbursed cataract procedures per AAO EyeNet.
5. Physician bench depth and W-2 associate ratio. Buyers would pay more for practices that would not rely on a single retiring surgeon, per Provident Healthcare Partners commentary on physician services PE.
6. Payer mix. Higher Medicare and Medicare Advantage exposure would compress multiples relative to a commercial-heavy practice, given the CMS Physician Fee Schedule trajectory per CMS.
7. Referral network durability. Retina and glaucoma practices depend on referrals from optometrists and comprehensive ophthalmologists; buyers would model referral concentration risk.
8. Geographic density. Practices in states or MSAs where the target platform already operates would draw platform interest for synergies; practices in new geographies would draw platform interest for expansion.
9. CPOM structure clean-up. A pre-built friendly-PC or MSO structure that is CPOM-compliant would materially reduce buyer legal spend and speed close, per ABA Health eSource.
10. Real estate treatment. Owned real estate would typically be carved out at fair-market rent; buyers do not want to buy the building at the practice multiple.
11. Quality of earnings defensibility. A pre-completed sell-side QoE would preserve multiple through diligence; see CT quality of earnings deep dive.
12. Physician rollover appetite. Buyers would pay more when the founding surgeon commits to a 20-30% rollover with a 3-5 year post-close commitment.
13. EHR maturity. Practices on modern integrated EHR-PM platforms would face lower diligence risk than paper-and-legacy practices.
14. Compliance history. Any historical OIG, Stark, or Anti-Kickback exposure would materially compress multiples, per HHS OIG published enforcement trends.
15. Non-compete enforceability by state. Post Ryan v. FTC, state non-compete enforceability would drive buyer confidence in retaining physicians.

Active PE-backed buyers of ophthalmology practices in 2026

The named universe of vision and ophthalmology-focused MSO platforms in 2026 is small, concentrated, and public. Each platform below is a real, verifiable entity with its sponsor disclosed.

The named universe of vision and ophthalmology-focused MSO platforms in 2026 is small, concentrated, and public. Each platform below is a real, verifiable entity with its sponsor disclosed.

EyeCare Partners (Partners Group)

EyeCare Partners is a national vision services platform acquired by Partners Group in 2019. The platform combines comprehensive ophthalmology, retina, glaucoma, and optometry with an optical retail footprint.

MyEyeDr (Goldman Sachs Merchant Banking)

MyEyeDr is an optometry-anchored vision retail platform acquired by Goldman Sachs Merchant Banking in 2019. Its acquisition profile skews to optometry with optical dispensary, not comprehensive ophthalmology.

Retina Consultants of America (Webster Equity Partners)

Retina Consultants of America is a subspecialty retina platform backed by Webster Equity Partners. RCA is the leading example of a subspecialty-only ophthalmology consolidator, with a focus on retina medical and surgical practices.

Acuity Eyecare Group (Riata Capital)

Acuity Eyecare Group is a vision retail and eye care platform backed by Riata Capital Group. The platform includes optometry and optical retail.

American Vision Partners (H.I.G. Capital)

American Vision Partners is a Southwest-focused comprehensive ophthalmology MSO backed by H.I.G. Capital. AVP has been active in cataract, refractive, and comprehensive ophthalmology.

Other buyer categories

Beyond the five named platforms above, additional buyer categories that would evaluate an ophthalmology add-on in 2026 would include regional physician-led consolidators, hospital systems seeking service-line acquisition, and independent PE sponsors positioning to enter the vertical through platform creation. Family offices would occasionally participate at the lower end, particularly where owner-alignment on fees and hold period matters (see family office vs PE buyer).

Boutique M&A advisors who specialize in ophthalmology and physician services

A short list of boutique M&A advisors have published, spoken, or been named in trade press on ophthalmology PE consolidation. This list names only advisors verifiable via published commentary or firm websites.

A short list of boutique M&A advisors have published, spoken, or been named in trade press on ophthalmology PE consolidation. This list names only advisors verifiable via published commentary or firm websites.

Provident Healthcare Partners

Provident Healthcare Partners is a healthcare-focused sell-side investment bank with published commentary on ophthalmology PE consolidation and physician services deal activity. The firm advises physician practice owners across specialties, including ophthalmology, on sell-side transactions.

VMG Health

VMG Health is a healthcare valuation, transaction advisory, and consulting firm active in physician services deals including eye care. VMG publishes valuation commentary on physician services and is regularly cited in healthcare M&A reporting.

Coker Group

Coker Group is a healthcare consulting and advisory firm that provides valuation and transaction services to physician-owned practices, including ophthalmology groups considering PE recapitalization.

CT Acquisitions positioning

CT Acquisitions is another lower-middle-market option specializing in the $1M to $50M enterprise value range for physician services sell-side engagements, including ophthalmology practices considering a sale to a named vision MSO or specialty PE platform. CT positions on owner-aligned fee structures (see M&A advisor fee structure) and maintains a proprietary buyer list of 100 plus vetted institutional buyers. Ophthalmology owners frequently benchmark CT alongside the named specialists above; the honest answer is that Provident, VMG, and Coker have longer specific-vertical track records, and CT competes on LMM sell-side execution discipline and fee alignment.

How the sell-side process works for an ophthalmology practice

The full sell-side timeline on an ophthalmology practice would run 6 to 9 months from engagement to close under normal conditions. The month-by-month sequence below reflects CT’s standard LMM sell-side execution, cross-referenced against the CT investment banking process .

The full sell-side timeline on an ophthalmology practice would run 6 to 9 months from engagement to close under normal conditions. The month-by-month sequence below reflects CT’s standard LMM sell-side execution, cross-referenced against the CT investment banking process.

Month 1: Pre-marketing preparation

Financial normalization, segregation of professional medical, ASC, optical, and refractive revenue, add-back schedule construction, and coordination of a sell-side quality of earnings. The advisor drafts the confidential information memorandum (CIM), teaser, and process letter. See sell-side QoE.

Month 2: Buyer outreach and NDA execution

Curated outreach to the five named vision MSO platforms, subspecialty platforms where relevant, and a defined universe of independent PE sponsors. NDAs are executed before the CIM is released. The advisor targets a first-round bid deadline 3 to 4 weeks after CIM release.

Month 3: First-round bids and management meetings

Indications of interest are received. The advisor debriefs the seller, selects a short list of 3 to 5 buyers, and organizes management presentations. Physician sellers should be prepared for questions on subspecialty mix, ASC governance, and physician retention.

Month 4: Second-round bids and LOI negotiation

Best-and-final bids are received and the letter of intent is negotiated. Key LOI terms include enterprise value, rollover percentage, escrow and holdback, exclusivity period, and CPOM-compliant deal structure. See LOI template for sellers.

Months 5-7: Confirmatory diligence and definitive agreement

Buyer conducts financial, tax, legal, regulatory, and clinical diligence. The advisor coordinates the seller’s diligence response and negotiates the stock purchase agreement or asset purchase agreement, employment and non-compete agreements for physician sellers, rollover subscription documents, and the friendly-PC / MSO documents. See due diligence checklist.

Month 8-9: Closing and post-close integration

Regulatory notices are filed where required, CTA beneficial ownership reports are filed per FinCEN BOI, and closing conditions are satisfied. Escrow and working-capital true-up are administered post-close. The advisor stays engaged through the first working-capital true-up and any earnout measurement periods.

Regulatory and structural mechanics for 2026

Corporate practice of medicine

Corporate practice of medicine (CPOM) doctrines vary by state and govern whether a non-physician entity would own a professional medical corporation directly. Ophthalmology deals in CPOM states would close through a friendly-PC / MSO structure in which the physician-owned professional entity contracts with a management services organization for administrative services. The American Bar Association Health eSource catalogs the state-by-state variation.

Optometry versus ophthalmology CPOM treatment

Some states apply CPOM to ophthalmology as physician practice but treat optometry differently. Optical dispensary (retail eyewear) is generally not subject to CPOM because it is not the practice of medicine. Buyers would treat these revenue lines with different corporate structures, per AAO practice management commentary.

Medicare Physician Fee Schedule trajectory

Cataract surgery (CPT 66984) reimbursement under the Medicare Physician Fee Schedule declined in nominal dollars from 2010 to 2024, and further modest adjustments would apply annually per CMS Physician Fee Schedule. Buyers would model MPFS trajectory against subspecialty mix.

ASC ownership rules

Ambulatory surgery center ownership and physician syndication are governed by Stark, Anti-Kickback, and safe-harbor rules per HHS OIG. Any ASC carve-out in a deal would receive independent structuring advice.

Non-compete enforceability

The FTC’s non-compete rule was blocked nationwide by Ryan LLC v. FTC (N.D. Tex., Aug 2024), so physician non-competes at closing would remain governed by state law. California, Minnesota, North Dakota, and Oklahoma impose the strictest limits. Physician-specific state carve-outs (such as Indiana’s HEA 1004 restrictions) apply in select states.

QSBS under OBBBA

The One Big Beautiful Bill Act expanded IRC Section 1202 QSBS treatment to a $15 million per-issuer lifetime cap with reduced holding-period tiers per IRS OBBBA guidance. Physician-owners whose practice is held through a C corporation would want QSBS analysis as part of pre-transaction planning.

CTA beneficial ownership reporting

Corporate Transparency Act beneficial ownership reporting was reinstated in stages during 2025 per FinCEN BOI guidance. Any newly formed MSO or friendly-PC entity in a 2026 close would carry BOI reporting obligations.

How to choose an M&A advisor for an ophthalmology practice

Named vertical experience. Ask for named ophthalmology or physician services engagements the advisor has closed, with size range and buyer type. Buyer list depth. Ask for the specific vision MSO and PE sponsor relationships. All five named platforms should appear. Fee structure. Compare retainer, monthly work fee, and success-fee scale. See M&A advisor fees 2026 and M&A advisor cost . Sell-side QoE approach. Confirm the advisor coordinates a pre-market QoE.

1. Named vertical experience. Ask for named ophthalmology or physician services engagements the advisor has closed, with size range and buyer type.
2. Buyer list depth. Ask for the specific vision MSO and PE sponsor relationships. All five named platforms should appear.
3. Fee structure. Compare retainer, monthly work fee, and success-fee scale. See M&A advisor fees 2026 and M&A advisor cost.
4. Sell-side QoE approach. Confirm the advisor coordinates a pre-market QoE and does not rely on the buyer’s post-LOI diligence to set the multiple.
5. CPOM competence. Confirm the advisor has coordinated friendly-PC / MSO structures with health care counsel across CPOM states.
6. Optical, ASC, and refractive segregation. Confirm the advisor understands the different multiple treatment for each revenue line.
7. Physician rollover mechanics. Confirm the advisor structures rollover equity terms that align physician incentives post-close.
8. Reference checks. Ask for two or three completed sell-side references, ideally physician-owner sellers, not just PE buyer references.
9. Post-LOI process. Confirm who runs diligence coordination day to day.
10. Advisor versus broker distinction. A broker would post listings and collect a success fee; an M&A advisor runs a targeted competitive process. See M&A advisor vs business broker.

Frequently asked questions

What multiple would an ophthalmology practice sell for in 2026?

Ophthalmology MSO transactions are private-to-private and multiples are not systematically publicly disclosed, per PitchBook Q4 2024 Healthcare Services. Generalized specialty-physician EBITDA ranges would place LMM add-ons in mid single-digit territory and platform-scale practices in double-digit territory. A concrete multiple would come from a buyer indication of interest, not from a published range.

Who are the PE-backed vision MSO platforms buying ophthalmology practices in 2026?

The named universe includes EyeCare Partners (Partners Group), MyEyeDr (Goldman Sachs Merchant Banking), Retina Consultants of America (Webster Equity Partners), Acuity Eyecare Group (Riata Capital), and American Vision Partners (H.I.G. Capital).

How is optical dispensary revenue treated in an ophthalmology sale?

Optical dispensary retail revenue would typically be segregated from professional medical revenue because it is retail rather than clinical, and would carry a lower multiple than professional fees but generate captive-patient economics and cash, per AAO commentary and Review of Optometric Business.

Does corporate practice of medicine block a PE sale of my ophthalmology practice?

No. CPOM does not block a sale. It governs the deal structure. In CPOM states, the deal would close through a friendly-PC / MSO structure in which the physician-owned professional entity remains physician-owned and contracts with a management services organization for administrative services, per ABA Health eSource.

How long does the sell-side process take for an ophthalmology practice?

A full sell-side process would typically run 6 to 9 months from engagement to close under normal conditions, split across pre-marketing preparation, buyer outreach, first-round and second-round bids, LOI negotiation, confirmatory diligence, definitive agreement, and closing.

Are physician non-competes enforceable after Ryan v. FTC?

The federal FTC non-compete rule was vacated nationwide by Ryan LLC v. FTC (N.D. Tex., Aug 2024), so physician non-competes at closing would remain governed by state law. California, Minnesota, North Dakota, and Oklahoma impose the strictest limits, and a handful of states have adopted physician-specific carve-outs. State-specific counsel would review enforceability during LOI negotiation.

What does an M&A advisor cost for an ophthalmology practice sale?

Typical structure would include a modest engagement retainer, a monthly work fee, and a success fee scaled to enterprise value at close. See M&A advisor fees 2026, M&A advisor retainer guide, and M&A advisor cost.

Should I hire a physician-services boutique or a generalist M&A advisor?

For ophthalmology, buyer relationships with the five named vision MSO platforms and CPOM structuring experience matter more than generic M&A volume. A boutique with published physician services commentary would generally outperform a generalist. See M&A advisor vs business broker for the advisor-versus-broker distinction.

Methodology and data sources

This guide draws on: PitchBook Q4 2024 Healthcare Services Report ; Bain Global Healthcare Private Equity Report 2025 ; JAMA Ophthalmology (Chen et al., 2020) ; PCPCC / Private Equity Stakeholder Project reporting; American Academy of Ophthalmology practice management ; AAO EyeNet ; CMS Physician Fee Schedule ; HHS OIG ; ABA Health eSource ; FinCEN…

This guide draws on: PitchBook Q4 2024 Healthcare Services Report; Bain Global Healthcare Private Equity Report 2025; JAMA Ophthalmology (Chen et al., 2020); PCPCC / Private Equity Stakeholder Project reporting; American Academy of Ophthalmology practice management; AAO EyeNet; CMS Physician Fee Schedule; HHS OIG; ABA Health eSource; FinCEN BOI guidance; IRS OBBBA guidance; FTC non-compete rule and Ryan LLC v. FTC; sponsor primary sources including Partners Group, Goldman Sachs, Webster Equity Partners, Riata Capital, and H.I.G. Capital; and boutique advisor commentary from Provident Healthcare Partners, VMG Health, and Coker Group. Related CT guides referenced include dermatology M&A multiples 2026, physical therapy M&A multiples 2026, and M&A advisor for dental practice.

This guide is not an appraisal, not investment advice, not legal advice, not tax advice, not financial advice, and not a prediction. All ranges are indicative and conditional. Ophthalmology practice owners considering a sale should engage qualified M&A, legal, tax, and health care regulatory advisors for their specific facts and circumstances. Named third-party firms are described neutrally and without endorsement.