Physical therapy M&A advisory · Indiana

The buyer has done this a hundred times. Now you have someone who has too.

Most PT owners sell once in their life. The groups buying from them do it every month. Truecrest represents the owner, only the owner, from the first valuation to the day you close. And if you're not ready to sell, we help you build a practice that's worth more when you are.

What's my practice worth? Meet the team Free. Confidential. No obligation.

Buyer's sideFund analysis, private equity and board experience. We know how buyers price a deal.

Operator's sideFractional CFO for founder-led companies. Founders who have built and sold their own companies.

Your sideSeller-only. No buyer fees, no ownership stakes, no conflicts.

Two paths

Ready to sell, or not yet? Both start the same way.

Every conversation starts with what your practice is worth today. What you do with that number is up to you.

Sell

Represent me in a sale

We run the full process: valuation, preparation, a confidential buyer search, negotiation and closing. You get one advocate whose only job is your outcome.

Buyer-grade valuation and add-back review
Confidential outreach to the right buyers
Price, terms, your role and your team's future negotiated in writing
Structured as an asset sale, so your company and its old liabilities stay with you

Paid only when you close. Never by the buyer.

Not yet

Help me build value first

If you're two or three years out, the best money is made before you go to market. We show you what buyers will pay more for, then help you get there.

An exit-readiness plan built from your valuation
Owner dependence, margins, referral mix and reporting fixed on a timeline
More new patients through Shortlist Local, our sister company

Shortlist Local is a separate company owned by the same founder. Using it never obligates you to sell with Truecrest.

How a sale works

Four stages, usually six to twelve months.

Starting early gives you room to fix what buyers will pick apart.

STAGE 1

Know your number

We rebuild your earnings the way a buyer will: add-backs you can prove, a market salary for your role, collections per visit by payer.

2–4 weeks

STAGE 2

Get ready

Clean up the books, the lease, therapist agreements and referral reporting, so diligence confirms the price instead of cutting it.

1–6 months

STAGE 3

Bring the right buyers

Platforms, regional groups and individual PTs, approached confidentially and pushed to compete on price and terms.

2–4 months

STAGE 4

Close well

We negotiate the letter of intent, cash at closing, your transition and protections for your team, then manage diligence to closing.

60–90 days

Who buys PT practices

Four kinds of buyers. They pay very differently.

Our team has worked on the buy side. That's how we know where they push, what they discount and what they'll pay up for.

Full buyout

Private equity platforms

National and regional PT groups adding clinics. Best fit for multi-site practices with strong margins. Usually the highest headline price. We compare every offer on the cash you actually receive.

Growing group

Regional PT groups

Owner-led groups of a few to a dozen clinics adding locations nearby. Often a strong fit for one or two sites, and quick to close.

Strategic

Physician and health groups

Orthopedic groups and health systems that want PT capacity close to their referral base. Fewer deals, but the fit can be strong.

Owner-operator

Individual physical therapists

Often your own senior PT, financed with an SBA loan. Best for single clinics and owners who care most about who takes over.

How we're paid

Simple, in writing, before you sign anything.

The valuation is freeNo cost and no commitment, whether you sell next year or never.
Sale fees are paid at closingA success fee tied to the price you actually receive. If there's no sale, there's no success fee.
Never paid by the buyerSome brokers collect from both sides. We don't, so there's never a question whose deal we're working.
Growth work is separateReadiness and marketing work is priced on its own and never tied to a future sale.

Who we are

Buy-side experience, working only for the seller.

Truecrest is built by people who spent years on the other side of the table: analyzing businesses for a fund, running a private equity fund, sitting on company boards and building companies of their own. Now that experience works for one person in every deal. The owner.

Meet the team

Insights

Read before you sell.

Plain answers on value, deal structure and preparation. 27 articles and counting.

Valuation

What Is My Physical Therapy Practice Worth?

How buyers value an independent PT practice: EBITDA versus owner earnings, typical multiple ranges, and what moves you up or down within a range.

4 min read Deal Structure

Asset Sale vs. Stock Sale: What PT Owners Should Know

What actually transfers in an asset sale, which liabilities stay behind with your company, and why we only represent PT owners in asset sales.

3 min read Preparing to Sell

Exit Planning Two Years Out: What to Fix First

Two years before selling your PT practice, fix these first: your books, owner dependence, referral mix, growth trend, lease and documentation.

3 min read

All articles

Questions owners ask

Before you call.

Is the full valuation really free?

Yes. Send last year's P&L, general ledger, payroll report and visit or production report. You get a range, the add-backs we can defend, and what would raise your number. No obligation to sell.

Will my staff and patients find out?

Not from us. Buyers sign a confidentiality agreement before they learn who you are. Most owners tell their team close to signing, and we help plan how.

Do I have to keep working after the sale?

Usually for some period, often one to two years, especially if you treat patients today. How long, in what role and for what pay is part of the negotiation.

What if I'm years away from selling?

That's the best time to start. A valuation now shows what to fix, and most fixes take a year or more to show up in the numbers a buyer pays for.

How is the sale structured?

As an asset sale. The buyer purchases the clinic's equipment, patient relationships, name and goodwill for cash at closing, sometimes with part paid over time. Your company and its past liabilities stay with you. Truecrest represents sellers in asset sales only.

How is Shortlist Local connected?

It's a separate company owned by the same founder that helps local practices get found and booked. Some owners use it to grow before a sale. It's priced on its own, and you never have to use it to work with Truecrest, or the other way around.