🦵 PT clinics can show great revenue—but valuations collapse if:

• The owner treats 100% of patients with no supporting staff
• Insurance reimbursements aren’t normalized or aged properly
• Patient volume is inflated during temporary contracts (e.g., rehab overflow)
• Addbacks include home gym use, personal wellness, or family payroll

📌 If there’s no team, no tracking, and no plan—there’s no transferable value.