Resources

Everything You Need to Know Before You Sell Your PT Practice

Practical guides and in-depth research from the advisors at Mihama Acquisitions — covering valuation, process, buyers, tax, compliance, and life after the sale.

6Seller guides 37White papers

Start Here

Six plain-English guides to the questions owners ask first: what buyers pay for, how long a sale takes, which buyer fits, how to prepare, the mistakes that cost sellers most, and how to keep it confidential.

Valuation5 min read How Buyers Value a Physical Therapy Practice What buyers look at when valuing your PT practice — adjusted EBITDA, owner dependency, payer mix, referrals, compliance, and team — and why the headline price and your proceeds differ. Read the guide Process5 min read How Long Does It Take to Sell a Physical Therapy Practice? A realistic breakdown of each phase — preparation, auction, LOI, due diligence, and closing — and what drives the timeline in both directions. Read the guide Buyers4 min read PE vs. Strategic Buyer: Which Is the Better Partner for Your PT Practice? PE-backed platforms, established operators, and health systems buy for different reasons. How each one structures a deal, and how to decide which fits your goals. Read the guide Preparation6 min read How to Prepare Your PT Practice for Sale: An 18-Month Checklist The decisions made 12–18 months before going to market have more impact on your sale price than anything during the deal itself. Here's the full checklist. Read the guide Strategy4 min read 5 Mistakes PT Practice Owners Make When Selling (and How to Avoid Them) Most value destruction in PT practice sales happens before the LOI is signed. Here are the five mistakes Mihama sees repeatedly — and how to avoid each one. Read the guide Confidentiality4 min read How to Sell Your PT Practice Without Your Staff Finding Out Confidentiality is the most misunderstood aspect of selling a PT practice. Here's how every stage of a professional process is designed to protect you. Read the guide

Research library

White Papers & Market Intelligence

37 original papers — more than 600 pages — on the questions that decide how a sale goes: valuation, deal strategy, tax, compliance, operations, and what to do with the proceeds. Every paper is free; request one and it opens right away.

Showing all 37 papers

Valuation & Diligence The Buyer's KPI Scorecard: Twelve Metrics That Set Your PriceThe twelve operating metrics buyers use to price a PT practice, and how they read each one. 9 pagesRead the paper

Valuation & Diligence The Multiple Ladder: Why Platforms Sell for Higher Multiples Than PracticesWhy platforms are valued above practices, and how rollover and JV structures let founders share in the gap. 10 pagesRead the paper

Valuation & Diligence Quality of Earnings in PT Practice M&A: What Buyers Actually ScrutinizeWhat third-party accountants examine during a QoE audit and how sellers can defend their number. 28 pagesRead the paper

Valuation & Diligence The Margin Compression Crisis in Outpatient RehabilitationWhy margins are shrinking across outpatient rehab and what operators can do to protect EBITDA. 18 pagesRead the paper

Valuation & Diligence The Management Call: A Seller's Preparation GuideWhat buyers are listening for on the management call, how to frame your practice narrative, and the questions that almost always come up. 10 pagesRead the paper

Market & Deal Strategy The 2027 Medicare Reset: Two Conversion Factors, One DirectionWhat the 2027 fee schedule changes at the code level, and how buyers will price your Medicare exposure. 11 pagesRead the paper

Market & Deal Strategy Digital MSK and the Independent Practice: Competitor, Channel, and Price-SetterHow digital MSK companies compete with, refer to, and set prices for independent PT practices. 10 pagesRead the paper

Market & Deal Strategy Consolidation Saturation: How to Read the PE Roll-Up Arc and Time Your ExitWhere the PT sector sits on the PE consolidation curve and why the window for top-of-market valuations is finite. 21 pagesRead the paper

Market & Deal Strategy Why You Should Never Accept a One-Off Offer — Run a Process InsteadThe valuation gap between direct buyer offers and competitive auction outcomes — and why process creates leverage. 17 pagesRead the paper

Market & Deal Strategy The One Big Beautiful Bill Act & Physical TherapyWhat the OBBBA (signed July 4, 2025) means for Medicaid and Medicare reimbursement in outpatient PT — and how buyers are pricing legislative exposure into their offers. 15 pagesRead the paper

Market & Deal Strategy How to Interview M&A Attorneys as a Seller Under LOIThe questions every PT practice owner should ask before retaining M&A counsel during a live transaction. 13 pagesRead the paper

Structure & Tax M&A Asset Deal Tax Guide: Federal Implications for PT Practice SellersHow proceeds are allocated in asset deals, what rates apply to goodwill, and common tax planning errors. 14 pagesRead the paper

Structure & Tax Section 1060 Asset Allocation: What Sellers Need to KnowHow the IRS requires purchase price to be allocated across asset classes and the tax impact on both parties. 16 pagesRead the paper

Structure & Tax LTCG Tax Strategy & Opportunity Zone Complete GuideOpportunity Zone investments, 1031 exchanges, and structured deferral strategies for practice sale proceeds. 24 pagesRead the paper

Structure & Tax Short-Term Rentals as a K-1 Income Offset After Your SaleHow short-term rental real estate can generate non-passive losses that offset ordinary and capital gains income. 12 pagesRead the paper

Structure & Tax Retain Your Best PT and Accelerate Growth with Minority EquityCompensation design, vesting schedules, and buyout mechanics for minority equity partnerships. 26 pagesRead the paper

Structure & Tax Understanding Equity Dilution in Joint Venture StructuresHow dilution works in JV arrangements, what to watch for in operating agreements, and how to protect your stake. 19 pagesRead the paper

Legal & Compliance Legal Due Diligence in Physical Therapy Practice M&A: A Practitioner's GuideEvery legal checkpoint buyers run — from lease assignments to Stark Law compliance and corporate records. 34 pagesRead the paper

Legal & Compliance Top 7 Compliance Issues That Kill PT Deals — and How to Fix ThemThe billing, supervision, and documentation flags that give buyers leverage to reprice or walk. 19 pagesRead the paper

Legal & Compliance The 8-Minute Rule vs. The Rule of 8s: A Billing Guide for PT SellersThe difference between Medicare's 8-minute rule and the rule of 8s — and why billing errors cost sellers at close. 10 pagesRead the paper

Legal & Compliance MIPS for Physical Therapy PracticesMIPS performance categories, scoring benchmarks, and how to maximize your composite score — which affects Medicare reimbursement by up to ±9% and is visible to buyers. 16 pagesRead the paper

Legal & Compliance HOPD Contracts: A Guide for Outpatient PT Practice OwnersHospital Outpatient Department contracts, reimbursement advantages, and compliance obligations explained. 14 pagesRead the paper

Legal & Compliance Non-Compete Agreements for PT W-2 EmployeesState-by-state enforceability guide — geographic and duration limits, what courts will and won't uphold, and how to draft agreements that survive a post-close dispute. 22 pagesRead the paper

Operations & Growth Industrial Injury Prevention: Contracted Revenue Beyond the Fee ScheduleSelling onsite prevention and testing to employers: the economics, the guardrails, and how buyers value it. 9 pagesRead the paper

Operations & Growth Service-Line Expansion: Growth Buyers Pay For — and Pitfalls They FindFive specialty service lines weighed for demand, reimbursement, regulatory risk, and value. 9 pagesRead the paper

Operations & Growth The PT/PTA Team Model: Maximizing Revenue While Reducing Payroll CostsStructuring PT/PTA staffing ratios, managing supervision compliance, and growing revenue per visit. 16 pagesRead the paper

Operations & Growth Maximizing PTA Utilization: Revenue & Compliance StrategyHow to structure PT/PTA teams to maximize EBITDA under the 2026 conversion factor, manage supervision compliance, and prepare for buyer scrutiny. 18 pagesRead the paper

Operations & Growth The Provider Retention Playbook: Keeping Clinicians Through a SaleCompensation structures, culture, and equity tools that reduce clinician turnover before and after a sale. 18 pagesRead the paper

Operations & Growth Negotiating Commercial Payor Contracts to Maximize ReimbursementStrategies for securing higher reimbursement rates from commercial insurers and reducing payer concentration risk. 15 pagesRead the paper

Operations & Growth Is Your Biller Actually Collecting?A tactical framework for auditing RCM performance, identifying passive billing behavior, and protecting collection rates before going to market. 12 pagesRead the paper

Operations & Growth Front Desk Best Practices for PT Private PracticesPatient intake, insurance verification, scheduling, and the operational standards that signal a well-run practice to buyers during due diligence. 20 pagesRead the paper

Operations & Growth Motor Vehicle Accident Billing for Physical Therapy PracticesHow MVA auto liens work, how to get paid, and the 2026 state-by-state rules for PT practices managing personal injury and accident cases. 18 pagesRead the paper

Operations & Growth De Novo Site Selection: A Market Intelligence FrameworkHow to evaluate new clinic locations using demographic data, competitor density, and referral source mapping. 20 pagesRead the paper

After the Sale What to Do With Your Proceeds After a Practice SaleA framework for allocating liquidity event proceeds across reinvestment, tax strategy, and wealth preservation. 15 pagesRead the paper

After the Sale Understanding Wealth Managers After Your Practice SaleHow to evaluate RIA fee models, fiduciary vs. suitability standards, and the questions every seller should ask before signing an investment management agreement. 14 pagesRead the paper

After the Sale The Eighth Wonder: Compound Interest After Your Practice SaleHow compounding accelerates wealth creation post-sale and which allocation strategies maximize long-term returns. 11 pagesRead the paper

Ready to Talk About Your Practice?

Every conversation with Mihama is confidential and carries no obligation. We'll give you an honest read of what the market would pay for your practice today.

Request a Confidential Consultation