Clinic Sale Data Rooms: Sell Your Physio, Chiro, or Rehab Clinic Quietly (2026)

Last updated: August 2026

I'm Sean Yu, co-founder of Peony. Before Peony I spent my career on the deal side, and clinic sales are one of the places where I most often watch a good outcome get destroyed by the process that was supposed to produce it. Picture a physiotherapist who has spent fifteen years building a two-location practice. The clinic is worth real money. But the moment she decides to sell, she carries a secret that is fragile in a way she has never had to manage: if her front-desk staff, her patients, or the family doctors who refer to her find out she is selling, the value she spent fifteen years building starts leaking before a buyer signs anything.

That is the whole problem. In a clinic sale, confidentiality is the asset the sale process itself can destroy. Staff who fear a new owner start interviewing elsewhere. Patients who hear a rumor drift to the clinic across town. Referring physicians, unsure what happens next, quietly reroute their patients. And the rival clinic down the street — the one that would love a look at your patient volume and your margins — is exactly the kind of party that shows up as an "interested buyer." I run Peony, a data room company serving 6,800+ customers, so I have a point of view on the tooling. But the argument below stands on how these deals actually go sideways, not on the software. This post is the confidential-sale playbook for owners of physio, chiropractic, and rehab clinics — and, near the end, for the brokers who run these deals for a living.

Quick answer. Sell your clinic quietly by running the entire process through an NDA-gated data room that reveals your identity in stages. Market with a blind profile (region, discipline, revenue band — no name), gate every buyer behind an NDA before they see anything, and release your real financials only to buyers who clear that gate. Serve documents view-only and watermarked with each viewer's name, use engagement analytics to triage serious buyers from tire-kickers and competitors fishing for your P&L, and revoke access the instant a buyer looks wrong. Keep patient charts out of the room entirely — buyers evaluate a clinic on de-identified volume and visit stats, never on patient files. For a sell-side broker running many mandates at once, the model is one isolated room per mandate on flat-rate pricing, so a fifteen-deal pipeline costs the same as one.

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Why is the quiet sale the whole game in a clinic deal?

Because in a clinic, the value lives in relationships and continuity — and the mere news that you are selling damages both before a deal ever closes. A manufacturing plant is worth roughly the same whether or not word gets out that it is for sale. A clinic is not. Its value sits in a web of trust: staff who stay, patients who keep booking, and physicians who keep referring. Every one of those threads reacts to uncertainty, and "the owner is selling" is pure uncertainty. So unlike almost any other business sale, a clinic sale has to be run as a confidentiality operation first and a transaction second.

Think about who reacts to the news, and how fast. Your best associate therapist wonders whether the new owner will keep them, and updates their resume. A long-time patient hears from that associate that "things are changing" and books with a clinic closer to home. The physician who has referred to you for a decade hears the rumor secondhand, doesn't know who is buying, and — to be safe — starts splitting referrals with a competitor. None of these people are acting in bad faith; they are protecting themselves against uncertainty you created by going to market. By the time you close, the very things a buyer paid for — the staff, the patient base, the referral pipeline — may have quietly thinned.

So "run a confidential process" is not a nice-to-have; it is the core of preserving the price. And confidentiality is not a promise you make — it is a set of controls you operate. You cannot un-tell a person that you are selling. The entire process has to be built so that the only people who learn your clinic is on the market are the ones you deliberately, individually decided to tell — after they signed something. The data room is where that control lives: it is both the mechanism that keeps the secret and the instrument that sorts real buyers from the rest.

Who must never find out, and what does a leak actually cost?

Four groups can each independently damage the sale if they learn of it early: your staff, your patients, your referring physicians, and your competitors — and a competitor is the most dangerous because they can pose as a buyer. Naming them precisely matters, because each leak has a different failure mode and a different cost, and the room is configured to guard against all four.

• Staff. Your clinicians and front-desk team are the delivery mechanism for everything a buyer is paying for. If they fear a sale, the good ones — the most employable ones — leave first. A buyer discovering that two of your three senior therapists resigned mid-process will cut the offer or walk, because they are now buying a thinner business than the one they bid on.
• Patients. Patient loyalty in a clinic is real but not unconditional. Rumor of a change of ownership gives a wavering patient a reason to try the clinic nearer their office. Attrition that starts during the sale shows up directly in the trailing revenue a buyer underwrites against.
• Referring physicians. For many clinics this is the single most valuable and most fragile asset. A referrer who hears you are selling, and does not know to whom, hedges by sending patients elsewhere. Referral relationships took years to build and can reroute in a week.
• Competitors. The rival clinic is the reason the whole process has to be gated. A competitor who gets into your process learns your patient volume, your payer mix, your margins, and your staffing costs — and can use every bit of it to recruit your people, court your referrers, and undercut you. This is not paranoia; a local competitor is often a plausible buyer, which is exactly what makes them dangerous.

The cost of a leak, then, is not embarrassment — it is a smaller business sold at a lower multiple, or a deal that collapses. That is the stakes calculation behind every control in this guide: the NDA gate, the staged reveal, the watermarking, the analytics, and the one-click revoke all exist because these four groups are the downside, and the room is what holds the downside off.

What are clinics worth, and how does owner-dependence move the number?

Published multiples vary by discipline and scale, and the single biggest lever a small clinic controls is how dependent the business is on the owner. Every number here is attributed, because clinic valuation is a place where confident-sounding figures are often invented — and a buyer will price off evidence, not off a round number you heard at a conference.

On the physiotherapy side, business valuation firm Peak Business Valuation states that physical therapy practices typically trade at 3.0x to 6.0x EBITDA, and 2.0x to 4.0x SDE (seller's discretionary earnings). Chiropractic runs notably lower: the same firm's chiropractic analysis puts chiropractic practices at roughly 2.86x to 3.83x EBITDA (1.75x to 2.27x SDE). Do not blend the two — a chiro clinic and a physio clinic are not priced the same way.

For how scale moves the multiple, M&A advisor Breakwater, in an analysis published April 2026, lays out an illustrative ladder: single-location, owner-operated PT clinics typically trade at 2.5 to 4x EBITDA, with multi-location and professionally managed practices pushing higher and platform-scale roll-up targets at the top. Breakwater also cites WebPT data putting the average PT-practice EBITDA multiple over the prior five years at 3.6x. Treat that ladder as a picture of how professionalization moves value, not as fixed law.

Now the lever. What decides where a clinic sits inside those bands is owner-dependence. If revenue runs on your hands treating patients and your personal relationships with referrers, a buyer sees that your departure takes much of the value out the door with you — and applies what valuation practitioners call a key-person discount. As one CPA valuation practice describes it, this is a recognized reduction in value when a single hard-to-replace owner drives much of the profitability and no one on the team can step into that role. I'll keep the magnitude qualitative — the published percentages conflict and none is authoritative — but the direction is not in doubt: the more the clinic depends on you, the lower the multiple.

Which points to the work you do before you sell. A clinic where care is systematized, an associate bench carries a meaningful share of visits, and referrals belong to the clinic rather than to you personally moves toward the top of its range. A clinic that is effectively you plus a booking system sits at the bottom. The valuation is not just a number you receive; it is partly a number you build.

Who are the buyers, from first-timers to national consolidators?

Clinic buyers span a spectrum: an individual clinician buying their first practice, a local operator adding a location, a regional group, and — increasingly — private-equity-backed national consolidators. Knowing which type you are talking to changes how you stage the reveal and how hard you gate, because their sophistication and their risk to you differ enormously.

At one end is the first-time individual buyer — often a clinician who has worked as an associate and wants to own. They need the most hand-holding, move slowly, and are usually financing through an SBA-style loan, but they pose little confidentiality risk to you. At the other end is the strategic consolidator, and this end of the market is very much active. To show the scale: in the US, U.S. Physical Therapy, Inc. (NYSE: USPH) is a publicly traded consolidator that, per a July 2026 acquisition announcement, operates roughly 795 outpatient physical therapy clinics across 45 states as of that date — typically buying a majority interest while the selling owner retains minority equity. Athletico Physical Therapy states on its own site that it has opened more than 900 neighborhood locations with more than 9,000 clinicians and team members. Upstream Rehabilitation has been reported as one of the largest dedicated PT platforms in the US (its most-cited clinic count traces to 2022, so treat it as evidence that PE-backed platforms are active buyers rather than as a current number).

The consolidator wave is not only American. In Canada, Loblaw Companies, through Shoppers Drug Mart, acquired Lifemark Health Group for roughly 845 million dollars in a deal announced in March 2022 and completed that May — Lifemark being a leading national provider of outpatient physiotherapy, rehab, and related services. CBI Health is another large Canadian rehab operator. The existence of buyers at this scale is the point: a professionalized, multi-site, well-documented clinic is exactly what a consolidator underwrites, which is another reason the diligence-readiness and confidentiality work below pays off.

Two practical implications for your process. First, a consolidator or regional operator is sophisticated and fast, but may also be — or be adjacent to — a competitor in your market, so they get the same NDA gate and staged reveal as anyone else. Second, different buyer types will want different things in the confirmatory tier (an individual wants to understand the day-to-day; a consolidator wants payer contracts, credentialing, and clean normalized earnings), so build the room to serve both without over-exposing you to either.

What is the staged reveal, from blind profile to post-LOI?

The staged reveal is the mechanism that lets you market widely while your identity stays hidden until each buyer has earned the next layer of information. You are managing a controlled release: teaser out to the market, real details gated behind an NDA, sensitive financials gated behind your personal approval, and the deepest confirmatory data unlocked only after a signed LOI. Here is the standard staging.

The discipline that makes this work is that each tier is a deliberate decision, not a default. The blind profile is public enough to attract the whole market; nobody can identify you from it. The NDA gate is the first filter — a competitor now has to sign a confidentiality agreement with legal consequences before they see your name. The sensitive-financials tier is released by hand, buyer by buyer, so your real margins reach only people you have chosen. And the confirmatory tier — the deepest, most sensitive material — opens only after someone has committed to buy under exclusivity. At no point does a single reveal happen that you did not authorize, and one non-negotiable rule sits across every tier: patient charts never enter the room. Buyers assess the clinic on de-identified volume and visit statistics; identifiable patient records stay in your clinical system, always.

How does a room triage buyers with NDAs, watermarks, and analytics?

Three controls turn an anonymous pool of "interested parties" into a ranked, vetted list: a forced NDA gate, per-viewer watermarking, and engagement analytics that show you who is actually serious. This is where the room stops being a filing cabinet and starts being a buyer-triage instrument.

The NDA gate does the first cut. In a properly configured room, a buyer must accept your confidentiality agreement before a single document loads, and that acceptance is timestamped and stored against their identity. This is the same click-through NDA mechanic that governs a gated pitch deck — the NDA-before-access pattern — applied to a sell-side deal. The effect is immediate: a competitor casually fishing for your numbers now has to put their name on a binding agreement first, which deters the merely curious and gives you legal recourse against anyone who signs and then misbehaves.

Watermarking makes every document traceable. Serve the sensitive files — your financials, your add-back schedule, your lease — view-only and stamped with each viewer's name and email across the page. If a page of your P&L turns up somewhere it shouldn't, the watermark tells you exactly which of your buyers leaked it. That traceability changes behavior: a buyer who knows every page carries their own name is far less likely to forward it to a colleague at a competing group.

Analytics do the buyer triage. This is the part owners underestimate. A good room shows you, per buyer, what they opened, how long they spent, which documents they returned to, and who accepted the NDA and then never opened a file. That engagement data is a live seriousness ranking. A buyer who reads the full P&L, spends twenty minutes in the financials, and revisits the lease twice is telling you they are real; one who has not opened anything in three weeks is telling you the opposite. Using data-room analytics to spot the serious buyers lets you spend your scarce time — and your deeper reveals — on the buyers who have earned them, and quietly let the rest go cold. And when a buyer turns out to be a competitor after all, the fourth control closes the loop: you revoke their access in one click, and the documents they were viewing go dark immediately. Gate, watermark, triage, revoke — that is the confidentiality machine.

After the LOI, how do you run diligence without losing control?

Once a buyer signs the LOI and exclusivity starts, you open the confirmatory tier — but you keep the same controls running, because exclusivity is when a competitor-buyer would do the most damage if they got in. The letter of intent changes the tempo, not the discipline. It typically grants the buyer an exclusivity or no-shop period — often 30 to 90 days, though it genuinely varies with the size and complexity of the deal — during which they verify everything you represented before committing to close.

What the buyer does in that window, on a clinic deal, is concrete. They run a quality-of-earnings review on your financials and add-backs — this is where an undocumented add-back gets struck and your price gets tested. They review the lease and its assignability, employment and contractor agreements, provider credentialing and payer enrollment, and any regulatory or malpractice history. Because an LOI is typically non-binding, a buyer who uncovers a material surprise can renegotiate the price or walk away — so the goal of your preparation is that diligence confirms your story rather than discovering things. The best defense is to have the confirmatory documents already staged, organized, and complete in the room before diligence starts, so the process is a verification rather than a treasure hunt. If you want a sense of what a buyer's request list looks like in practice, our walkthrough of due-diligence examples maps the categories, and the confidential-sale discipline overlaps heavily with generic small-business due diligence — the difference is simply that a clinic keeps the confidentiality controls turned on the entire time.

Two clinic-specific cautions for the confirmatory tier. First, the PHI line still holds — even post-LOI and pre-close, you share de-identified operational data, not patient charts. Second, keep the analytics on: exclusivity is precisely when you most want to know how the buyer is moving through the room, because a buyer who has gone quiet mid-diligence is a signal worth catching early.

What is the broker model — one isolated room per mandate?

A sell-side clinic broker runs many confidential sales at once, and the operating model that fits is one isolated room per mandate on flat-rate pricing — so each seller is walled off from every other, and volume doesn't inflate the bill. This is a different job from selling your own clinic once. A brokerage is running a portfolio of secrets simultaneously, and the tooling has to keep every one of them separate.

The best illustration I know is Clinic Accelerator, a brokerage focused specifically on physio, chiro, and rehab clinics. Per their own site, they have sold 170+ clinics and supported over 150 million dollars in exits, and they market a network of 30,000+ clinic owners — a buyer pool that means a seller can get multiple offers — backed by what they describe as 30+ years of clinic M&A expertise. It's the kind of firm built by operators who lived the business; their team's story includes founders who started, scaled, and sold their own large clinic networks before running deals for others. A brokerage operating at that volume, with a buyer network that large, has exactly the problem this section is about: how do you run dozens of confidential sales at once without a seller's numbers ever bleeding into the wrong room?

The answer is structural. A separate room for every active sell-side mandate. Each seller gets their own isolated environment, so a buyer looking at Clinic A's financials has no path to Clinic B's — no shared folder, no cross-visible document, no accidental exposure. When a mandate closes, that room is archived or revoked on its own without touching any other. And when a buyer turns out to be shopping multiple sellers (common in a small market), the broker controls exactly what each one sees, mandate by mandate.

The economics are the other half. Per-deal or per-page pricing punishes the brokerage that does volume — every new engagement becomes a line-item negotiation, and a busy pipeline turns into an unpredictable bill. Flat-rate pricing inverts that: you spin up a room for every new mandate at no marginal cost — the model the brokerages among Peony's 6,800+ customers run on. This is the same per-engagement isolation logic that a busy equipment dealer runs one room per deal to manage, applied to clinic mandates. On Peony specifically, the Data Room plan is 52 dollars per admin per month with unlimited rooms, and viewers are always free — so a fifteen-mandate pipeline with hundreds of prospective buyers across all of them costs a broker the same as running a single deal. That is the pricing shape a sell-side practice should insist on.

What do Canadian sellers need to know about structure and the LCGE?

In Canada, whether you sell shares or assets has real tax consequences for you as the seller, and a qualifying share sale may unlock the Lifetime Capital Gains Exemption — a decision worth taking to a Canadian tax advisor early. This is a short section because the mechanics belong with a professional, but the shape matters enough to flag before you pick a structure.

Buyers generally prefer an asset sale — they choose which assets and liabilities to take and get a stepped-up basis. Sellers often prefer a share sale, and in Canada there is a specific reason: a qualifying disposition of qualified small business corporation (QSBC) shares can let an individual owner shelter a large chunk of the gain using the Lifetime Capital Gains Exemption (LCGE), which was increased to 1.25 million dollars effective for dispositions on or after June 25, 2024, with indexation resuming in 2026 (per the CRA's capital gains guidance). An asset sale generally cannot access that exemption in the same way. The gap between the two structures can be very large in after-tax dollars — which is exactly why buyer and seller often negotiate hard over structure, sometimes with a price adjustment to compensate one side. None of this changes the confidentiality discipline in the room; it changes which documents diligence leans on (corporate and tax records carry more weight in a share sale). For the broader picture of running a cross-border or Canadian deal room, see our Canada data room guide. And to be unambiguous: treat the LCGE figure as a starting point and confirm your eligibility and the current indexed amount with a Canadian tax advisor — qualification tests are specific and the number moves.

Where is the line on patient data and HIPAA?

Patient charts and identifiable health information never go in a deal room before close — buyers evaluate the clinic on de-identified statistics, and the transfer of records is a narrow, counsel-governed step handled at or after closing. This is the one rule in the entire guide that has no exceptions, so it gets its own section even though it is short.

Here is the reasoning. A prospective buyer does not need — and should not have — access to identifiable patient records to value your clinic. What they need is the shape of the practice: visit volumes, new-patient rates, payer mix, discharge patterns, referral concentration — all of which you can and should provide de-identified. There is a legitimate legal framework for transferring records when a practice actually sells: under HIPAA's Privacy Rule, the definition of "health care operations" (45 CFR 164.501) contemplates use and disclosure of protected health information in connection with a sale, transfer, or merger where the successor is or will be a covered entity. But that is a narrow provision that governs the closing, and it is a conversation for your healthcare counsel — not a license to load charts into a pre-close diligence room. During the sale, the rule stays simple: business documents go in the room; patient records stay in your clinical system.

On the tooling: Peony is GDPR, CCPA, and HIPAA compliant. That covers the business documents of the deal — your financials, contracts, and corporate records — which is what the room is for. It does not change the rule above, and I would say the same thing to anyone using any platform: the pre-close room is for the business of the clinic, and the electronic health record is where patient charts belong. If your deal reaches the point of transferring records at close, your counsel structures that step; the data room's job is everything up to it.

Frequently asked questions

How do I sell my clinic without my staff, patients, or referring physicians finding out?

Run the whole process through a confidential channel and reveal your identity in stages. Market with a blind profile — city region, discipline, revenue band, no clinic name — so nobody can identify you from the listing. Make every buyer accept an NDA before they see anything more, then release the real name and detailed financials only to buyers who clear that gate. Serve documents view-only and watermarked with each viewer's name so a leaked page traces back to one person, and revoke access the moment a buyer turns out to be a competitor. The point is control: staff walk, patients drift, and referrers reroute the instant the street learns you are selling, so the sale process itself has to protect the secret. That is what a data room is for.

What stops a rival clinic from posing as a buyer just to see my financials?

The NDA gate plus per-viewer tracking, and the fact that you decide who gets in. A serious buyer accepts a confidentiality agreement on the way into the room, so a competitor fishing for your numbers has to sign something with legal teeth before they see a single figure. Hold the sensitive financials one tier deeper, released by hand only after you have vetted who the buyer is. Every document is watermarked with the viewer's name and email, so anything that leaks is traceable to the person who leaked it, and you can revoke their access in one click. You will never make it impossible for a determined rival to try, but you make it costly, traceable, and reversible — which is the whole game when the person across the table might run the clinic down the street.

What are physio and chiro clinics actually selling for — and how does owner-dependence change the number?

Published ranges vary by discipline and are wide. Business valuation firm Peak Business Valuation states physical therapy practices typically trade at 3.0x to 6.0x EBITDA (2.0x to 4.0x SDE), while chiropractic practices run notably lower at roughly 2.86x to 3.83x EBITDA. M&A advisor Breakwater, in an April 2026 analysis, puts single-location owner-operated PT clinics around 2.5 to 4x EBITDA, rising with scale and professional management. The lever that moves you inside those bands is owner-dependence. If the clinic runs on your hands and your relationships, a buyer applies a key-person discount, because your departure takes the goodwill with it. Systematized care, an associate bench, and referrals that belong to the clinic rather than to you push toward the top of the range. Confirm any number with a valuation professional.

What documents will buyers ask for, and what goes in the room before versus after the LOI?

Before the LOI, buyers need enough to make an offer without knowing exactly who you are: two to three years of financials, an add-back schedule, a de-identified payer and visit mix, staffing and compensation structure, and lease terms. After the LOI, once exclusivity and a signed NDA are in place, you open the confirmatory tier — full tax returns, corporate records, contracts, provider credentialing, and detailed operational data. The rule that never bends: patient charts and any identifiable health records do not belong in a deal room before close. Buyers evaluate a clinic on de-identified volume and visit statistics, not on patient files. Business documents go in the room; patient records stay in your clinical system.

How does diligence work after the LOI on a small clinic deal?

After you sign a letter of intent, the buyer usually gets an exclusivity or no-shop window — often 30 to 90 days, though it varies with deal size and complexity — during which they verify what you represented. On a clinic deal that means quality-of-earnings work on the financials and add-backs, a review of the lease, employment and contractor agreements, provider credentialing and payer enrollment, and any regulatory or malpractice history. Because an LOI is typically non-binding, a buyer who finds a material surprise can renegotiate the price or walk. The way you protect the deal is to have the confirmatory documents already organized and staged in the room so diligence confirms your story rather than uncovering gaps. A clean, well-ordered room shortens the window and steadies the price.

How do I make buyers sign an NDA before they see anything — and see who actually read the financials?

Use a room that forces NDA acceptance as the entry condition and logs every view against a named person. A buyer clicks through your confidentiality agreement before any document loads, and the acceptance is timestamped and stored, so you have a record of who agreed to what and when. From there the analytics do your buyer triage: you can see who opened the financials, how long they spent, which pages they revisited, and who downloaded nothing at all. A buyer who reads your P&L line by line and returns to the lease three times is serious; one who accepted the NDA and never opened a file is not. That engagement data tells you where to spend your time and which conversations to let go cold, all without a single reveal you did not authorize.

Should I clean up my financials and add-backs before going to market?

Yes, before you show a single number. Buyers price a clinic off normalized earnings, so the work is to recast your statements to show what the business actually earns for a new owner: add back your above-market compensation to a fair replacement salary, strip out personal and one-time expenses run through the clinic, and separate any related-party rent. Each add-back needs a paper trail a buyer's quality-of-earnings review can confirm, because an add-back you cannot document is one the buyer will strike — and every dollar struck is multiplied away at your EBITDA multiple. Get this right first and stage the schedule in the room; it is the difference between defending your number and watching it erode line by line in diligence. A transaction accountant is worth the fee here.

I'm a broker with 15 active mandates — one room per client, and what's the cheapest way to run that?

Run one isolated room per mandate and choose a provider that prices flat rather than per deal or per page. A separate room per client keeps each seller's identity and financials walled off from every other, so there is no risk of one buyer glimpsing another client's numbers, and you can revoke a single room without touching the rest. Per-deal pricing punishes exactly the brokerage that does volume; flat-rate pricing lets you spin up a room for every new engagement without a budget conversation. Peony's Data Room plan is 52 dollars per admin per month with unlimited rooms, and viewers are always free — so a fifteen-mandate pipeline with hundreds of prospective buyers costs the same as one mandate. That is the model built for a sell-side clinic brokerage.

Is a data room overkill for a clinic sale under $1M, or is Google Drive fine?

For a confidential clinic sale, a shared drive is the wrong tool at any deal size. The issue is not storage; it is control. Google Drive has no NDA gate, no per-viewer watermark, no way to stop a downloaded file from being forwarded, and no reliable log of who read what. A shared link can be passed to anyone, including the competitor you least want reading your P&L, and once a file is downloaded you have lost it. A purpose-built room gives you the confidentiality controls the sale actually turns on — gated access, view-only documents, watermarking, and an audit trail — for a monthly cost far below what one leak of your financials to a rival would cost you. For a quiet sale, the room is not overkill; it is the point.

Asset sale or share sale — does it change what goes in the room?

It changes the emphasis, not the confidentiality discipline. In an asset sale the buyer takes specific assets and assumes specific liabilities, so the room leans toward asset schedules, equipment and lease assignments, and the payer contracts and credentialing that must transfer. In a share sale the buyer takes the whole corporate entity, so corporate records, historical tax filings, and legacy liabilities carry more weight. In Canada, the structure has real tax stakes for the seller: a qualifying share sale may let an owner use the Lifetime Capital Gains Exemption — 1.25 million dollars for qualified small business corporation shares, effective June 25, 2024 and indexed thereafter — which a share sale can access and an asset sale generally cannot. That trade-off is a conversation for a Canadian tax advisor, but it shapes which documents diligence will focus on.

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About the author: Sean Yu is the co-founder of Peony, the data room platform used by 6,800+ customers across M&A, fundraising, and diligence workflows — including sell-side brokers and clinic owners running confidential practice sales. Before Peony, Sean spent his career on the deal side — M&A at Nomura, early-stage VC at Backed VC, and growth-equity / secondaries at Target Global — running and supporting sell-side and buy-side processes across healthcare, software, and industrials in North America and Europe. He studied Biomedical Engineering at Imperial College London on a full scholarship before dropping out to build companies. Sean is also a co-founder of Gingercontrol, an AI-native trade-compliance platform that raised $2.1M. Contact: sean@peony.ink • LinkedIn.

Sources

• Peak Business Valuation — Physical Therapy Practice Valuation Multiples
• Peak Business Valuation — Chiropractic Practice Valuation Multiples
• Breakwater M&A — Physical Therapy Clinic Valuation (April 2026)
• Mark S. Gottlieb, CPA — Key Person Risk in Business Valuation
• Investing.com — U.S. Physical Therapy (NYSE: USPH) acquires practice, expands to 45th state (~795 clinics)
• Athletico Physical Therapy — The Athletico Story (900+ locations)
• Private Equity Stakeholder Project — PE health-care acquisitions (Upstream Rehabilitation)
• Loblaw Companies — Loblaw to acquire Lifemark Health Group (~$845M)
• CBI Health — Who We Are
• CT Acquisitions — What is an LOI in a business sale (2026), exclusivity and diligence
• Bowditch — Disclosing PHI upon the sale of a medical practice (HIPAA 45 CFR 164.501)
• Canada Revenue Agency — Line 25400 Capital Gains Deduction (LCGE)
• Clinic Accelerator — Sell your clinic (170+ clinics sold, $150M+ in exits, 30,000+ owner network)

Related resources

• Best healthcare M&A advisors — how to choose the advisor or broker who runs your sale, if you are not doing it yourself
• Data-room analytics to spot serious buyers — read engagement data to rank buyers and drop the tire-kickers
• How to require an NDA before access — the click-through NDA gate that keeps competitors out of your financials
• Best data room for small M&A — the tooling fit for sub-$5M deals like most clinic sales
• Affordable virtual data rooms — flat-rate options for price-sensitive sellers and brokers
• Equipment dealer data room — the one-room-per-deal model for a high-volume, per-mandate sell-side practice
• Due diligence examples — what a buyer's confirmatory request list actually looks like
• Data room Canada — running a confidential deal room for a Canadian clinic sale