Archive
The NEXTLEVEL Owner Podcast
Every episode Paul has recorded for physical therapy practice owners, going back to 2023. Valuation, acquirers, staffing, growth and exit, one question at a time.
2022
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 means to finish well.
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 and fewer unsuccessful hires as they grow.
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 position at the negotiating table.
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 themselves, their relationships, and their teams.
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 multiples may be headed.
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 lets them focus on patient care and growth.
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 advice for owners on the fence.
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 which sessions are worth attending.
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 partner that fits your growth needs.
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 win the attention of the best acquirers.
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 right partner.
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 business owners considering a partnership.
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 before a transaction.
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 geography when judging fit.
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 support a higher multiple.
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 to growth expectations.
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 owners can take now to lower it.
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 setting a working capital target.
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 pair with centralized support.
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 practices that fit its growth plans.
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 the second bite of the apple.
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 practices look for in a partnership.
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 marquee business owners share.
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 a larger, marquee seller.
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