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

The short answer

How did Paul Martin get into physical therapy M&A, and why did he found Martin Healthcare Advisors? Paul, Founder and President, tells the story: from Gettysburg College football to building 21 clinics, transitioning to NovaCare in 1996, and learning firsthand that who represents you determines your outcome.

In this video:

• Gettysburg College: from benchwarmer to 1,700 rushing yards, a Division 3 Final Four, and the Athletic Hall of Honor
• Building three clinics in New Jersey, then growing from 3 to 21 in three years with consultant Alan Cox
• Transitioning to NovaCare in 1996, then learning how acquirers price and structure transactions from inside NovaCare's acquisition department
• Why MHA blends investment bankers, growth consultants, and physical therapists who each built and sold a large company
• MHA works only with physical therapy businesses

Full transcript

Physical therapy was a part of my life long before I knew what it was called. When I was a sophomore at Gettysburg College, I made the switch from the education track to the science track and decided that I wanted to go to physical therapy school. At that time, I was playing football at Gettysburg College, and as a sophomore I was still not traveling with the team or playing in any meaningful varsity games.

Over the next 2 years, I committed just about all of my time outside classes and studies to taking over as the starting fullback for a team that traditionally fed the fullback a lot of carries. In my senior year, I rushed for over 1,700 yards, and our team went to the final four in the Division III college playoffs. And last November I was inducted into the Gettysburg Athletic Hall of Honor. I tell you this story because I learned over those 2 years that with hard work and complete focus, you can accomplish just about anything.

It was that confidence that I brought into physical therapy school. I remember telling my best friend and future business partner in physical therapy school that someday we would have dozens of clinics and be the leader in South Jersey in physical therapy. After physical therapy school, I spent 1 year at a physical therapy clinic that served University of South Carolina sports, learning how to start and build a sports and orthopedic physical therapy practice.

In 1989, I returned to New Jersey, and from 1989 to 1993, my two partners and I grew our business to three clinics. I wanted more. We hired a phenomenal consultant by the name of Alan Cox, who helped us over the next 3 years grow Physical Therapy and Sports Services to 21 clinics, and in 1996 we sold our business to NovaCare.

Three years later, I used what I had learned from Alan Cox and my time working in the acquisition department at NovaCare, and built Martin Healthcare Advisors, which I believe is the best advisor for small, medium, and large physical therapy businesses to grow and ultimately have a successful transition. We have blended investment bankers, consultants, and physical therapists who built and sold companies to form a team that is second to none in the physical therapy industry.

Transcript lightly edited for readability.