2025 wasn’t business as usual in optometry M&A. Markets change. Buyer appetites shift. Multiples move.
And, the practices that are well-run, financially clean, and operationally mature remain valuable, regardless of timing.
That’s why this episode is perfectly timed for the start of 2026.
Eugene is joined by Anne Kavanagh (Founder & Managing Director) and Jason Preator (Managing Partner) from Kavanagh Consulting, two people who have seen more optometry practice transactions than almost anyone in the industry over the last decade. Their perspective is based on real deals, real outcomes, and patterns that repeat year after year.
Anne and Jason explain how the buyer landscape has evolved, who is actively acquiring practices right now, and how buyers are evaluating risk, structure, and long-term profitability.
A major theme is valuation reality and how to prepare now to get the most out of your practice and answer, “Is my practice worth what I think it’s worth?”
Multiples still exist, but the conversation has matured: what matters is not the headline number, it’s how buyers define EBITDA, what they adjust, and what that means for your true payout. Some offers can look strong on paper while quietly shifting value away from the seller through structure and assumptions.
Eugene presses into what owners can do now (well before going to market) to increase enterprise value. Anne and Jason share the operational and financial levers buyers reward most: consistency, scalability, reduced key-person dependency, and a business that performs predictably without constant owner intervention.
If you want a clear view of the optometry transaction landscape heading into 2026 (and the practical actions that protect and increase your practice’s value) this episode is essential viewing.
Key Takeaways
- The 2025 Shift: What changed in deal volume, buyer behavior, and valuation dynamics heading into 2026.
- Who’s Buying Practices Now: How private equity and strategic buyers are approaching acquisitions, and why OD-to-OD deals are structurally different.
- Why Multiples Can Mislead: How EBITDA adjustments and deal structure can change the real value of an offer.
- What Buyers Pay More For: Learn the factors that reduce risk and increase enterprise value in today’s market.
- How to Increase Enterprise Value: The steps practice owners can take now to strengthen profitability, stability, and long-term optionality.
In This Episode
- 00:00 | Introduction
- 03:10 | Meet Anne Kavanagh & Jason Preator
- 05:05 | Who’s Buying Practices Right Now
- 09:05 | What Buyers Want Most
- 12:26 | Multiples Softened: What Valuations Look Like Now
- 14:20 | Why Some Buyers Paused
- 15:05 | Earnouts, Employment Terms & Control After Selling
- 18:45 | Life After Selling: What Actually Changes Operationally
- 25:15 | How EBITDA Adjustments Change The Real Offer
- 30:28 | Why More Owners Are Selling Younger
- 33:40 | Why Fewer Younger ODs Are Buying
- 38:46 | How to Increase Enterprise Value Before Selling
- 43:10 | Performance Metrics That Raise Valuation
- 53:35 | Final Advice
Contact Information
Connect with Anne Kavanagh
Anne Kavanagh is a managing member at Kavanaugh Consulting, LLC, an independent consulting and advisory company based in New York City. She specializes in M&A advice, business development, and strategic planning for healthcare and optical companies. Anne spent 20 years on Wall Street and served as the Head of Healthcare Investment Banking at Paine Webber and President and CEO of NatWest Securities.
- Website: https://kavanaghconsulting.net/
Connect with Jason Preator
Jason Preator has over 20 years of progressive financial and business development experience. Most recently, he held several executive leadership positions at Essilor of America, including his role as a member of its executive committee as well as overseeing its finance, sourcing and procurement, and merger and acquisitions functions. In addition to Preator’s Essilor and vision care industry experience, he has held several leadership positions during his 10 years within the hospitality field as well as various roles at PricewaterhouseCoopers within their advisory, audit and assurance, and transaction services groups.
- Website: https://kavanaghconsulting.net/
Connect with Eugene Shatsman (Managing Partner, NSG)
Website – https://www.eugeneshatsman.com/
LinkedIn – https://www.linkedin.com/in/eugeneshatsman