FYZICAL Therapy & Balance Centers has been recognized in Entrepreneur’s inaugural ranking of the Top Brands for Multi-Unit Owners FYZICAL was ranked...
FYZICAL CEO Spotlight: Working with a Private Equity Partner
Brian Belmont, with extensive experience in franchise development and wellness, joined FYZICAL as CEO in January 2018. His understanding of franchising, as both a multi-unit owner and a franchisor executive, bring exciting opportunities to independent business owners in the FYZICAL organization. In this Partnership Perspectives blog post, Brian Belmont, CEO of FYZICAL Therapy & Balance Centers, shares his insights from working with private equity firm New Harbor Capital.
SEPTEMBER 26, 2023The healthcare industry is booming, and the global pandemic in 2020 significantly impacted the general population’s perspective on their personal health and well-being. People are now putting themselves first, making major lifestyle changes, and even leaving high-stress jobs to find a greater balance between their personal and professional lives.
As the CEO of FYZICAL Therapy & Balance Centers, it is my responsibility to support our franchise owners and clinics as they, in turn, help their local communities. With the support of a private equity partner like New Harbor Capital, we have the stability and additional resources needed to help people across the country live healthier, more balanced lives.
FYZICAL first partnered with New Harbor Capital in 2017. Reflecting on our partnership, I can confidently say that working with New Harbor as our private equity partner has been a highly positive experience. I value the mutual trust, the ability to make growth investments, and the invaluable expertise that the New Harbor team provides, as well as the overall sense of comradery that we share to make the business venture successful for all stakeholders. Through the various experiences I have had in my career working with private equity partners, they have been just as invested in our success as my own executive team.
The expertise and resources that our private equity partner brings to the table have allowed FYZICAL to expand its reach and impact in the healthcare industry. With New Harbor’s guidance, we've successfully navigated COVID, the Great Resignation, and Hurricane Ian, adapting to changing markets and seizing growth opportunities, all while benefiting our owners, staff, and patients.
A good private equity partner should complement your company’s values and spend time getting to know your business like it was their own. How do they accomplish this? Due diligence! They should spend time getting to know you and your business, exploring the potential investment, and fully understanding all potential risks and rewards.
If you’re considering working with a private equity partner, I suggest a few key points to help you determine if a private equity partnership is the best decision for your business:
- Figure out what you want. Before reaching out to a potential private equity partner, it’s important that your company has defined goals and objectives. Where would you like to see the company in five years? Ten years? What resources will you need to get there that you’re currently lacking? A private equity firm can help you scale and bridge those gaps.
- Research, research, research. You wouldn’t let just anyone into your house to look through your financial and proprietary information! Exercise due diligence on potential private equity partners, including past and current investments, their key players, and their specific expertise in your industry. Don’t be afraid to ask questions.
- Meet, then meet again. After you’ve done your research, you’ll want to meet with potential private equity partners, and then meet with them again. This is a working relationship that will last several years. Does their company culture align with yours? What do they value? Is it also what you value? Will their financial support add resources to further your company’s growth?
- Put it all out on the table. If you’ve reached this point in the private equity journey, you’re ready to partner, congratulations! At this time, you’ll want to negotiate everything on the front end, including equity stake, team involvement, relationship structure, and even your exit strategy. This isn’t a lifelong commitment, but it can certainly impact your business and employees far past a short-term investment period.
- Develop your plan. Now that you have a new partner in your business, take time to develop a comprehensive, strategic plan for growth. Vital details to include are timelines and key performance indicators to help track progress and transparency.
- Communicate openly, and often. It’s vital to keep your new business partner informed of the happenings of your company: the good, the bad, and the ugly. Don’t be afraid to communicate openly with them. Celebrate your wins and collaborate in difficult situations. Your private equity partner is just as invested in your success as you are!
Bringing in a private equity partner is a significant decision. However, the potential to boost your business’ growth and profit can make partnering with a private equity firm very beneficial. Reputable private equity firms know how to accelerate growth and will have a demonstrated track record of success. Winners pick winners.
About FYZICAL Therapy & Balance Centers
FYZICAL Therapy & Balance Centers stands at the forefront of the health and wellness industry as the nation's fastest-growing physical therapy franchise, boasting an extensive network of over 525 locations that span across 46 states. Committed to a holistic approach, FYZICAL provides top-notch, personalized care plans to treat patients of all ages experiencing muscle, joint, and neurological conditions including balance and vestibular issues. For more information about FYZICAL or to find the nearest location, visit fyzical.com.
About the Author
Hailing from Colorado, Brian Belmont joined FYZICAL Therapy & Balance Centers as Chief Executive Officer in January 2018. Prior to joining FYZICAL, Brian was the Chief Operating Officer at Planet Fitness, helping to take the company public in 2015. Brian has extensive experience growing franchise brands, including Camp Bow Wow and Quiznos, and has found his passion within the wellness industry. As both a multi-unit owner and a franchisor executive, his understanding of franchising brings exciting opportunities to independent business owners in the FYZICAL organization. Brian received his Business degree from Park College. He also proudly served his country as a United States Marine Corps Captain. Brian and his wife of over 30 years, Patricia, have two beautiful girls.
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