This is Janelle’s story.
How to sell a physical therapy practice at the right time, to the right buyer, for the right price was the question Dr. Janelle Carter, DPT, had been quietly turning over for almost eighteen months before she picked up the phone. When she was ready, she called CGK Business Sales. Janelle ran a $4.6M revenue, $1.2M EBITDA outpatient physical therapy practice from a main location on Tejon Street near Memorial Park in downtown Colorado Springs and a satellite location in Briargate on the north side of the city, with 22 W-2 employees including six staff DPTs, four physical therapist assistants, and an admin and intake bench of twelve. The book split across four sub-segments: orthopedic outpatient PT made up about 50 percent of revenue, sports medicine for the COS military and collegiate population made up another 25 percent, post-operative orthopedic surgical rehab made up 15 percent, and workers’ compensation industrial-rehab from her Premier-Provider designation made up the remaining 10 percent. About 3,800 active patients moved through the two locations, with roughly 140 active referring physicians feeding the practice from the Fort Carson, Peterson SFB, and U.S. Air Force Academy clinical networks plus a deep orthopedic-surgeon and primary-care referral list across Memorial and Penrose St. Francis. She was 49. She had founded the practice in 2010 after a hospital-employed orthopedic rehab career and had built it over sixteen years from a single treatment room on Tejon to a two-location southern Colorado footprint. Her husband Marcus, a Colorado Springs Fire Department captain, was retiring in 2026 after twenty-eight years on the job. Her daughter Aaliyah had just graduated CSU’s DPT program and chosen a hospital-based rehab specialist track at Memorial Hospital rather than the practice. The PT consolidation thesis had been live for years, with PE-backed PT platforms calling firms in her revenue band aggressively over the prior eighteen months. She came to us in mid-2025 because sixteen years of hands-on manual therapy had taken a real toll on her shoulders, lower back, and hands, and she wanted to step into a half-time clinical and advisory role rather than full retirement. Janelle is a composite, not a single real CGK seller, but the patterns are pulled from real outpatient PT engagements.
The night before Janelle called us.
Most owners who decide to sell a physical therapy practice have been turning the idea over quietly for a year or two before they reach out. Janelle was no exception. She was 49. For sixteen years she had been the senior clinician on the practice’s most complex orthopedic and post-operative cases, the lead manual-therapy provider on the workers’-compensation industrial-rehab book that drove the Premier-Provider designation, the recruiting and clinical-mentorship lead for every staff DPT and PTA who joined, the after-hours triage owner for any patient flare-up that escalated to the principal’s pager, and the operations leader who had migrated the practice from a paper-and-spreadsheet workflow to WebPT in 2017 and built the integrations with the Fort Carson, Peterson Space Force Base, and U.S. Air Force Academy referral channels that had become the practice’s signature top-of-funnel asset. The practice did $4.6 million in annual revenue, $1.2 million in EBITDA at industry-typical 26 percent margins, and 22 W-2 employees: Janelle plus six staff DPTs (Dr. Brian Whitfield who had been with the practice eleven years, Dr. Andrea Suarez who had been there nine, plus four newer DPTs hired in the last four years), four PTAs (two each at Tejon and Briargate), eight admin and scheduling and billing staff, and three front-desk and intake leads. The Tejon Street main location anchored a downtown Colorado Springs footprint near the medical mile, with a Briargate satellite that had opened in 2019 to serve the growing north-side residential market. About 3,800 active patients moved through the two locations on a two-to-three visit per week treatment cadence. The practice ran on WebPT for practice management and was credentialed across Tricare military insurance plus most major commercial plans (BlueCross BlueShield CO, Anthem, UnitedHealthcare, Cigna, Aetna), Medicare and Medicaid. Patient-completion rate of the prescribed plan-of-care was running at 91 percent against an industry average of 60 to 70 percent, the practice held a 4.8-star Google rating across 480-plus reviews, and the workers’-compensation industrial-rehab book was anchored by the Premier-Provider designation that had taken five years of clean outcomes data to earn.
Why owners decide to sell a physical therapy practice
Janelle’s hands, shoulders, and lower back had carried sixteen years of manual physical therapy. The repeated soft-tissue work, the joint mobilizations, the spine-and-shoulder manual therapy, and the long days standing at the treatment table had compounded into the kind of cumulative musculoskeletal load that a 49-year-old DPT reads in a different language than a 39-year-old DPT does. Her husband Marcus, a Colorado Springs Fire Department captain with twenty-eight years on, was retiring in 2026 and was already starting to plan the kind of partial-retirement schedule that wanted his wife in the same orbit. Her daughter Aaliyah had just graduated CSU’s Doctor of Physical Therapy program and had chosen a hospital-based rehab-specialist path at Memorial Hospital rather than coming into the practice. The bigger pressure was the PT consolidation thesis: the outpatient physical therapy M&A market had been live for nearly a decade and the calls from PE-backed PT consolidators had been getting more frequent over the prior twenty-four months. Two peer practices in the Colorado Front Range had been acquired by national PT consolidators in 2024 and 2025, with the buyer pool actively shopping for diligence-clean multi-location practices with strong sports-medicine and workers’-compensation exposure. Janelle had been approached eight times in the prior eighteen months: five times by PE-backed PT consolidators in the active platform-and-bolt-on phase, twice by top-tier national PT platforms with multi-state footprints, and once by a regional Colorado-Wyoming rehab group building a Front Range platform under family-office capital. Janelle did not know what her practice was worth at $4.6 million revenue and $1.2 million EBITDA. She did not know whether her Tricare and military referral exposure was a value driver or a value risk. She did not know whether her 91 percent plan-of-care completion rate, her workers’-comp Premier-Provider designation, and her Briargate satellite would be priced as premium-multiple drivers or as integration friction. She did not have a single peer in her life who had ever sold a physical therapy practice at this size and military-payer profile.
That is the night she found CGK and submitted the form. We called her back at 8:24 the next morning, while Janelle was at the Tejon Street main location between her early manual-therapy session and the morning clinical huddle.
The conversation we had on the first call.
The first call ran 49 minutes. We did most of the listening.
Owners who think about how to sell a physical therapy practice in their late-forties, like Janelle, usually carry the same handful of pressures into the first call. Janelle talked about her two senior staff DPTs and how each one anchored a different clinical book (Dr. Whitfield was the second-chair on most complex orthopedic and post-operative cases and had built deep relationships with the orthopedic surgeons at Memorial and Penrose, while Dr. Suarez had become the practice’s sports-medicine clinical lead and the primary referral relationship for the U.S. Air Force Academy athletic training staff). She talked about the four newer staff DPTs who had been brought in over the prior four years and where each sat on the credentialing curve for the workers’-comp industrial-rehab and post-operative orthopedic workflows the practice was known for. She talked about her four PTAs and the way the assistant-led visit cadence let the practice run higher daily-visit volumes without compromising the manual-therapy quality the practice was known for. She talked about her insurance posture and the way Tricare, Medicare, BlueCross BlueShield CO, Anthem, UnitedHealthcare, Cigna, and Aetna each had their own scope, fee schedule, pre-authorization, and visit-cap patterns that had taken years to learn. She talked about the workers’-compensation Premier-Provider designation and what it had taken to earn it and what it took to keep it. She talked about the Tricare military referral channel and the way that designation actively drove referrals through the Fort Carson, Peterson SFB, and Air Force Academy clinics. She talked about the WebPT data hygiene and what kind of buyer-grade reporting the system could and could not produce. We asked about the practice the way you would ask if you were trying to understand it, not the way you would ask if you were trying to win the engagement. What we were listening for was not just the financials. We were listening for whether Janelle was actually ready to sell, what she was working toward, and whether her expectations on price were grounded in what the PT consolidator market would actually support.
At the end of that call, we set up a working session: an in-person conversation where one of our Managing Directors would walk Janelle through our valuation model and tell her honestly what her practice was likely to command. We did not promise her a written report. Written valuations involve substantially more work, and we charge for those when a seller actually needs one for estate planning, a partner buyout, a divorce, or another documentary purpose. The walkthrough was free because Janelle was clearly thinking seriously about how to sell a physical therapy practice, the way someone thinks about it before they actually do it. Whether that ends up being in a year, three years, or longer, we make the same call.
The valuation session was the following Wednesday at 7:15 a.m. at the Tejon Street office, before the daily clinical huddle and after the morning Tricare pre-authorization queue had been worked through.
Janelle was not ready to sell a physical therapy practice yet. She went home and waited eight months.
The valuation session showed Janelle that her practice was worth meaningfully more than she had been hoping in some areas and meaningfully less in others, which is how these conversations usually go. The 91 percent plan-of-care completion rate, the workers’-comp Premier-Provider designation, the Tricare military preferred-provider exposure, the 4.8-star Google rating across 480-plus reviews, and the two-location southern Colorado geography were premium-multiple drivers a sophisticated PT consolidator buyer would pay up for. Two issues, though, were dragging the number down. The first was clinical depth around Janelle. Dr. Whitfield and Dr. Suarez were both strong, but neither had been formally credentialed across all of the specialty workflows Janelle personally drove (the complex post-operative orthopedic cases, the workers’-compensation industrial-rehab book that anchored the Premier-Provider designation, the manual-therapy spine and shoulder cases that had built the practice’s clinical reputation), and a sophisticated PT consolidator’s diligence team was going to underwrite the loss-of-Janelle-clinical-production scenario aggressively. The second was the WebPT operating-metrics packaging. Janelle had migrated to WebPT in 2017 and the data lineage was clean, but the practice had not been pulling buyer-grade reports out of WebPT on plan-of-care completion by clinician, visits-per-episode by sub-segment, no-show rates by location and weekday, payer-mix and write-off rates by carrier, productivity by clinician, and referral conversion from Fort Carson, Peterson SFB, and Air Force Academy referrers. PT consolidator buyers pay premium multiples for documented operating metrics because those metrics translate directly into the financial models the consolidators run on practices they acquire.
We told Janelle honestly: she could go to market now and accept the discount, or she could spend six to nine months credentialing her two senior staff DPTs into the workflows she personally drove, formally documenting the practice operating metrics into a fifty-page diligence-grade report, packaging the two-location geography into a clean diligence asset (lease terms, equipment depreciation per location, patient mix by location, cross-location referral patterns), and tightening the carrier-by-carrier insurance documentation. We said the second path would likely command a meaningfully better number from a wider range of buyers, especially the patient-capital PT consolidators that pay premiums for diligence-clean outpatient physical therapy practices with documented military and workers’-comp exposure.
This is the part most brokers skip. Most brokers would have signed Janelle that day, taken her to market, and earned the commission whether or not the deal was the best one for her. We told her to wait, even though it meant we did not get paid for eight months and might never get paid at all if she changed her mind.
Janelle went home and waited. Over the next eight months she credentialed Dr. Whitfield and Dr. Suarez across the workers’-compensation industrial-rehab and post-operative orthopedic workflows, ran them as primary clinicians on the manual-therapy spine and shoulder cases under her own supervision, and packaged the WebPT operating metrics into a diligence-ready report (plan-of-care completion by clinician, visits-per-episode by sub-segment, no-show rates by location and weekday, payer-mix and write-off rates by carrier, productivity by clinician, referral conversion from Fort Carson, Peterson SFB, and Air Force Academy referrers). She read up on PT M&A through resources from the American Physical Therapy Association and tracked PT consolidator deal news in the trade press while continuing to keep an eye on the licensing standards published by the Federation of State Boards of Physical Therapy. She called us back in early 2026 and said she was ready to sell a physical therapy practice that was finally in the shape it needed to be in.
What we did when Janelle came back.
What it takes to sell a physical therapy practice properly
When an owner is ready to sell a physical therapy practice with CGK, the speed of the on-ramp tends to surprise them. We took Janelle’s practice to market in just under five weeks once she handed over the updated financials, the fifty-page operating-metrics report, the plan-of-care completion data with clinician-level breakouts, the WebPT productivity-by-clinician report with five years of trailing data, the staff DPT credentialing documentation across all clinical workflows, the Tricare-and-commercial payer-mix and write-off documentation, the workers’-comp Premier-Provider history with five years of outcomes data, the Fort Carson, Peterson SFB, and Air Force Academy referral-volume reports, the Tejon and Briargate lease and equipment depreciation schedules, and the full P&L breakouts across orthopedic outpatient PT, sports medicine, post-operative orthopedic rehab, and workers’-compensation industrial-rehab service lines. The blind teaser went out to 38 buyers we had pre-qualified, a tighter funnel than a non-PT engagement because the PT consolidator buyer pool is concentrated and the highest-quality buyers actively shop the outpatient PT space. Buyers fell across five buckets we routinely use to think about how to sell a physical therapy practice: PE-backed PT consolidators in the active platform-and-bolt-on phase (the most active band of buyers on practices in the $2M to $12M revenue range), top-tier national PT platforms with multi-state footprints and long-hold theses (US Physical Therapy, ATI Physical Therapy, Athletico, Select Medical Outpatient, Upstream Rehabilitation and adjacent platforms), regional rehab groups building state-and-regional platforms under family-office or operator-CEO capital with no PE backing, individual DPT-buyers using SBA-leveraged or personal capital (typically active at the smaller end), and a small set of strategic acquirers from adjacent rehab-and-wellness verticals (occupational therapy and speech therapy platforms looking to integrate outpatient PT, sports performance and human performance platforms looking to internalize clinical capability). Each bucket prices the same physical therapy practice differently, and most of the relevant intermediaries belong to trade groups like the International Business Brokers Association and the M&A Source, both of which CGK actively participates in.
Twenty-six of those buyers signed NDAs and received the full Confidential Information Memorandum. Fifteen submitted Indications of Interest after data-room review. Eight advanced to Letters of Intent. We narrowed to five for management presentations. Three re-submitted refined LOIs after the management meetings. Two went into a final-final negotiation cycle.
Janelle decided between two of the top LOIs. They were materially different. One was a higher headline price from a top-tier national PT platform that wanted to absorb Janelle’s two locations into a national network of acquired clinics, with a conventional escrow structure, a four-year clinician-retention earnout that hinged on visits-per-clinician hitting threshold targets (a structure Janelle found uncomfortable because productivity targets are not fully within her control once she steps back to half-time clinical), a fee-schedule-and-billing harmonization mandate that would have shifted the practice off its existing payer postures and onto the platform’s national billing standard, and a fund-cycle long-hold horizon. The other was a slightly lower headline price from a top-tier PT consolidator with a long-hold patient-capital thesis, no four-year fund-cycle pressure, a willingness to operate the two locations under their existing brand identity and existing payer postures including the Tricare military preferred-provider designation, a thesis around preserving local-clinic identity, and a willingness to integrate Dr. Whitfield, Dr. Suarez, and the four newer staff DPTs along with the four PTAs and the twelve-person admin bench without rerouting anything through a national playbook. We walked Janelle through what each LOI would actually deliver under realistic and pessimistic scenarios, including what the cultural continuity would look like for her staff DPTs, her PTAs, her admin and intake bench, and her referring-physician relationships across Fort Carson, Peterson SFB, and the Air Force Academy under each owner. The patient-capital PT consolidator deal was the better one for Janelle. The cash position day one was meaningfully stronger when normalized for the absence of the visits-per-clinician earnout, the brand and payer-posture preservation was structurally cleaner than a forced harmonization, and the cultural fit with a long-hold consolidator that valued preserving local-clinic identity over fund-cycle exits mattered to Janelle deeply. She took it.
Through the whole process, the same CGK Managing Director who had taken Janelle’s first call eight months earlier was the person walking her through every conversation.
What the deal actually looked like.
How the deal looks when you sell a physical therapy practice with CGK
This is the part of how to sell a physical therapy practice that gets the least attention in the trade press and the most attention from owners who have actually closed: the structure of the consideration package matters more than the headline number. Janelle’s deal closed roughly six and a half months after we restarted the engagement. The buyer was a top-tier PE-backed PT consolidator with a national footprint of more than 600 acquired outpatient clinics, capitalized at roughly $1.2 billion in pre-acquisition revenue, expanding their Colorado footprint with Janelle’s two-location Colorado Springs practice as the southern Colorado anchor. The platform was structured on a long-hold patient-capital thesis (10-plus years), positioned for an eventual second-bite or strategic exit in the 2030 window, and operated acquired clinics under their original brand names rather than absorbing them into a single national identity. They acquired Janelle’s two locations as a stock purchase, with the practice operating as a discrete branch under the platform’s regional operating structure, retaining its existing brand identity, its existing payer postures across Tricare, Medicare, Medicaid, BlueCross BlueShield CO, Anthem, UnitedHealthcare, Cigna, and Aetna, its WebPT practice management system, its workers’-comp Premier-Provider designation, and its Fort Carson, Peterson SFB, and Air Force Academy preferred-provider referral channels, and integrating into the platform’s broader Colorado operations infrastructure over the first year on central admin, billing, payer credentialing, and HR.
The headline price was approximately $7.5 million, roughly six-point-three times trailing EBITDA, which is a premium PT multiple driven by the Tricare military preferred-provider exposure, the workers’-comp Premier-Provider designation, the 91 percent plan-of-care completion rate, and the two-location southern Colorado geography. About 76 percent of it came as cash at closing, funded by the platform’s PE sponsor capital plus the senior credit facility the platform draws on for acquisitions. About 9 percent was held back in escrow for 12 months to cover indemnification claims, a working-capital adjustment, and small carve-outs for any payer-credentialing or pre-authorization issues that could surface during the transition window. About 15 percent was a rollover equity stake into the platform’s holding company, structured at the holding-company level (not the clinic-level operating entity), giving Janelle upside exposure to the platform’s eventual long-hold exit to a larger PT consolidator or strategic. The rollover-at-holdco structure aligned the platform’s operating thesis with Janelle’s interest in seeing her practice continue to grow under the new ownership. Wire hit on a Friday morning while Janelle was at the Tejon Street office. She had just finished a manual-therapy session with a former Air Force Academy gymnast recovering from a rotator cuff repair. She walked outside, called Marcus at the firehouse, and said: “I did it.” Marcus was on shift but stepped out to a quiet corner of the bay. He said: “I knew you would. Aaliyah’s gonna be so proud of you.”
Janelle stayed on as the principal Selling Clinician and clinical mentor for the platform’s combined Colorado operations for fifteen months after closing, dropping to half-time clinical (twenty hours a week, focused on workers’-comp Premier-Provider cases and complex manual-therapy cases that Dr. Whitfield and Dr. Suarez were continuing to absorb) so she could personally introduce her staff DPTs, her PTAs, and her twelve-person admin and intake bench to the new ownership, walk through every payer relationship and every pre-authorization workflow, support the integration of one follow-on tuck-in acquisition the platform completed in the twelve months post-close in the Pueblo market, and shape the regional clinical-mentorship strategy across the platform’s broader Colorado footprint. After fifteen months, Janelle stepped back to a quarterly clinical-advisor role that gave her room to start the DPT-student mentorship work she had been thinking about for two years through the CSU pre-DPT program.
What happened to Janelle’s people.
The people-side of how to sell a physical therapy practice usually weighs heavier on the principal than the financial-side, even when the financial-side is what triggers the call to a broker in the first place. Janelle cared most about the six staff DPTs she had hired and trained over the last decade, the four PTAs whose patient-cadence books were the daily backbone of the practice, the eight admin and scheduling and billing staff (the Tricare pre-auth lead who knew every Fort Carson and Peterson clinic by name, the workers’-comp authorization specialist who had been with the practice nine years, the WebPT super-user who ran the operating-metrics reporting), the three front-desk and intake leads who knew the patient base by name, and the 3,800 active patients across Colorado Springs who had built five-and-ten year relationships with the practice. The patient-capital PT consolidator was a long-hold operator who would actually run the two locations under the existing brand identity rather than parachute in regional operations consultants from a fund-cycle integration playbook. That made the people part substantially cleaner than it would have been under the higher-headline-price national PT platform that wanted to harmonize the billing-and-fee-schedule against a national standard and absorb the practice into a single national identity.
The buyer kept all 22 W-2 employees, honored the existing pay structure across staff DPTs, PTAs, and admin and intake bench, and committed to keeping Dr. Whitfield and Dr. Suarez in their roles with expanded scope including a pathway to junior-equity participation in the regional Colorado operations. The credentialing work Janelle had done during the wait period (elevating Dr. Whitfield and Dr. Suarez across the workers’-compensation industrial-rehab and post-operative orthopedic workflows) was preserved with formal stay-bonus packages tied to three-year performance windows. The four PTAs were preserved with retention bonuses scaled to tenure. The WebPT system was retained as the practice-management platform across both locations. The workers’-comp Premier-Provider designation transferred cleanly under the new ownership. The Tricare and commercial-carrier credentialing transferred cleanly across all payers. The Fort Carson, Peterson SFB, and Air Force Academy referral relationships were preserved through Janelle’s continued half-time clinical presence and the staff DPTs who had been embedded in those referral channels for years.
Janelle was at the Tejon Street office when the wire confirmation came through. She had just finished a manual-therapy session with a former Air Force Academy gymnast who was rehabilitating a rotator cuff repair, the kind of athlete-and-injury combination that had defined the practice’s sports-medicine identity since 2010. She walked outside onto Tejon Street where Pikes Peak was visible to the west and called Marcus at the firehouse. She said: “I did it.” Marcus was on shift but stepped out to a quiet corner of the bay. He said: “I knew you would. Aaliyah’s gonna be so proud of you.” Then Janelle drove the seven miles back to their house in Briargate where she sat on the back patio looking at Pikes Peak for an hour before she called her mother in Charlotte and her sister in Atlanta. The conversation with her mother lasted twenty-two minutes and ranged across what her father, who had been a structural engineer, would have made of a daughter selling the practice she had built over sixteen years for seven and a half million dollars, the kind of milestone that lands differently in a Black family that had carried the long arc from segregation-era Charlotte through her father’s HBCU engineering degree through her own DPT and into Aaliyah’s Memorial Hospital rehab career.
What Janelle told us afterward.
Why owners who sell a physical therapy practice with CGK keep coming back
Most owners who sell a physical therapy practice do not call the broker again in the first year. The ones who do call usually want to talk about the parts of the engagement that, in retrospect, mattered more than they realized at the time. About four months after closing, Janelle called the Managing Director who had run her engagement. She said two things that the Managing Director still tells new sellers about.
The first was about the eight-month wait. She said: “Three of the consolidators who had been calling me were ready to move in thirty days, and two of the practice-transition advisors I talked to before you told me they could take me to market right then with my staff DPT credentialing question wide open and the WebPT operating metrics still sitting in raw exports nobody had pulled. The reason I sold with you is that you told me the truth about how my Tricare military preferred-provider channel was actually being valued by PT consolidator buyers, the truth about what the loss-of-Janelle-clinical-production scenario would look like in a sophisticated consolidator’s diligence, and the truth about what packaging the WebPT plan-of-care completion and visits-per-episode metrics would buy me in LOI conversations a year later. You told me what would happen to the price if I went to market without fixing those things. I would have left close to a million dollars on the table.”
The second was about who she sold to. She said: “I almost signed with the higher-headline-price national PT platform because the number on the top line was bigger and the deck was slicker. The fact that you walked me through what each buyer would actually do with my staff DPTs, my PTAs, the Fort Carson and Peterson and Air Force Academy referral relationships I had spent more than a decade building, and the workers’-comp Premier-Provider designation that took five years of clean outcomes data to earn, what each buyer’s hold horizon would mean for my two locations three and five years out, and how a long-hold patient-capital consolidator with a brand-preservation thesis was structurally different from a fund-cycle platform that wanted to harmonize billing and fee schedules against a national playbook, is a conversation I never even thought to have until you raised it. I sold to a buyer who is going to keep this practice the practice that my patients walk into and recognize.”
This is what we mean when we say we sit with you in the decision, not just the transaction. Janelle is one composite story, but the pattern is real. The owners we work with who decide to sell a physical therapy practice usually find their way to us through versions of Janelle’s situation, and the relationships start with a long listening session and a free walkthrough, not a pitch.
Ready to sell a physical therapy practice? Where are you in Janelle’s story?
If you are starting to think about how to sell a physical therapy practice, we should talk. There is no commitment and no pressure. The first conversation is free. The valuation walkthrough that follows is free when you are seriously thinking about selling, whether that is in a year, five years, or longer. We only charge for formal written valuations, and only when you actually need one for estate planning, a partner buyout, or another documentary purpose. Submit the form and a senior CGK Managing Director will reach out within one business day.
If you are Janelle at month 1: just exploring
You are not sure if you want to sell yet. The PT consolidation thesis keeps shifting, your staff DPT bench is thinner than you would like on the workflows you personally drive, your operating metrics are strong but you have not packaged them for a buyer, your hands or your shoulders or your back are starting to tell you something, your spouse is approaching retirement, your kids are not going to take the practice, you are curious about how a buyer would value your orthopedic versus sports-medicine versus workers’-comp service-mix exposure, or maybe a PE-backed PT consolidator or a top-tier national platform has been calling you. Most of our best engagements start here. Submit the form and we will schedule a working session. You walk away with a real number and a clear sense of what to do next, with no obligation to do anything.
If you are Janelle at month 8: ready to go
You have done the work to clean up the practice. The financials are tight. Your staff DPT credentialing is documented across the workflows you personally drive. Your operating metrics are packaged in a buyer-ready report (plan-of-care completion by clinician, visits-per-episode by sub-segment, no-show rates by location and weekday, payer-mix and write-off rates by carrier, productivity by clinician, referral conversion by referring channel). Your payer posture is documented carrier-by-carrier. Your WebPT data lineage is clean and packaged. Your two-location (or single-location, or three-location) geography has lease terms, equipment depreciation schedules, and cross-location referral patterns mapped. Maybe a buyer is already in the conversation. You want to run a real process. Submit the form and we will be in touch within a business day to talk about timing, scope, and what your first 30 days as a CGK seller would look like.
If you are not sure where you are
Most owners are not sure. Submit the form and start with the conversation. We will figure out together where you are. We are equally happy to tell you to wait twelve months as we are to take you to market in three weeks.
Or call us directly at (888) 858-7191.
Start your own story
A senior CGK Managing Director will respond within one business day. Strictly confidential. For owners of physical therapy practices doing $1.5M+ in annual revenue, including orthopedic outpatient PT, sports-medicine practices, post-operative orthopedic rehab groups, workers’-compensation industrial-rehab practices, single-location and multi-location groups, and practices with deep Tricare, Medicare, and commercial payer credentialing. The first conversation and the valuation walkthrough that follows are free for any seller seriously thinking about selling, on any horizon.
Confidential. No obligation. Direct routing to a named CGK business broker, not a junior screener.
One of these eight people would lead your engagement.
When you decide to sell a physical therapy practice with CGK, one named senior Managing Director stays with you from the first call through the wire transfer, just like Janelle’s Managing Director stayed with her for eight months and then for the engagement that followed. Our Managing Directors come from Wall Street investment banks, hedge funds, Fortune 500 corporate finance, and operating-business leadership. Cornell MBA. U Chicago Booth MBA. CFA. CMT. Naval Academy. Goldman Sachs. Merrill Lynch. Deutsche Bank. AIG. T. Rowe Price.
What sellers say after they sell a physical therapy practice (and other businesses) with CGK
I could not be happier with the experience I had selling my business with CGK. Greg did a detailed analysis of my business and helped me price and position it right for the market. After receiving multiple offers at full asking price, the rest of the process went very smoothly, and we closed in less than two months.
Hanna M.Selling my business was a once-in-a-lifetime experience, and I’m incredibly grateful to have had Wes by my side throughout the process. He brought perspective, pushed when necessary, and always had my best interests in mind. His experience and strategic approach allowed me to maximize the sale price while minimizing long-term risk and obligations. If I had to do it all over again, I wouldn’t hesitate to choose him as my broker.
Adam NevilleDerik located multiple interested strategic buyers that produced more than one serious offer. The negotiations were tough but Greg and Derik’s experience helped us overcome. We got a great result for our employees and for the owners. We would recommend them without reservation.
Bob TaylorWe sold a business that was 47 years old and being run by second generation within a year of working with Wes. CGK has a system that attracts serious prospects to review opportunities. Wes was able to make the overwhelming feeling of selling easy and to a certain extent enjoyable. I never felt alone or in the dark throughout the entire process.
Jennifer WilliamsWe decided to sell our company in 2025. Talked to another M&A company in the Houston area. We felt very comfortable with Greg and Matthew at CGK. Could not have made a better choice. From day 1 till final closing and even after 30+ days, they have been here helping us with documents and support during the transition. Thanks can not be said enough.
Rickey ThomasInside the Blueprint, on Bloomberg TV and Fox Business News.
Janelle’s husband Marcus, a Colorado Springs Fire Department captain, was the one who first sent her a clip of CGK on Bloomberg. He had been in the firehouse kitchen at Station 12 on a Saturday morning watching the segment on the wall-mounted TV between calls and recognized the firm name from a PT-trade article about how to sell a physical therapy practice his daughter Aaliyah had pulled off APTA’s website during her DPT capstone year and slid across the kitchen counter at home. He texted Janelle the link with a note that read “Janelle, this is the firm.” CGK Business Sales is featured on Inside the Blueprint, the syndicated business television series. Our episode aired on Bloomberg TV and Fox Business News. Watch the segment, then start a confidential conversation.
The CGK office Janelle called was the CGK Colorado Springs office. Yours might be one of these.
When you sell a physical therapy practice with CGK, whichever office you reach, you get the entire firm. Janelle worked with a CGK Managing Director based out of the firm’s Colorado Springs office, but her deal benefited from a buyer pool we sourced firm-wide, including the patient-capital top-tier PT consolidator that ultimately won the engagement. Click any city to learn about our local presence and the named Managing Director leading that market.
Other Questions Janelle and Other Physical Therapy Sellers Ask Us
Practical answers to what comes up before, during, and after the kind of engagement Janelle went through, when you sell a physical therapy practice with CGK.