Your group is worth 4x EBITDA today. Run on systems, the same business sells for 9x. We close that gap in 90 days.
For owners of 5 to 25 location medspas on Zenoti, Boulevard, or Mangomint. We find the $200K to $500K a year you're leaking, put the fixes in your team's hands week by week, and turn every fix into the paper trail a PE buyer pays a premium for. Your people run the business. We make sure it runs on systems.
Two minutes. Three numbers. The size of your gap.
Punch in your last 30 days. This is the same benchmark model a buyer's diligence team will run on you. Better you see the number first.
Where we'd start
Industry-benchmark modelEstimated recoverable revenue
$159Kto$285K/year
Based on AmSpa, Zenoti, Mindbody, and Marchex industry benchmarks. Range reflects 25-45% of total addressable gap. Your actuals depend on specific operations.
That's the annual leak. At a 7x multiple, it's also roughly the lift to your exit price.
And it's an estimate. Send us one CSV and we'll show you the exact number, broken down by location, provider, and day of week. Free.
Defaults: 15% no-show · 62% utilization · 48% rebooking (industry medians). Refine on the full calculator.
SUNDAY, 9:47 PM
You're in Excel again, hunting a number you already know is there.
Williamsburg is down. You can feel it. You just can't prove it without exporting the no-show data, crossing it against rebooking, and squinting at a pivot your booking system was never designed to build.
Here's the part that should bother you more than the lost Sunday: a PE associate will find that number in twenty minutes during diligence. And every month it sat unfixed, it wasn't just costing you revenue. It was proof, on paper, that the business runs on you instead of on systems.
That proof is the difference between a 4x offer and a 9x offer.
THE EXECUTION GAP
Finding the leaks was never the hard part. Fixing them, and proving they stay fixed, is.
Every multi-location operator we talk to already suspects where the money goes. No-shows at one location. A provider whose Tuesdays are half empty. Rebooking that died when a front desk lead left. The problem isn't awareness.
The problem is that nobody owns the fix. The deposit policy never gets written. The rebooking script never gets enforced. The number never gets checked the following Monday, so nobody knows if the fix worked, and by next quarter the leak is back and bigger.
Your booking software can't fix that. Another analysis can't fix that. A weekly cadence with a locked baseline, a named owner for every fix, and someone outside your building checking the numbers every Monday morning: that fixes it.
The three leaks we close first
No-show rate
23%vs10%
Industry-average no-show rate. A 5-location practice at $425/visit loses ~$40K/month to empty chairs.
Room utilization
62%vs80%
Median treatment-room utilization vs. top-decile operators. The gap is invisible without cross-location data.
Rebooking rate
48%vs68%
Industry median rebooking rate vs. top-quartile groups. A 20-point gap on $5M+ in visits is worth finding.
Benchmarks sourced from AmSpa, Mindbody Wellness Index, and Zenoti industry data. Typical values are the median of published ranges; top-performer values reflect top-decile or top-quartile operators.
THE EXIT MATH
Recovered revenue is the small win. The multiple is the big one.
A single-location medspa exits at 3 to 6x EBITDA. A multi-location group with centralized operations, consistent SOPs across sites, and a measurable operating cadence exits at 7 to 12x. Platform-quality groups clear 10 to 14x.
If you run $2M of EBITDA, the gap between "5 locations on Zenoti" and "5 locations run on systems" is roughly $10M of personal wealth at exit. PE buyers don't pay a premium for booking software. They pay a premium for proof the business runs without you in the room.
That proof doesn't come from a strategy document. It comes from a paper trail: a locked baseline, a fix log with owners and dates, weekly numbers showing each leak closed and staying closed, SOPs your managers actually follow. Everything the Exit Engine produces is built to sit in a data room. The same 90 days that recover $300K of leakage are the 90 days that move you from 5x to 9x when the buyer walks in.
Multiples sourced from Breakwater M&A 2026 valuations and FOCUS Investment Banking medspa deal flow.
Curious where you sit on the curve? The Exit Engine builds the paper trail that moves the number →
THE OFFER
One free look. One 90-day engine. One standing desk.
Step 1 of 3
$0
free, no commitment
The 48-Hour Leakage Map
You export one CSV from Zenoti, Boulevard, or Mangomint. We send back your Leakage Map in 48 hours: every dollar leak across every location, ranked by size, with the cause named. No call. No pitch. Yours to keep even if we never speak.
What's included:
- The Leakage Map, dollar-ranked by location, provider, and day of week
- Your numbers against the AmSpa median and top-quartile operators
- A 2-minute Loom from Jim walking your top 3 leaks
Step 2 of 3
$7,500 + 15%
base plus 15% of measured recovery. 90-day engagement. Performance fee only on dollars we can show against your locked baseline.
The Exit Engine
The working relationship. Your team executes. We run the system that makes sure execution actually happens and gets counted.
What's included:
- Locked baseline by location, provider, and day of week: first artifact in your data room
- Fix queue: every leak becomes a scheduled fix with a named owner on your team and a date
- Every fix written for you: deposit policy, rebooking script, provider schedule change, word for word
- Weekly Monday-9am numbers against baseline: what moved, what didn't, which location skipped
- Monthly recovered-revenue statement, measured against baseline
- Data room built as we go: fix log, SOPs, baseline, recovery statements
Step 3 of 3
$3,500
per month, group-wide. Available only after the Engine.
The Operator's Desk
The Engine ends. The cadence shouldn't. The Desk keeps the Monday numbers coming, the baseline current, and the data room warm.
What's included:
- Weekly numbers against baseline, every Monday by 9am
- Monthly 60-minute operating review with Jim
- Quarterly exit-readiness refresh: where you sit on the 3x-to-10x curve now
- Direct Slack channel, one-business-day response
Software charges you for dashboards. We charge a base to run the system and a percentage of what actually moves. If the number doesn't move, the percentage is zero.
THREE GUARANTEES, IN ORDER
The 48-Hour Promise
Free Map only. If your Leakage Map isn't in your inbox in 48 hours, you'll never get a follow-up email from us. The free tier is free.
The $50K Floor
Exit Engine only. If the locked baseline doesn't surface at least $50,000 per location in year-one recoverable revenue within the first 30 days, we refund the full $7,500 base and part ways. Every baseline goes through Jim personally, which is why we can make this promise.
The Zero-Movement Clause
Exit Engine only. The performance fee is 15% of measured recovery above your locked baseline. Measured means shown in your own booking data, month over month. If the number doesn't move, you owe nothing beyond the base.
Questions we hear every time
HOW THE FREE MAP WORKS
Three steps. 48 hours. Every leak ranked by size.
No integration. No demo call to unlock it. No software to learn.
Export the CSV in 5 minutes
We send you a 2-minute Loom showing exactly where the export button is in your booking system. Zenoti, Boulevard, Mangomint, or Mindbody. You install nothing. No API keys. No integration. Just a CSV.
Timeframe
5 minutes
From sending you the Loom to us having your CSV in hand.
SAMPLE MAP
Here's what your Leakage Map looks like
Dollar leaks ranked by location, provider, and day of week. Cause named per finding. Yours to keep after a 5-minute CSV export.
Leakage Map
Confidential - Prepared by Etienne Agency
Page 1 of 4
Illustrative sample
Total recoverable revenue identified
$74K
per month across 5 locations
Benchmark sources: AmSpa 2024 State of the Industry, Mindbody Wellness Index, Zenoti Medspa Report
Findings ranked by revenue impact
No-show rate at Williamsburg
$34K/mo
28% vs. 14% group benchmark. Deposit policy gap.
Utilization below 60% on 3 locations
$21K/mo
Tribeca, White Plains, and Midtown running under threshold.
Rebooking rate below 50%
$12K/mo
Industry leaders hit 65-70%. Post-visit follow-up gap.
Provider schedule gaps on Tuesdays
$7K/mo
Alex T. under 40% utilization for 3 consecutive weeks.
Pages 2-4 include root-cause analysis per finding, benchmark comparisons, and a prioritized fix queue.
SAMPLE
No integration required
A CSV export from your booking system is all we need. Nothing to install. No API access.
Benchmarked against real data
We compare your numbers to AmSpa, Mindbody, and Zenoti benchmarks for your market segment.
We do the analysis
You export the file. We rank every leak by size, name the cause, and hand you back a Leakage Map you can act on.
Jim Stephen
Founder & CEO
Etienne
A NOTE FROM THE FOUNDER
You'll talk to Jim. Every time.
I spent eight years selling revenue analytics to Fortune 500 retail and hospitality groups. President's Club, multiple years. The tools cost $400K a year and needed an in-house analyst to run. I started Etienne after my wife's medspa providers couldn't tell her which of their three locations was bleeding cash on a Tuesday, and the booking software they paid $40K a year for couldn't tell them either.
Here's what those eight years taught me: the analysis never saved anyone. The companies that recovered the money were the ones where somebody checked the number every single week and asked, out loud, why the fix hadn't shipped. That somebody is me. I lock the baseline, I write the fixes, I run the Monday numbers, and I'm the one asking your Williamsburg manager why the deposit policy isn't live yet.
When you hire Etienne, you hire me. Not an account manager, not a dashboard.
FREE LEAKAGE MAP
Start with the number. It's free and it's yours.
Enter your email. We send a 2-minute Loom showing the export, you reply with the CSV, and your Leakage Map lands in 48 hours. No call required. What you do with it after that is up to you.
What happens next
Submit your email
Enter your work email above. That's the only thing we ask right now.
We send a 2-min Loom
A short screen recording showing exactly how to export your booking data CSV from your software.
You email back the CSV
One file, one reply. Takes about 2 minutes on your end.
Leakage Map in 48 hours
Your Leakage Map lands in your inbox. Real numbers, real gaps, real fixes.
Optional: book 20 min with Jim
Walk through the Map live. Jim himself, no BDR, no pitch deck. You decide what to do next.