Fyzical

Fyzical, founded in 2012 by Jim Abrams, grew from physical therapy programs launched 12 years before November 2016 by co founders Keefe Fugleberg and Lisa Titterud. Fugleberg and Titterud later partnered with Abrams and Terry Nicholson to expand the business. Based in Sarasota, Florida, Fyzical had over 600 locations in 46 states as of 2025 and was expanding into 47 states by July 2025. Entrepreneur's Franchise 500 named it the number 1 physical therapy franchise in 2024, and it held that position for the eighth consecutive year in the first half of 2025. Its services include proprietary balance and vestibular therapy. This overview concerns the Sarasota company. A separate Fyzical entity previously headquartered in Cypress, Texas reported 73 total units and 82 franchised units, with different fees and investment figures, so buyers should verify which entity they are reviewing.

Physical therapy demand is supported by rising healthcare spending, chronic conditions and an aging population. Consumer needs include preventative health, fall prevention for seniors and non pharmacological pain management. Fyzical addresses these areas through pelvic health, audiology, balance and vestibular therapy, fall prevention, orthopedic rehabilitation and vestibular rehabilitation. In 2024, Franchise Business Review named Fyzical one of its Top Recession Proof Franchises for the fourth consecutive year. The sector includes many independent clinics, while Fyzical's franchising strategy and New Harbor Capital's majority equity investment in 2017 provide a branded alternative. Advances in medical understanding, changing insurance reimbursement models and increased outpatient care also support the category.

The standard initial franchise fee is $49,000, with a 10% reduction available to qualified veterans. Under the 2025 FDD, total investment is $167,850 to $518,600. A New Fyzical Center with a Licensed Professional Operating Principal costs $167,850 to $418,600, while a New Center with a Clinical Director costs $217,850 to $518,600. A Conversion Center costs $64,250 to $182,000, and an MD Affiliate Center costs $215,250 to $519,100. Average initial investment is approximately $400,000 across these models. Fyzical Therapy & Balance has also been described as a premium healthcare franchise with investment of $306,050 to $1,069,500, compared with a subsector average of $294,499 to $584,292. Required liquid capital is $50,000, working capital is $25,000 to $50,000 and net worth is $350,000. Royalties are the greater of $1,000 per month or 6% of gross revenue in Year 1, $2,000 per month or 6% in Year 2, and $3,000 per month or 6% in Years 3 to 10. An advertising fund may later reach 2% of gross revenue per month. Other 2025 FDD charges include a Medical Billing Services Fee of 5.4% of net collections, a possible Fyzical Business Intelligence Program fee estimated at $500 per month, a Periodic Training Fee not exceeding $1,500 per person and an On Site Training Fee estimated at $800 to $1,600 per trainer per day plus expenses. The grand opening marketing fund is $5,000 to $18,000. The franchisor makes third party financing available but does not provide direct or indirect financing. The separate Cypress, Texas entity lists a $30,000 franchise fee, total investment of $40,000 to $425,000, $100,000 in liquid capital and $350,000 net worth.

Fyzical centers provide traditional physical therapy for injury and surgery rehabilitation, along with pelvic health, audiology, balance and vestibular therapy for conditions such as vertigo. Cash based services include hearing aid sales, custom orthotic fitting and sales and massage therapy. A location generally begins with 3 to 5 employees and reaches 5 to 6 when fully operating. Physical Therapists typically hold a Doctorate degree after seven years of schooling. Owners can pursue single unit, multi unit or master franchise development, including through the conversion model for existing physical therapy practices. Medical experience is not required under the Non Clinical Investor Model, and a manage the manager approach is available. Training includes multi day in person instruction on physical therapy and business operations, plus marketing classes covering Fyzical programs and plans. Third party financing options are made available to franchisees.

Fyzical began franchising in 2013. After New Harbor Capital's majority equity investment in 2017, the company more than doubled its franchised locations and corporate owned centers. It grew from 426 clinics in 45 states during New Harbor Capital's Georgia and Florida acquisitions to nearly 600 locations in 46 states by July 2024 and over 600 locations in 47 states by July 2025. During the first six months of 2024, it opened 44 locations, signed 32 franchise deals and added 46 locations to its pipeline. In the first half of 2025, it opened 26 clinics and signed 30 franchise agreements across 14 states. Its Balance Paradigm was developed by Brian Werner, PT, MPT, who established the Balance Center of Las Vegas in 2001 and the Werner Institute of Balance and Dizziness in 2005. Fyzical ranked number 1 in Physical Therapy on Entrepreneur's Franchise 500 for the eighth consecutive year, and ranked number 58 on Entrepreneur's Fastest Growing Franchises list in 2024 and number 40 in the first half of 2025. Scott Wendrych became President in July 2025 with over 20 years of franchise industry experience. Wayne Cavanaugh serves as CEO after being hired by New Harbor Capital. Acquisitions included two clinics in Georgia and 20 in Florida, contributing to 36 company owned clinics in seven states.

Fyzical seeks owners with business skills and a commitment to healthcare quality. Direct medical experience is not required for every model. Non clinical investors can oversee operations through a manage the manager approach while hiring degreed professionals for clinical positions.