Why George wishes he had called MHA sooner
George's last name and business are kept confidential at his request.
George and his partner had just opened a third clinic in the Northeast when he decided they needed outside guidance to keep quality high. Three years with MHA later, EBITDA is up about a third, the bench of leaders is deeper and a fourth clinic came through acquisition. His only regret is the wait.
George on working with MHA
“The only thing that I wish I did sooner was reach out to them. I feel like having that knowledge a little sooner probably would have advanced the practice a little further along than where it is now.”
What three years with MHA were worth
Calculated from MHA's Outside-In Assessment valuation in early 2023 and MHA's current estimate of the business's value on run-rate EBITDA, against every fee paid to MHA for consulting and acquisition support. Dollar figures are kept private.
Growing, and wanting to keep quality up
George and his partner built a physical therapy group that also offers occupational therapy, athletic performance and medical massage. In 2022 they had just opened a third clinic.
“I just remember having that feeling like, if we really want to keep quality up, I think we need a little bit of help for the next steps.”
Acquirers had also started to show interest. George was not ready for an exit, but he did not want a future transaction to be the first time he went through the process.
The name kept coming up
George was active in APTA's Private Practice Section and in a peer-to-peer group of seven owners. Four of them already worked with MHA. He asked them questions, did his due diligence and spoke with Josh Meyers. He never seriously looked at another advisor.
“I'm a big believer in not having to reinvent the wheel. There's people that are a lot smarter than me that have done this already.”
Peers who had been there
Friends in his peer group used MHA and raved about the work. That carried more weight than any pitch.
You don't know what you don't know
Taking the next step meant getting professional guidance on what he couldn't see from inside the business.
A fresh set of eyes
“We're all inherently biased in our own ways.” An outside view would show what was working and what could improve.
Would the return be worth the price?
George was not fearful going in. His one question was the same one every owner asks: would the return on the investment justify the fee? Talking with colleagues who were clients, and with Josh, settled it. If it wasn't a fit, he and his partner could step back, so the risk felt small.
“Things landed so much better than I would have expected.”
Three years of building the business
Outside-In Assessment
Early 2023: an outside view of the business, how acquirers would value it, and where it could improve.
KPIs, dialed in
George is a numbers person who thought his reporting was detailed. MHA showed him the KPIs he wasn't tracking yet.
Fuller schedules
More of the clinics' capacity turned into visits.
Billing and revenue per visit
Billing is now nearly perfect, and revenue per visit is optimized.
Stronger marketing
A steadier flow of new patients into the clinics.
Emerging Leaders
Two cohorts of the team have been through MHA's Emerging Leaders program.
A fourth clinic
MHA guided the acquisition of a two-therapist clinic nearby, closed in October 2026. “We wouldn't have known what we were doing without you guys.”
Acquirer conversations
When acquirers reached out, MHA helped George understand and weigh each one.
“Josh is our guy”
MHA's Josh Meyers has worked with George every month since December 2023, from KPI reviews to one-off reports George asks for along the way.
“He's such a professional person. He's super intelligent. I really like his positive attitude all the time. I probably ask him so many extra things to do, and he's always happy to go above and beyond.”
From a third clinic to a fourth
Third clinic
Growth brings the feeling that the next steps need outside help.
Assessment
The Outside-In Assessment shows how acquirers would value the business.
Consulting
Monthly consulting with Josh Meyers begins: KPIs, scheduling, billing, marketing.
Building leaders
Two cohorts through the Emerging Leaders program.
Fourth clinic
A two-therapist clinic nearby is acquired, with MHA guiding the process.
What George would tell an owner in his shoes
A conversation is free
“It doesn't cost anything to have a conversation. Pick up the phone.”
Talk to MHA's clients
Do your due diligence. Ask owners who have worked with Paul Martin and his team.
Don't wait as long as he did
Whether the goal is better day-to-day operations or an exit strategy, you'd be surprised how much you can improve.
A real client engagement, kept confidential at George's request. Quotes are from George's interview with MHA, lightly edited for length.
About George and MHA
Who is this case study about?
George, who co-owns a multi-site physical therapy group in the Northeast with his partner. His last name and business are kept confidential at his request.
How did George find Martin Healthcare Advisors?
Through his peer-to-peer group in APTA's Private Practice Section. Four of the seven owners in the group already worked with MHA, and the name kept coming up.
What return did George get on working with MHA?
About 16 times his investment. From the Outside-In Assessment in early 2023 to today's run rate, EBITDA grew about 33% and the valuation multiple rose about 27%, so company value is about 1.7 times what it was. That added value is about 16 times everything he has paid MHA, including consulting and acquisition support.
What has MHA helped the business with?
An Outside-In Assessment, monthly consulting since December 2023, fuller schedules, near-perfect billing, optimized revenue per visit, stronger marketing, two cohorts through the Emerging Leaders program, and the acquisition of a two-therapist clinic that closed in October 2026.
Is the business being sold?
Not today. Acquirers have shown interest, and George wanted to learn the process with MHA first, so a future exit would not be his first time through it.
Who is George's MHA advisor?
Josh Meyers. “Josh is our guy,” George says.
What don't you know about your business yet?
Marlton, NJ 08053