How Penn Therapy Associates' founder sold after 41 years and got his time back
Mark Reitz, PT, built Penn Therapy Associates in the Philadelphia suburbs over four decades. In his late 60s, with the business on a plateau he had chosen, he wanted to retire while he was still young enough to enjoy it. MHA guided him to a sale to JAG Physical Therapy in June 2025.
Mark on working with MHA
“Josh made the process as simple as possible. I think the fact that he's a PT was very, very helpful. He understood where I was coming from.”
A plateau he chose, and a life he wanted back
Mark founded Penn Therapy Associates in Broomall in 1984 and reformed it in Havertown in 1999, building an orthopedic practice known for neck and back care. By the time he started thinking about a transition, he had made a deliberate choice: he no longer had the time, energy or desire to keep growing the business, and he did not need the extra income.
“If your business becomes stagnant, it's going to begin to fail. It was time to do something to change things so the business did not die on the vine.”
He was in his late 60s. He wanted to travel, spend more time with his grandchildren and enjoy retirement while he was still healthy enough to do it. A business on a plateau, his age and his family all pointed the same way.
One talk at PPS, then a long conversation
Mark knew of Paul Martin for years as a fellow Philadelphia-area name, but the two had never met. When Mark started asking himself how long he would stay in business, he attended Paul's talk at the APTA Private Practice (PPS) conference and stayed afterward. By the end of that conversation he was ready to make the call.
“What made me choose to work with Martin Healthcare Advisors was the impression I got that Paul could work with businesses of all different sizes. From my small practice to a 10 to 15 practice business, I felt he could work with any business size.”
He did not speak with any other advisors or buyers before working with MHA.
The people who built it with him
“My employees were everything to me. I couldn't have been as successful as I was without them.”
His team
Mark wanted a buyer who would take care of the therapists and front office who had carried the practice for years.
His right hand
His office manager, Kathy, was essential to getting through the process. Every owner going through a sale needs that right-hand person, he says.
His time
Retire while still healthy and young enough to travel and be with his grandkids, not years from now.
Overwhelming at first, then a system
The first impression was the volume. MHA's Josh Meyers asked for a lot of information, and at first it felt like too much. Once Mark and Kathy put a process in place, it was not difficult.
“I am not a computer expert, and Josh taught me how to use spreadsheets. Just across the board, Josh made the process as simple as possible.”
Josh, a physical therapist himself, worked with Mark day to day alongside Joe Anzur. Mark's words for Josh: helpful and patient. “Kudos to Josh and Joe.”
From first call to a closed transaction
First conversation
Mark hears Paul Martin speak and stays afterward to talk.
Engagement
Valuation discussion and engagement with MHA.
Calculation of value
MHA shows Mark what Penn Therapy Associates is worth to acquirers.
Process and diligence
Josh and Joe run the process. Due diligence reaches back through 30 years of records.
Sale
Penn Therapy Associates is acquired by JAG Physical Therapy.
Close to the number, and a different week
“Financially, I thought we ended up pretty close to what I was hoping for.”
Before, Mark was up at 6:30 five days a week for an 8 o'clock first patient, fitting workouts in after work. Now he wakes up when he wants, spends at least two hours in the gym three mornings a week, gets things done around the house and spends a lot more time with his grandchildren.
“There is really no comparison what my week looks like now versus before I started this process. It's night and day.”
What Mark would tell an owner in his shoes
Gather your paper now
Every record, every contract, every document you have ever signed. Mark had to find things from 30 years back. He found them all, but start early.
Have a right-hand person
A trusted office manager turns an overwhelming information request into a manageable process.
Pick an advisor who fits
Mark chose MHA because it works with practices of every size, from a small two-clinic practice to a 15-clinic group.
A real client engagement. Quotes are from Mark Reitz's interview with MHA, lightly edited for length. See the Penn Therapy Associates transaction.
About the Penn Therapy Associates transaction
Who acquired Penn Therapy Associates?
JAG Physical Therapy. The sale was announced on June 16, 2025. Martin Healthcare Advisors was the exclusive financial advisor to founder Mark Reitz, PT.
Where is Penn Therapy Associates?
Havertown, Pennsylvania, in the greater Philadelphia area. Mark founded the practice in Broomall in 1984 and reformed it in Havertown in 1999. It had two clinics at the time of the sale.
Why did Mark decide to sell?
The business had plateaued by his choice, and he was in his late 60s. He wanted to retire, travel and spend more time with his grandchildren while he was still healthy enough to enjoy it.
How did Mark find MHA?
He attended a talk Paul Martin gave at the APTA Private Practice (PPS) conference and stayed afterward for a long conversation. He did not speak with any other advisors or buyers before working with MHA.
Who worked with Mark day to day?
Josh Meyers, a physical therapist himself, guided Mark through the process with Joe Anzur. Mark describes Josh as helpful and patient.
What advice does Mark give other owners?
Start early on your records. Gather every contract and every document you have ever signed, because due diligence will ask for them.
What would your week look like after a sale?
