Washington PT Appreciative of Smooth Sale
The acquisition of Ernie Geiger’s PT practice and clinic in South Bend, Washington was complete in February of this year. He and his wife, Diane, who had run the business for 30 years, intended to take a week off after the closing before Ernie would return to doing home health therapy in the area. They ended up taking a month because they were enjoying themselves so much.
“It was a huge relief once everything was complete,” Ernie said. “We felt really good about everything.”
Ernie said the process of selling his business to RehabVisions was straightforward from the start. He learned about the company from a recruiting call about a job in Prosser, Washington. That call led to discussions with Acquisitions Manager Doug Larmore and CFO Darrell Metcalf.
Ernie, who has family ties in Idaho, said he felt comfortable immediately based on the “Midwestern personalities” of everyone he had spoken to. “Those guys were nice and laid back and showed great hospitality throughout the process and since then.”
The RehabVisions’ team met with Ernie twice in Washington for due diligence and to work through the valuation of the business as well as the clinic building that went along with it. Negotiations also continued via phone and the deal was done after seven months.
The agreement included Ernie doing some consulting work for the business after the sale. The consulting agreement had a lot of flexibility in it, according to Ernie, and included him facilitating some meetings with the local hospital and physicians.
Since the sale, Ernie has referred other PT practice owners to RehabVisions for potential acquisition opportunities. “I have nothing but great things to say about RehabVisions,” he said.