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Your biggest questions, answered honestly.

Explore our library of videos, guides and podcast episodes for real-world advice on valuing, selling and growing your physical therapy practice.

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Selling your practice

Should I sell my PT practice?

Three clocks and nine honest questions to tell you if now is the time.Read guide5 min read

Selling your practice

Reading the three clocks: market, practice, you

How do you know if now is the right time to transition your physical therapy business?Watch now2 min

Selling your practice

Is my PT practice ready to sell? The readiness signals we look for

How do you tell whether a physical therapy business and its owner are ready to transition?Watch now2 min

Selling your practice

What if my practice isn't profitable enough to transition yet?

What if your physical therapy business is not profitable enough to transition yet?Watch now1 min

Selling your practice

Your three paths for transitioning

What are your options for transitioning out of a physical therapy business?Watch now2 min

What is my PT practice worth?

EBITDA multiples by practice size, from 40 MHA transactions.Read guide4 min read

Who is acquiring PT practices and what are they paying?

Who is actively acquiring physical therapy businesses, and what are they paying?Watch now3 min

Who's buying PT practices right now

Who is acquiring physical therapy practices today, and what does it mean for you?Watch now2 min

Selling your practice

Who should I hire to sell my PT practice?

Advisor, broker, investment bank or on your own, and what each costs.Read guide4 min read

Selling your practice

Specialist M&A advisor, business broker, or investment banker

The difference between an M&A advisor, a business broker and an investment banker when you transition a PT business.Watch now3 min

Selling your practice

What working with MHA actually costs

How much does it cost to hire an M&A advisor to transition or grow your physical therapy business?Watch now4 min

Selling your practice

Is an M&A advisor worth the fee? The ROI in real numbers

Is hiring an M&A advisor worth the fee, or should you handle your transition yourself?Watch now3 min

Selling your practice

What an M&A advisor's fee actually buys you

What are physical therapy business owners really paying for when they hire an M&A advisor?Watch now3 min

Who should I sell my PT practice to?

What changes, how long you stay, and the three types of acquirers.Read guide4 min read

Private equity vs strategic acquirers for PT practices: what changes

How private equity firms, strategic acquirers and large privately held PT companies behave once they are at the table.Watch now4 min

Should I just sell to the acquirer who keeps calling me?

An acquirer keeps calling about your physical therapy business. What to weigh before you answer.Watch now2 min

What actually changes after an acquirer takes over

What actually changes day to day after an acquirer takes over your physical therapy business?Watch now4 min

Do I have to keep working after I transition, and for how long?

Will you have to keep working after your physical therapy business is acquired, and for how long?Watch now3 min

How to prepare your PT practice for sale

A 12-month checklist built around the Outside-In Assessment.Read guide3 min read

The 7 ways a transition can go wrong

The most common ways a transition goes wrong for a physical therapy business owner.Watch now4 min

Avoidable mistakes that cost PT practice owners money at closing

What avoidable mistakes cost physical therapy business owners money at closing?Watch now2 min

Outside-In Assessment explainer

A two-hour working session that shows what your PT business is worth today and gives you a clear plan to grow or transition.Watch now3 min

How transitioning a PT practice actually works, step by step

The steps from a first conversation to a closed transaction for a physical therapy business.Watch now5 min

How long it takes, and how much of your time it really needs

How long does it take to transition a physical therapy business, and how much of your time does it need?Watch now4 min

Selling your practice

Do I need a local advisor to sell my PT practice?

MHA works in every state. Announced transactions in 14 of them.Read guide6 min read

Selling your practice

How we keep your transition confidential

How do you keep a transition confidential from your staff, patients and competitors?Watch now3 min

Selling your practice

Founder story: Paul's path into PT M&A

How Paul Martin got into physical therapy M&A, and why he founded Martin Healthcare Advisors.Watch now3 min

Selling your practice

Advisor intros: Joe and Josh

Meet Joe Anzur and Josh Meyers of Martin Healthcare Advisors.Watch now

How do I grow my PT practice?

Five steps to more profit and value, and when to open a second clinic.Read guide6 min read

The Mistake That Keeps PT Practice Owners Stuck at $1M to $3M

Many PT business owners stall between $1M and $3M because the business still depends on them.Listen now

Thank You, Tom: 20 Years of Changing PT Owners' Lives

Tom Carden, Managing Director of Mergers and Acquisitions at Martin Healthcare Advisors, is retiring after 20 years advising PT business owners.Listen now

Acquirers Don't Buy Your PT Clinic. They Buy This.

Acquirers do not buy your PT clinic, they buy your cash flow.Listen now

The Exit Myth That Can Take 20 Years to Pay You

Is an ESOP a real exit for a PT business owner?Listen now

How to Build a PT Leadership Team Like a Championship Coach

In most larger transactions today the owner stays three years or longer.Listen now

The PT Acquirer Most Owners Don't Know Exists

A family office has completed five transactions in about fifteen months.Listen now

Is AI About to Change How PT Practices Transition?

A professional transaction takes six to eight months today.Listen now

The $250,000 Mistake PT Owners Make When They Add Up Their Own Profit

Most PT owners add both owner salaries back and stop there.Listen now

3 Clinics To 21: Who Ran Our Transition

Who should represent you when you transition your PT practice?Listen now

The PTA Myth That's Costing PT Practices Growth

Paul Martin joins Katie Sutton, PTA, host of the PTA Plus podcast, to unpack how one PT practice grew from 3 clinics to 21 and where PTAs fit into that growth story.Listen now

Remind Yourself Why You Built Your Firm

Paul steps away from deal talk this week for something bigger.Listen now

Why Do Some PT Practices Sell for Twice as Much?

Two practices can post the exact same earnings and land wildly different offers.Listen now

What the Knicks' Championship Run Teaches PT Owners

The New York Knicks just won their first championship in 53 years, and the way they did it is a lesson every PT owner needs to hear.Listen now

The 5 Things That Acquirers Value Most In A Partner

When you ask the top thought leaders of our industry what attracts them most to a buyer, a clear pattern emerges.Listen now

Leadership Lessons from Sports' Most Dominant Champions

Paul draws from four episodes to show what championship-level thinking looks like inside a physical therapy practice.Listen now

When More Effort Isn't the Answer

Business resilience operates by different rules than most owners expect.Listen now

Six Strategies That Can Actually Keep Your Clinics Fully Staffed

Paul Martin walks through six forward-thinking methods that work for both recruiting and keeping the people you hire.Listen now

The Will to Prepare: Six Lessons on Failure, Loyalty, and Momentum

Paul Martin draws six business lessons for PT practice owners from Rory McIlroy's journey to back-to-back Masters titles covering how to use failure as fuel, why…Listen now

Building a Practice That Holds Under Pressure

Coach Curt Cignetti built winning programs by installing standards and discipline before chasing results.Listen now

How to Get to the Top of Every Acquirer's List

Paul Martin breaks down what separates the practices getting premium multiples from the ones leaving money on the table, and the six things you should be doing…Listen now

The Preparation Gap Is Real. Which Side Of It Are You On?

The PT rehab M&A market has not slowed down, it has gotten more selective.Listen now

What Owners Don't Know Is Costing Them at Closing

Joseph Anzur, Director of M&A, and Josh Meyers, Director of Consulting Services, break down why a busy, performing practice is not the same as a market-ready one,…Listen now

What Championship Basketball Can Teach Every PT Practice Owner

In today's episode, Paul explains how every lesson from that run applies directly to building and growing a physical therapy practice.Listen now

When 6 Acquirers Say The Same Thing, You Should Pay Attention

Paul Martin asked six of the most active acquirers in PT the same question and got the same answer.Listen now

When You've Done the Work, the Right Partner Is Worth Waiting For

Norene Christensen spent 20 years building Four Pines Physical Therapy the right way, and it showed when it was time to sell.Listen now

When 6 Acquirers Say the Same Thing, You Should Pay Attention

Paul asks six acquirers which promise to sellers is unrealistic once a deal closes, and nearly all give the same answer: the claim that nothing will change after…Listen now

The Role Innovation Plays In An Acquirer's Selection Process

This week, Paul continues our series on Innovation by speaking with Rob Pace, COO of Physical Rehabilitation Network.Listen now

Avoid Deal Delay With An Experienced Accounting Firm

Now that the Rehab M&A window of opportunity has reopened, you need to make sure you don't miss out due to deal delay.Listen now

The Partnership Promise That Most Acquirers Can't Actually Keep

Chris Reading, CEO of USPt, joins Paul to separate what acquirers promise from what they can actually deliver.Listen now

Why Sellers Who've Done Their Homework Care Less About Valuation

Most sellers fixate on valuation.Listen now

What Sellers Deserve to Know Before They Sign

Aaron Kraai has grown Doctors of Physical Therapy from a single clinic to 200+ sites across 24 states by doing things many acquirers won't.Listen now

What Happens When Clinicians Do the Buying

Paul sits down with Steve Chenoweth, co-founder and CEO, and Brian Barth, Chief M&A Officer of Therapy Partner Solutions, to explore what sets a clinician-led…Listen now

Choosing the Right Partner Matters More Than the Price

In this conversation, Paul speaks with Bill Leitzel of Ivy Rehab about the cultural and structural factors that determine whether a partnership truly works.Listen now

The Five-Year Question Every Owner Should Ask

John Gallucci has built JAG into a clinician-led, private equity-backed platform across the Northeast.Listen now

Standing Still Is Losing Ground

This week Paul returns to an old series as he revives the "New Friday Morning Moment" with a clear message: staying the same may be the fastest way to fall behind.Listen now

REPLAY: Revisiting How This Owner Built a 14-Clinic Practice From Scratch

Brett Fairbanks, co-founder of Pacific Pro PT and Sports Medicine, joins Paul to share the mindset that drove his growth and how his planning evolved as the…Listen now

What Buyers Notice First in Your HR Infrastructure

Paul meets with Larry Zekhtser, Lian Amado, and Kristen Minihan from ADP to discuss how HR infrastructure evolves as practices scale, and how buyers tend to evaluate it.Listen now

Repeatable Success Isn't an Accident

This week, Paul Martin looks at leadership through the lens of an elite organization that didn't inherit success; instead they engineered it.Listen now

How Thoughtful Growth Really Happens in Multi-Site PT Practices

Paul Martin is joined by Jon Dooley, founder of Greendale Physical Therapy, for a conversation on growth and leadership while building a multi-site practice.Listen now

Why 2026 Could Be One of the Busiest Years for Rehab M&A

Paul Martin shares his perspective on a potentially busy year ahead for rehab transactions.Listen now

A Practical Review of the Rehab M&A Market in 2025

In this episode, Paul Martin looks back at 2025 with a grounded perspective of what truly shaped the outpatient rehab M&A market.Listen now

A Holiday Message from the Martin Healthcare Advisors Team

As we head into the holidays, Paul Martin and the entire Martin Healthcare Advisors team want to thank our clients for the trust you place in us.Listen now

What the Latest CMS Signals Mean for Practice Owners

In this episode, Paul shares his perspective on a recent CMS update and why it's worth paying attention to.Listen now

Fed Announces Rate Cut for 2026

Paul walks through his perspective on the new rate cut announcement.Listen now

The Financial Clarity Every PT Owner Needs Before Scaling

Julie Herres of Green Oak Accounting works with a wide range of practices, both smaller emerging clinics and larger multi-site groups.Listen now

Leading With Gratitude in a Season That Demands It

Paul Martin shares a special Thanksgiving message from the road, reflecting on 54 days spent walking clinics, meeting owners and seeing firsthand the passion…Listen now

The Quietest 6 Weeks of the Year Could Be Your Competitive Advantage

Most owners spend the holidays reacting.Listen now

The Next M&A Wave: What PPS 2025 Is Signaling for PT Owners

Reporting directly from the floor at PPS 2025, Paul highlights the key trends pointing toward the next M&A cycle, and why PT owners who prepare early will be best…Listen now

How To Leave PPS 2025 With Real ROI

PPS 2025 is your opportunity to turn three days of sessions and conversations into lasting business results.Listen now

This CEO Built a Growth Model That Protects Independence

This week, Paul sits down with Health & Rehab Solutions CEO Blaine Stimac, as he recounts how his company scaled to 38 clinics across six states with a partnership…Listen now

Lessons from Two Decades of Steady Growth

After 20 years, Elite Therapy Solutions is still gaining momentum.Listen now

Preparing for PPS: How Top Performers Are Redefining Growth

PPS is where the best in private practice go to get better.Listen now

Scaling Smart: How Leaders Grow Without Losing What Matters

As Elliott Physical Therapy grew from one clinic to a thriving regional network, founders Daryl and Patti Elliott kept one principle front and center: never lose…Listen now

From Three Clinics to Forty: A Playbook for Sustainable Growth

In this conversation, Paul Martin sits down with Mike Manzo to explore the mindset, strategies, and leadership development that turned early challenges into a…Listen now

From Overworked to Optimized: A Practice Owner's Path Forward

In this week's episode, Paul Martin and Josh Myers walk through the journey of a practice owner who shifted from overworked days to an optimized, thriving practice,…Listen now

Why Staying Small Was Never an Option

An episode from the NEXTLEVEL Owner Podcast archive.Listen now

Why Busy Clinics Still Struggle with Profitability

One owner came to us with a question: why isn't my clinic profitable when we're so busy?Listen now

From Insight to Action: How Our Assessments Drive Results

Paul Martin explains how our targeted assessments identify what's holding rehab companies back, and how our clients are using these assessments to grow rapidly,…Listen now

A Second Look at Proactive Moves That Drive Real Returns

Tom Carden and Joe Anzur join Paul to discuss the 2025 outpatient rehab M&A market, including stalled recaps, earnouts and rollover equity, compliance, multiples,…Listen now

ROI Consulting: Creating The Companies That Buyers Want Most

In today's market, average performance doesn't get deals done.Listen now

ATI: What To Watch For Next

ATI's next moves could send ripples through the rehab M&A market.Listen now

A Bold Reset in Rehab M&A

What does ATI's decision to go private signal for the rest of the industry?Listen now

What Proactive Sellers Are Doing Differently This Year

In this episode, Paul Martin talks with Tom Carden and Joe Anzur about what rehab owners should be thinking about now, before the market moves on without them.Listen now

How Transparency of Reimbursement Rates is Shifting PT Valuations

A quiet rule change just tipped the scales.Listen now

Are You Overdue for a Billing Strategy Upgrade?

The CEO of Physical Therapy Billing Services joins Paul to discuss the return on investment of outsourcing revenue cycle management and how PT business owners can…Listen now

Good Deals Are Still Out There, But The Game Has Changed

Chris Reading of USPh joins Paul to talk about what's driving today's M&A market, why some buyers are slowing down, and what sellers need to get right.Listen now

Why This Acquirer is Betting On A Different Kind of Growth

As capital tightens and deal dynamics shift, not all growth strategies are created equal.Listen now

Are You Ready for the Next Level? Real Growth Starts After the Deal

In this episode, Paul Martin explores a powerful strategy, one where the biggest financial wins happen after the sale.Listen now

A Real Engine For Generating Value

This week, Paul challenges a common assumption: that more clinics automatically equals more value.Listen now

What Smart Growth Really Looks Like in 2025

John Gallucci returns to reflect with Paul Martin on what's changed, and what hasn't, in today's M&A environment.Listen now

A Different Kind of Discipline, The Kind That Gets Deals Done

Bill Leitzel of Ivy Rehab joins Paul Martin to reflect on the current M&A landscape, and what separates those who move from those who wait.Listen now

A Message Worth Repeating

In a Memorial Day message, Paul reflects on honoring the service members who did not make it home and encourages listeners to take a moment this weekend to remember…Listen now

What Owners Need To Know Amidst Increasing Uncertainty

Our series continues with Paul Martin talking with Richard Leaver, CEO of Alliance PT Partners, about turbulence in the current PT market.Listen now

M&A Expert Weighs In On Market Uncertainty

Our series continues with Paul Martin interviewing AJ McDeavitt, Vice President of Mergers and Acquisitions for Select Medical.Listen now

Veteran Founder Offers a Perspective on the Path Ahead

Larry Benz, founder of Confluent Health, joins Paul to discuss how inflation, interest rates, and the election are shaping the rehab M&A market and what PT business…Listen now

How To Grow In Uncertain Times

In the first episode of our new series, Paul speaks with Rick Lybbert, CEO of Mountain Land Physical Therapy.Listen now

Founder of Major Acquirer Offers Insights on the Market's Direction

This week, Paul welcomes Larry Benz, founder of Confluent Health, back to discuss the coming trends of 2025, and what owners need to know in order to stay ahead of…Listen now

Clarity Amid The Chaos: What Rehab Owners Need To Know

As uncertainty in the market grows, Paul is launching a new series of interviews that will cut through the noise by consulting the top acquirers in this market,…Listen now

Have You Adapted Your Recruitment Strategy to the New Generation Yet?

Eric Smith, founder and CEO of TalentCare, joins Paul to discuss recruiting Gen Z and millennial staff in PT and ABA, from fast candidate engagement and career…Listen now

A New Recruitment Strategy for a New Generation

This week Paul speaks with Eric Smith, Founder of Talentcare, to discuss the evolving needs of the newest generation of staff, and how you can begin to innovate in…Listen now

What is Your Company's Potential For Growth?

As the market pressure continues to increase, owners need to begin thinking about growth more than ever before.Listen now

A Fresh, External Look At Your Company To Power Your Next Big Move

Our episode this week is all about how you can make a significant impact on the growth of your company by changing your perspective.Listen now

Seldom Talked About Innovations That Boost Your Bottom Line

This week, Paul welcomes Bridget Yeager and Todd Taggart from Athelas to discuss the tools their company is offering clinic owners that can drive revenue in both…Listen now

A Promising Innovation That Could Drive Profit To Your Bottom Line

Paul welcomes the leadership of UGen Health to the show, as CEO Rob Heiser and Sales Leader Chad DiGennaro explain how their innovative product is helping business…Listen now

An Innovative Way To Increase ROI That Isn't Obvious

This week Paul speaks with Lou Marinaccio, CEO of PT Billing services.Listen now

A Growth Plan That Starts With The End In Mind

With 2025 approaching quickly, Paul offers a framework you can use now to build your plan for success next year.Listen now

Two Pieces of Wisdom To Take Away from PPS 2024

As the noise of PPS begins to fade, tune in to hear Paul offer two key insights that he identified from the event involving staffing and innovation.Listen now

Be The First To Capitalize On The Upcoming Opportunity

This week Tom Carden and Joe Anzur, the leaders of our M&A practice, join Paul to discuss the current market conditions, and why the time to begin preparing for a…Listen now

Innovation: What Role Does It Play In This New Market?

This week we're launching a second series on innovation.Listen now

Mastering Due Diligence: Maximizing Your Business Value

In this week's replay, Paul talks with Martin's own Mike Rispoli about how your preparation for the due diligence process can increase your potential value in the…Listen now

Find Out How To Dramatically Increase Your Company's Value

An episode from the NEXTLEVEL Owner Podcast archive.Listen now

INNOVATION, The Next Growth Accelerant

This week we are introducing our new series that offers examples of how innovations that are already being tested by top companies in our industry can keep you…Listen now

Boost The Power Of Your Vision Of The Future

Join Carter Schelling for the final episode of this series to learn how you can strengthen your vision of the future and get the greatest benefit possible.Listen now

3 Ways That You Can Strengthen Your Team With Your Vision

Join Carter Schelling and find out 3 simple but potent ways that your vision can empower your team.Listen now

Don't Start Your Most Valuable Business Plan The Usual Way

An episode from the NEXTLEVEL Owner Podcast archive.Listen now

The Changes This Acquirer Is Forecasting Are Closer Than You Think

Steve Chenoweth, CEO of Therapy Partner Solutions, returns this week to discuss recent events that are sure to have an impact on our industry, potentially as soon…Listen now

6 Key Predictions for 2025

An episode from the NEXTLEVEL Owner Podcast archive.Listen now

PPS 2024: The Race Is On, Are You Still In The Starting Gate?

This week, Paul introduces the most crucial topics that will be discussed at the Private Practice Section conference.Listen now

Capitalize on Private Equity's Adjustments To The New Market Realities

This week Paul talks with Rebecca Springer, Senior Analyst and Healthcare Lead at Pitchbook Data, the premier resource for comprehensive data on global capital markets.Listen now

Financials vs Culture: Learn This Acquirer's Perspective

This week, Paul welcomes back Michelle Collie, CEO of Highbar Physical Therapy.Listen now

Part 3: 6 Key Predictions for 2025 To Shape Your Growth Strategy

This week, Paul concludes his series of predictions regarding the trends that will have the greatest impact on M&A in 2025.Listen now

6 Key Predictions for 2025 To Shape Your Growth Strategy: Part 2

This week, Paul continues his series of predictions regarding trends most likely to affect owners in 2025.Listen now

What this Landmark Deal Means for Rehab M&A

This week, Paul addresses the recent announcement that Doctors of Physical Therapy has acquired Empower Physical Therapy.Listen now

This Acquirer Shared The Market Factors That Indicate Future Trends

This week, Paul talks with Kurt Baumgartel, CEO of CORA Physical Therapy, who identifies several key market factors that could give an indication of where our…Listen now

An Acquirer Offers His Viewpoint On Fast-Approaching Market Factors

For our first interview of 2025, Paul welcomes back John Gallucci, CEO of JAG PT.Listen now

Here Are 6 Market Factors That Will Make 2025 A Pivotal Year

This week, Paul reflects on what lies ahead for Rehab M&A in what promises to be a pivotal year.Listen now

A Merry Christmas Message From Paul

Paul takes a moment to reflect on the power of giving and the true meaning of Christmas.Listen now

A Grateful Message, Often Left Unsaid

This week, Paul speaks directly to you, our loyal viewers, and shares a feeling of gratefulness about the heart and dedication of small privately held business…Listen now

How To Best Use The Coming Drop In Interest Rates To Your Advantage

This week, Paul discusses how national interest rates are about to change, and explains how his upcoming interview with the leaders of our M&A practice can help you…Listen now

Recent Changes In Rehab M&A

This week, Tanny Crawford, our new Director of Business Development, leads a discussion with Paul Martin about the new emerging landscape that potential sellers are…Listen now

Where is the Market Today and Where is it Going?

In this episode, Paul welcomes back two of MHA's top leaders, Tom Carden and Joe Anzur, to discuss how the market has recovered from last year, and to suggest how…Listen now

Navigate Current Market Trends With Clarity and Direction

This week, Paul gives an overview of the current market trends and what they mean for clinic owners, and discusses how you can achieve clarity for your company's future.Listen now

A Moment for Reflection and Remembrance

This week, Paul dedicates this episode to our fallen heroes, and to all of those who have served and sacrificed to protect our country's freedom.Listen now

The Rehab M&A Window of Opportunity Has Reopened

A new M&A chapter is beginning in our industry, and if you want to stay ahead of the curve, tune in to today's episode to learn how you can shine above the rest…Listen now

Why This Top Acquirer Is Excited About M&A In 2024

This week Paul interviews Andrew Lotsis, CEO of Active Pro Rehab Partners, as part of our Delphi interview series.Listen now

Revisiting an Acquirer's Perspective on How Innovation Can Increase Your Company's Market Value

Rob Pace, COO of Physical Rehabilitation Network (PRN), joins Paul to discuss why growth matters to acquirers and how productivity, staff retention, and AI can…Listen now

The Olympic Model for Strategic Growth: Part 01

Based on the election and recent economic changes, we believe acquirers will be very focused on making acquisitions in 2025.Listen now

How Will The Election Affect The Rehab M&A Market?

Join Paul as he explains how Tuesday's results will change the opportunities this market will be offering next year.Listen now

The Biggest Decisions You'll Need To Make In 2025

This week Paul explores the fast-approaching challenges facing our industry in the next year, and offers wisdom you can use to prepare yourself for growth.Listen now

Better People Plan, Better Deal

Join Paul as he explains how preparing your management team for growth after the sale will dramatically increase the value of your deal.Listen now

What Can You Learn From These Acquirers' Vision Of The Future?

This week Paul interviews Brad Ulrich and Peter Chung of Thrive PT Partners and asks them for their predictions for the upcoming year and the most important…Listen now

The 3 Most Discussed Topics at PPS 2024

Paul reports from PPS 2024 in National Harbor, Maryland, on staffing shortages and onboarding, how acquirers are responding to the rate cut, and how to evaluate new…Listen now

Finding the Perfect Fit

Tanny Crawford and Paul Martin talk about some of the most successful deals they've seen recently, and how the common denominator was the effort put into finding…Listen now

Ensuring Quality Care During A Transition

Entering into a partnership successfully requires a significant investment of time and attention by the owner, who already has a very demanding schedule.Listen now

Predicting Success in M&A

This week, Tanny and Paul sit down to discuss how Martin Healthcare Advisors can help you anticipate whether an acquirer will be a good match, and how you should…Listen now

What Is This New Generation of Acquirer Looking For?

This week, Paul speaks with Michelle Collie, CEO of Highbar, a fast-growing, 21-clinic acquirer based in Providence, Rhode Island.Listen now

Navigating The Current And Future Landscape Of Rehab M&A

An episode from the NEXTLEVEL Owner Podcast archive.Listen now

The Enormous Role Your Culture Will Play In The War For Talent

If you want to get the best possible deal, you need to make sure that your culture is dynamic and robust enough to attract and retain staff.Listen now

Key Traits This Acquirer Believes Will Lead to Better Deals in 2023

This week Paul welcomes back Steve Dipaola, CEO of Empower Physical Therapy, to discuss his company's success over the last 12 months, and what he sees as the most…Listen now

Predictions for 2023 from a Large, National Acquirer

This week Paul speaks with Richard Leaver, CEO of Alliance Physical Therapy Partners, to hear his predictions about what the M&A Market will look like this year for…Listen now

Navigate the Noise of PPS With Purpose and Planning

Ahead of PPS 2024 in Washington, DC, Paul suggests how to choose sessions with purpose, previews his talk on how rate cuts may affect M&A activity, and points to…Listen now

This Up and Coming Acquirer Puts Cultural Alignment High On Their List

This week Paul revisits his recent interview with Justin Novinger, COO and Peter Chung, CSO from Thrive Physical Therapy, and provides greater detail on the topic…Listen now

A Time For Decisiveness

Join Carter Schelling as he reads between the lines in Rebecca Springer's interview and suggests that right now is the time to make the decisions that will help you…Listen now

Use Your Vision To Guide Your Decisions

Join Carter Schelling to learn how you can use the last weeks of summer to prepare for a powerful 2024, by utilizing your vision of the future to guide your present…Listen now

Acquirer Uses An Individualized Approach

This week, Paul talks to George Hess, Founder and CEO of Hess Physical Therapy.Listen now

What Up and Coming Acquirers Value In A Partnership

This week, Carter Schelling takes a deeper look at Paul Martin's recent interview with Renee Halfhill to reveal what she, and other acquirers like her, are looking…Listen now

Acquirers Often Reflect the Personalities of Their Leaders

Join Paul as he interviews Renee Halfhill, CEO of 15 clinic Main Street Physical Therapy.Listen now

Acquirers Expect You To Clearly Prioritize Your Needs

This week, Carter Schelling's OFA on the Navid Hannanvash interview explores an interesting implication of the arrival of new acquirers.Listen now

Up And Coming Acquirer Sees The Importance of Flexibility

Paul interviews Navid Hannanvash, CEO of RISE Physical Therapy, who talks about how his company is ready to adapt to any acquisition.Listen now

Are You Prepared for the New Generation of Acquirers?

This week Paul dives into a hugely important topic that was brought up during his recent interview with Michelle Collie of Highbar.Listen now

Up and Coming Acquirers Offer a True Partnership Model

This week Paul meets with Justin Novinger, COO and Peter Chung, CSO from Thrive Physical Therapy.Listen now

What This Acquirer Sees Just Over The Horizon

As we resume our Delphi interview series, Paul welcomes Rick Douglass, President of Operations at FYZICAL Therapy and Balance Centers, to share his prediction about…Listen now

Unconventional Opportunities In Today's Turbulent Market

The next guest in our Delphi interview series is Ajay Gupta, CEO of Physical Rehabilitation Network.Listen now

How Long Will Market Turbulence Last? We Asked This Acquirer

In the latest episode of our continuing Delphi interview series, Paul welcomes back John Gallucci, CEO of JAG Physical Therapy.Listen now

Key Factors Driving The Trajectory of the M&A Market

This week Paul welcomes back Larry Benz, CEO of Confluent Health to talk about the direction our market is going, especially leading into 2024.Listen now

Will The Rehab M&A Market Reflect The Condition Of Our Economy?

This week, Paul welcomes back Steve Windwer, CEO of Cypress Health Partners, for our ongoing Delphi Series of interviews.Listen now

Here is a Unique Perspective On The Current Conditions of Our Market

This week Paul welcomes back Chris Reading, CEO of U.S.Listen now

When Will This Turbulent Market Stabilize

Continuing our Delphi series, Paul welcomes back Michael Rucker, CEO of Ivy Rehab Network.Listen now

Where will the turbulent M&A Market go next?

An episode from the NEXTLEVEL Owner Podcast archive.Listen now

Where Top CEOs Think Our Market is Headed

This week Paul introduces our Delphi Series, interviews with the top CEOs from across the country who will give their insights into how to adapt to this unusual economy.Listen now

How Small Changes Can Really Boost Your Bottom Line

Paul joins us this week from Las Vegas, where he is speaking at the TherapyCon conference.Listen now

How To Use Innovation To Boost Therapist Productivity

Continuing our series on Innovation, this week Paul welcomes Mansoor Ahmed, CEO of Wiz Health.Listen now

A Blueprint for Boosting Performance

This week Paul looks back at his recent interview with Rob Pace to reveal actionable insights about the importance of growth and innovation as well as a path to…Listen now

Strategies for Dealing with the Staffing Shortage

This week Paul analyzes his recent interview with Lorraine Riche to extract some unconsidered but useful strategies for weathering this staffing shortage that is…Listen now

The Mindset That Brought This Acquirer From 1 to 42 Clinics

Starting off the new year, Paul talks with Dan Rootenberg, CEO and Co-Founder of Spear Physical Therapy.Listen now

How The Top CEOs View Our Market: A Comprehensive Analysis

The results are in for the first half of our CEO Delphi Analysis.Listen now

6 New Opportunities For Growing Your Company And Increasing Your Value

Carter Schelling takes a look at Paul's recent interview with Aaron Kraai to find some unique strategies for growing your business, and ultimately increasing your…Listen now

Unique Approaches to Our Industry's Staffing Issues

Join Paul as he explores his recent interview with Steve Chenoweth, and several unique ideas to meet our industry's staffing shortages head-on.Listen now

A New Perspective On The Future From A Leading Acquirer

This week as our Delphi interviews continue, Paul welcomes Todd Gifford, CEO of Therapeutic Associates, who offers a perspective about the future we haven't heard before.Listen now

This Strategy From Last Year Could Increase Your Value Significantly Today

Paul responds to Carter Schelling's take on Rebecca Springer's PitchBook interview, showing how PT business owners can offset lower multiples by raising EBITDA…Listen now

3 Challenges and A Real Threat That Owners Must Face

This week Paul welcomes back Aaron Kraai, CEO of Doctors of Physical Therapy.Listen now

Achieve Your Growth Goals Like The Titans Do

The next episode of our series on larger companies is all about mirroring the steps they took to grow, and today Paul explains how that journey starts with a vision.Listen now

Offering A Better Patient Experience Will Help You Succeed

In the second episode of our series on larger rehab companies, Paul details one of your best competitive advantages over them if they enter your market.Listen now

Valuable Lessons from the Success of Larger Companies

This week Paul begins a 3-part series on the strategies and tactics behind the rapid growth of several larger, privately-held companies in our industry.Listen now

Keep Growing Through A Staffing Shortage

This week Paul follows up on his recent interview with Mansoor Ahmed, CEO of Wiz Health by explaining how you can counter a staffing shortage effectively by…Listen now

Are You Ready for the Rigors of Today's Due Diligence?

Join Paul as he goes over his recent interview with Mike Rispoli and offers the Opportunities for Action that you can take right now to avoid unnecessary delays in…Listen now

Why Owners Often Wait Too Long To Prepare For A Sale

In this episode of Opportunities for Action, Paul reviews his recent talk with Tom Carden and Joe Anzur, and explains why sale preparation should begin sooner than…Listen now

What Will Acquirers See When They Look at Your Company?

Carter Schelling interviews Dave Pearce of MHA's preparatory consulting team about how acquirers view a practice's strengths and weaknesses, and how owners can…Listen now

Find and Retain Staff with Innovative Strategies

In this first episode of our series "Innovation, The New Growth Accelerant", Paul talks with Lorraine Riche, Chief Growth Officer for Talentcare.Listen now

Attract And Retain Staff According to National Acquirer

One issue facing physical therapy rehab business owners this year is a lack of available staff.Listen now

Leadership Strategies You Should Consider Over the Holiday

In a Fourth of July episode, Paul suggests using the slower summer months to strengthen culture, improve productivity, and invest in leadership training, with a…Listen now

The Direct Impact This Innovation Has on Revenue

Mansoor Ahmed returns to share results from therapists using AI dictation for documentation, including gains in visits per day and EBITDA, and why owner involvement…Listen now

Revisit the Innovative Strategies of an Expert in Hiring & Retaining Staff

Lorraine Rice of TalentCare joins Paul to discuss the staffing shortage in PT and ABA and five principles for recruiting and retaining staff, from telling your…Listen now

Address Your Staffing Issues the Way the Largest Companies Do

Revisiting his conversation with Steve Chenoweth of Therapy Partner Solutions, Paul shares practical ways PT business owners can attract, retain, and engage staff,…Listen now

REPLAY: 3 Challenges and “A Real Threat” That Owners Must Face, According to This Acquirer

Aaron Kraai, CEO of Doctors of Physical Therapy, joins Paul to discuss the labor shortage, expectation gaps with new clinicians, and why he sees health systems as a…Listen now

REPLAY: The Path to Successful Due Diligence in Today’s Accelerated Market

Paul revisits his conversation with Mike Rispoli on due diligence, covering normalization of earnings, quality of earnings, organized records, and tying your EMR to…Listen now

REPLAY: Take Your Profitability to the Next Level by Mastering Due Diligence

Mike Rispoli, CPA and leader of MHA's due diligence team, joins Paul to explain why due diligence has become more intense and how rehab owners can prepare their…Listen now

REPLAY: Improve Your Profitability One Step at a Time

MHA consultant Josh Meyers joins Paul to discuss charge capture, scheduling, practice liaison programs, leading change, and the three metrics PT business owners…Listen now

What We See as We Look Forward Into 2024

Paul looks back at the challenges of 2023, including a drop in transactions, and explains why easing inflation, stable rates, and new acquirers mean PT business…Listen now

What Is Your Strategic Plan for 2024?

Paul turns the findings of MHA's Delphi analysis with 15 industry CEOs into five action steps for a 2024 strategic plan, from knowing your business and compliance…Listen now

Harness the Amazing Power of Gratitude in Your Personal and Professional Life

In a Thanksgiving episode, Paul looks at research on gratitude and offers simple ways PT business owners can build a culture of gratitude with their staff, their…Listen now

Perception vs. Reality in the Rehab M&A Marketplace

Paul joins Allison Jones on the Therapy Matters podcast to separate perception from reality in today's rehab M&A market, covering interest rates, selective…Listen now

Emerging Insights From PPS 2023

Paul reports live from PPS 2023 in Austin with his team's takeaways: renewed optimism, intentional recruiting and retention, and how little most owners know about…Listen now

How to Get the Most Value Out of This Year’s PPS

Paul shares how PT business owners can make the most of the 2023 Private Practice Section conference, from strategic networking to his top session picks on…Listen now

Why Is a Dynamic Culture So Valuable to Acquirers?

Paul explains how a dynamic culture drives EBITDA up and risk down through productivity, charge capture, patient retention, and word of mouth marketing, making a PT…Listen now

What Lessons Can the Rehab Industry Learn From the ABA Industry?

Paul shares lessons from the Autism Investor Summit: deeper patient relationships, combining clinical and operational outcomes, understanding investors, and why…Listen now

The Path to Greater Value, Part 04: Duration of Care

Paul continues his series on maintaining value in a down market, explaining how measuring and improving visits per new patient can raise EBITDA without simply…Listen now

The Path to Greater Value, Part 03: Professional Productivity

Paul continues his series on maintaining value in a down market, covering how PT business owners can set productivity targets, gain staff buy-in, and measure…Listen now

The Path to Greater Value, Part 02: Charge Capture

Paul continues his series on maintaining value in a down market with a look at charge capture, and how to approach therapists through skilled clinical care rather…Listen now

Opportunities for Action: 2 Underappreciated Drivers of Long-Term Deal Success

Carter Schelling revisits Paul's interview with the leader of Empower Physical Therapy, explaining speed and accuracy of fit and how extreme preparation helps…Listen now

Your Company’s Most Important Asset in Challenging Times

Carter Schelling makes the case that an owner's creative entrepreneurial mind is the company's most important asset, with practical ways to protect it, focus it,…Listen now

Turning Your Strategies for 2023 Into Results

Carter Schelling closes his business planning series by showing how a monthly action chart keeps long-term strategies moving when urgent problems compete for an…Listen now

It's Time to Think About Finishing Well and an Exciting New Future

Carter Schelling and Dave Pearce talk about preparing for the emotional side of selling your life's work, defining your role after the transaction, and what it…Listen now

Make Sure You Don't “Outgrow” Your 2 Greatest Strengths

Carter Schelling explains why people and culture are the strengths acquirers care most about, and how PT business owners can scale them through better recruiting…Listen now

The Most Valuable Business Plan You Have Ever Created

Carter Schelling explains why PT business owners should build a written growth plan for after the sale, and how showing acquirers that plan can strengthen their…Listen now

Gratitude Can Make You and Your Team Stronger

Carter Schelling of MHA looks at the research on gratitude and shares practical rituals, like the gratitude letter, that PT business owners can use to strengthen…Listen now

The 3 Things We Learned at PPS This Year That Paid for the Trip

Paul recaps the Private Practice Section conference in Aurora, Colorado: hiring and retaining professional staff, new technology in the clinic, and where acquirer…Listen now

REPLAY: How This Acquirer Frees Up Their Partners to Focus on Clinical Excellence

Steve, CEO of Bay State Physical Therapy, joins Paul to talk about his provider-led partnership model and how taking HR, billing, and accounting off owners' plates…Listen now

REPLAY: The Personal Decision That Led to Change and Growth

John Dean of Mid Michigan Physical Therapy shares the family decision that led him to partner with Doctors of Physical Therapy, how he told his staff, and his…Listen now

Get the Most Out of PPS This Year

Ahead of the 2022 Private Practice Section conference, Paul shares what to expect from acquirers, questions to ask them, why to hold off on signing an NDA, and…Listen now

How Your Ability to Grow After an Acquisition Is Influenced by Your Acquirer's Round of Funding

Paul explains how an acquirer's private equity round affects your ability to grow after the deal and build the value of your rolled equity, and how to find the…Listen now

PPS 2022: The Surprising New Strategy That Is Winning the Best Deals in 2022

Paul invites PT business owners to his PPS 2022 session in Aurora, Colorado, on why many companies are left out in a strong market and how speed and accuracy help…Listen now

Can a New Round of Funding Change an Acquirer's Culture?

Paul examines how an acquirer's stage or round of private equity funding can shape its culture, and how PT business owners can define their own culture to find the…Listen now

The Enormous Impact That Private Equity Has on Your Deal #1: Definition

Paul opens a series on private equity by defining what it is, how PE firms sponsor strategic acquirers, and why fund size and round of financing matter to PT…Listen now

Keep Your Valuation High By Keeping Your Risk Factors Low, Key #4: Market Risk

Paul breaks down market risk, including competitors, local payer and referral patterns, demographics, and acquirer alignment, plus three steps rehab owners can take…Listen now

Opportunities for Action: How to Factor an Acquirer's Stage of Financing Into Your Thinking

Paul breaks down his interview with Larry Benz into three actions: weigh deal structure over an acquirer's private equity round, treat culture as key, and look past…Listen now

Keep Your Valuation High by Keeping Your Risk Factors Low, Key #3: People Risk

Paul continues his series on risk and valuation, explaining how management structure, non-competes, culture, and a clear recruitment strategy lower people risk and…Listen now

The Advantages of Partnering With an Acquirer Who Has Gone Through One or More Cycles of PE

Larry Benz, CEO of Confluent Health, joins Paul to discuss what a second or third round of private equity means for sellers, from deal structure and equity options…Listen now

Keep Your Valuation High By Keeping Your Risk Factors Low, Key #2: Referral Payer Risk

Paul explains how acquirers assess referral and payer risk, from new patient trends and payer concentration to contract assignability, and three steps PT business…Listen now

Keeping Your Valuation High by Keeping the Risks to Acquirers Low, Key #1: Earnings Risk

Paul opens a series on how risk drives valuation multiples, starting with earnings risk: earnings trends, validating EBITDA adjustments, accounting consistency, and…Listen now

Opportunities for Action: Would an Acquirer Consider Your Company “A Premium Brand”?

Paul revisits his interview with Brent Mack of Golden Bear Therapy Partners on what makes a premium brand, why numbers reflect behavior, and how local brands can…Listen now

This Acquirer Grew From 18 Clinics to 125 in Two Years. Here's What's Next

Brent Mack, CEO of Golden Bear Therapy Partners, explains the company's partnership approach, the back office support it offers PT business owners, and the kinds of…Listen now

Opportunities for Action: Marquee Companies Can Take Advantage of Acquirers' Appetite

Paul revisits his interview with Larry Benz of Confluent Health on how acquirers approach marquee companies, showing your growth runway, value creation plans, and…Listen now

Larger, Marquee Deals Are Different. Here's Why

Larry Benz, CEO of Confluent Health, joins Paul to talk about how acquirers approach rehab businesses with 10 or more clinics and what owners of these larger…Listen now

The Key Trait Shared by Executives of Larger, “Marquee” Companies

Paul revisits his interview with Darren Tucker of Peak Physical Therapy, now part of Confluent, on the curiosity, data-driven decisions, and preparation that…Listen now

Do Larger, Marquee Sellers Have Different Needs During the M&A Process?

Darren Tucker, CEO of Peak Physical Therapy, shares how he built a 13 clinic company with data and systems, and what led to his partnership with Confluent Health as…Listen now

Are You a Strategic Fit for an Acquirer?

Paul revisits his interview with Spine & Sport Physical Therapy's VP of business development on strategic fit, avoiding deal delays through preparation, culture,…Listen now

Why This Acquirer Is Evolving Its Culture

Rick Katz of Spine and Sport Physical Therapy joins Paul to walk through how his team evaluates cultural fit, runs its two-phase acquisition process, and is…Listen now

Why This Acquirer Gives You a Seat at the Executive Leadership Table

Paul looks back at his conversation with Guy Sansone of H2 Health, covering how former owners join the executive leadership table, pediatrics and ABA, de novo…Listen now

The Newest Acquirer's Key to Success Is an Alignment of Interests

Guy Sansone, chairman and CEO of H2 Health, joins Paul to discuss building a comprehensive rehab provider, aligning interests with every employee, and what PT…Listen now

Your Relationship With Your Payers Is Everything

Paul revisits his interview with John Gallucci of JAG-ONE Physical Therapy on working with payers, PT First, health system alignment, growing within your geography,…Listen now

This Acquirer Focuses on Companies With Strong Ties to the Community

John Gallucci, CEO of JAG-ONE Physical Therapy, joins Paul to talk about outcomes-based care, staying in network with payers, and why he partners with PT business…Listen now

This Owner’s Preparation Ensured the Best Deal Possible

Paul revisits his conversation with Kelly McFarland of Premier Rehab, sharing how 18 months of preparation and a professional process led to her partnership with…Listen now

This Owner Doubled Their Number of Clinics After a Successful Transition

Kelly McFarland of Premier Rehab Physical Therapy talks with Paul about why she partnered with Empower Physical Therapy, how she told her long-tenured team, and how…Listen now

Your Future Growth Is Dependent Upon the Acquirer You Choose

Paul revisits his interview with the CEO of ActivePro Rehab Partners, covering their growth-focused model, local market focus, why there are no state-to-state…Listen now

This Acquirer Acts as a “Growth Accelerator”

Drew, CEO of ActivePro Rehab Partners, joins Paul to explain his marketing and operations approach to growing acquired practices, the two to eight clinic owners he…Listen now

How This Acquirer Tries to “Do More, With Less”

Steve Chenoweth, CEO of Therapy Partner Solutions, joins Paul to discuss a lighter early diligence process, flexible deal structures, and what PT business owners…Listen now

The Personal Decision That Led to Change and Growth

John Dean of Mid Michigan Physical Therapy shares how a family decision led to a partnership with Doctors of Physical Therapy, how he told his staff, and what…Listen now

Why This Already Successful Owner Finally Decided to Partner With a Larger Company

Joe Sullivan, CEO of Peak Performance Physical Therapy, joins Paul to share why he partnered with Ivy Rehab, how he told his staff, and what owners should expect…Listen now

How This CEO Dealt With the Challenges of Partnering During His Successful Transition

Eric Herklo, CEO of Strive Physical Therapy, joins Paul to talk about why his team chose to partner with Confluent Health, the doubts along the way, and how they…Listen now

Can Selling Be Like Partnering With a Group of Like-Minded Peers?

The CEO of Empower Physical Therapy joins Paul to explain Empower's super group of private practices model, the traits of a strong fit, and how PT business owners…Listen now

How This Acquirer Frees Up Their Partners to Focus on Clinical Excellence

Steve Wind, CEO of Bay State Physical Therapy, joins Paul to explain his manager partner model, how Bay State takes HR, billing, and finance off partners' plates,…Listen now

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The NEXTLEVEL OWNER Podcast

Paul talks with PT owners and industry insiders about growing, running, and handing off a business.

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The NEXTLEVEL Owner Podcast

232 episodes going back to 2023. Paul on valuation, acquirers, staffing, growth and exit, plus conversations with the CEOs doing the buying.

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