Looking for advice from a non-licensed operator of wellness clinics (Acupuncture/Chiro/Med-Spa)

Searchfund community — I’m based in WA State and looking at acquiring wellness clinics (acupuncture, chiropractic, naturopathic, and medspa) using an MSO model as a non-licensed operator. Would love perspectives and insights on: • Structuring PC/PLLC + MSO to stay clearly compliant in WA State? • Economics: What MSO fee approaches are working in practice (e.g., fixed FMV admin fees, cost-plus, per-service pricing) while avoiding fee-splitting concerns? • Valuation: What multiples are you seeing/underwriting for 2026–2027 (by specialty if possible)? • Exit paths: Most realistic exits (strategic/MSO platform, PE add-on, recap, etc.) and what buyers care about most? If you’ve done deals in WA or west coast states with tighter regulations, I’d greatly appreciate a quick reply or DM. Thanks!