Selling your physical therapy practice?
Know what a consolidator sees before they call.

The honest version

What physical therapy businesses actually sell for

Practices commonly trade in the range of 5–9x adjusted EBITDA, with multi-site, multi-clinician groups at the top of the range. Single-clinician practices where the owner is the primary producer are valued considerably lower, because the revenue is tied to a person rather than to a business.

The range is wide because the same business is worth different amounts to different buyers. In this sector you are usually looking at three:

• PT consolidators and PE-backed platforms — the most active buyers, focused on multi-site groups and clinician depth.
• Hospital systems and physician groups — buying for referral integration and continuity of care.
• Clinician buyers — often the right answer for a single-site practice, at a lower number but with simpler terms.

Which of those is at your table changes your number far more than anything on your equipment list.

What moves the number

The four things buyers actually underwrite

• Payor mix and reimbursement exposure. Buyers model your contracts individually, and heavy exposure to any single payor or to rates under pressure is discounted.
• Clinician retention and productivity. Visits per clinician per week, and whether your therapists intend to stay, drive the underwriting directly.
• Referral concentration. A practice dependent on one or two referring physicians carries obvious risk; a diversified referral base does not.
• Owner production share. The proportion of visits you personally deliver is, in practical terms, the proportion of revenue a buyer must assume is at risk.

The most valuable pre-sale project in this sector is reducing your own clinical load while holding volume. Every point of production you can shift to other clinicians without losing visits converts owner-dependent revenue into business revenue — and buyers pay a different multiple for the two.

The process

Why a quiet, competitive process beats the first offer

Most owners in this sector are approached directly, unsolicited, by a consolidator or a platform buyer. That approach is flattering and it is also the single most expensive letter you can accept, because a buyer negotiating against nobody has no reason to move on price or on terms.

We run the opposite process. Buyers are qualified and under confidentiality agreement before they learn whose business it is. Nothing is listed, advertised, or published. Your staff, your customers, and your competitors learn nothing until you decide they should — and several credible buyers are considering the same opportunity at the same time.

The result is not only a better number. It is better terms: what happens to your team, how long you stay, how the earn-out is structured, and what happens to any real estate.

Common questions

Physical therapy practice owners ask us these first

What is my physical therapy practice worth?

Physical therapy practices commonly sell for 5 to 9 times adjusted EBITDA. Multi-site groups with several clinicians, diversified referral sources, and a favourable payor mix sit at the top of the range; owner-dependent single-site practices sit at the bottom.

Who buys physical therapy practices?

Physical therapy consolidators and private-equity-backed platforms are the most active buyers, along with hospital systems and physician groups buying for referral integration, and individual clinician buyers for smaller practices.

Will my patients and staff know I am selling?

Not until you decide. We do not list or advertise practices. Buyers sign confidentiality agreements before they learn which practice is for sale, and you control when and how your team and patients are informed.