Midwest Therapy Practice Sold for $660K in 4 Months
Rachel Horner
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2 min read
About the Business
Industry: Healthcare – Outpatient Therapy Practice
Location: Midwest
Size: $1M–$1.5M in annual revenue, $200K–$250K in cash flow
Sale price: $660,000 (asking price: $700,000)
Listing to signed LOI: 61 days
Signed LOI to close: 58 days
The Challenge: Moving On to Nonprofit Work
The owner wanted to devote herself full-time to nonprofit work. A practice manager and billing team already ran operations, so she needed a buyer who would keep the team in place.
“I sold my small business from start to finish in 4 months… I am highly satisfied with my experience and highly, highly recommend selling with Baton.”
61 Days to a Signed LOI: The Right Buyer From the Listing
What happened at every stage
Valuation: Baton listed the practice at $700,000, about 3 times cash flow.
Buyer Outreach: 34 buyers viewed the listing and 13 opened the data room. A first-time buyer couple reached out through Baton, saying the owner's interview videos on the listing resonated with them.
Offer Selection and Negotiation Support: The couple offered $660,000, and the owner signed their LOI 61 days after launch.
Diligence and Closing Support: Baton set up recurring diligence check-ins, and the buyer's accountant verified revenue against third-party payment records. The Baton advisor then ran a dated closing checklist across both attorneys and the landlord to close 58 days after the LOI.
The Results
The buyers are a married couple who bought their first business. Through Baton's process, the business:
Sold for $660,000, 94% of its $700,000 asking price
Closed with 80% cash at closing and a 20% seller note, with no SBA loan
Closed about 4 weeks before the LOI's outside date
What's next for the owner?
The owner is devoting herself full-time to nonprofit work.
Advice and Lessons for Future Sellers
Let buyers meet you. The owner's interview videos on the listing resonated with the winning couple.
Build a team that runs without you. A practice manager and billing team made the practice a fit for buyers who aren't clinicians.
Put dates on the closing checklist. Deadlines for every party helped the deal close weeks ahead of schedule.