How I sold my business for a record price amidst a Global Crisis

In 2021, amidst one of the most disruptive periods of modern history, I sold Back In Motion—Australia’s leading physiotherapy business—for a record price of over $100 million. It was a journey that began with a $300 order for supplies and a small space rented with nothing more than hope and ambition. But success is never as linear or glossy as it may appear from the outside. My story is a story of grit, risk, sacrifice, and lessons learned the hard way. Here’s how it all unfolded.

The Early Days: From $300 to Uncertainty 

Like many small businesses, Back In Motion started with more heart than capital. I remember the first time I put down $300 on supplies—massage oils, exercise bands, and other essentials—and I had no idea if it would pay off. But I was young, optimistic, and eager to build something meaningful. Renting our first space was a similar gamble. I wasn’t just questioning whether I could succeed; I wasn’t even sure I could run a business. But I hired my first staff member and took another step into the unknown.

The idea was simple: a physio practice that focused not just on rehabilitation but on prevention. We started with innovative programs that no one else was offering—our thinking was that if we couldn’t be the biggest, we had to be the most creative.

The Growth Years: Risk and Resilience 

By the time the business hit its stride, it was clear that our core idea—combining clinical excellence with preventive care—was working. We expanded rapidly, taking the risk of franchising, which had a terrible reputation in the healthcare sector. Many people told me I was mad to do it. But for me, it was about scaling the vision: providing local practitioners with the resources and framework to deliver excellent care while growing a national network.

Franchising was a turning point, but it wasn’t without its challenges. I poured every cent back into the business, often forgoing a salary and relying on borrowings to fund our expansion. There were sleepless nights, wondering if we’d survive. But every tough decision laid another brick in the foundation of the business.

Surviving the GFC 

In 2008, the Global Financial Crisis hit. We were expanding rapidly, but the economy was contracting even faster. Suddenly, our financial structure, built on growth and future revenue, was at risk. I vividly remember the board meeting where the future of the company hung in the balance. Should we halt growth and go into survival mode? Or push through the uncertainty?

We chose to keep expanding.  

People questioned our sanity, but I knew that we were building something bigger than the crisis itself. The business emerged from the GFC stronger and more resilient. But I also learned that while resilience is necessary for survival, anti-fragility is what builds lasting success. Being anti-fragile means thriving in chaos—finding opportunities in every challenge.

The COVID Crisis: When Timing is Everything 

Fast forward to 2020. The world was in lockdown, and every business was scrambling to survive. Physiotherapy, like most health services, was hit hard. We had to pivot overnight to telehealth, implement stringent health protocols, and reduce our workforce.

Yet, somehow, amidst all the uncertainty, the opportunity to sell emerged. In crisis, the timing of decisions is everything. The very adversity we were facing had built the company into a machine that could withstand almost anything.

It wasn’t an easy decision. After all, this was a business I had nurtured for decades. But I realised I was ready for the next chapter. It wasn’t about the money; it was about moving into a new season, focusing on other ventures, and investing in people rather than businesses.

Setting a Record Price 

So, in October 2021, we made the sale. The number? Over $100 million in upfront payment and deferred consideration—a record for an Australian physio business. It wasn’t just the figure that mattered, but what it represented: the culmination of years of hard work, risk-taking, and the willingness to push through when it seemed easier to stop.

From 0 to 100: On Business and Motorcycles 

In my spare time, I love riding Harley Davidson motorcycles. There’s something exhilarating about going from 0 to 100 km/h in less than five seconds, the engine roaring beneath you, the wind rushing past. It’s a thrill, a burst of freedom that makes me feel alive. It’s fast, intense, and over in a flash—but those moments are unforgettable.

In business, though, my journey from 0 to 100 took a little longer—22 years, to be precise. Yet the excitement and thrill were no less than that of riding my Harley. Building Back In Motion was a wild ride of highs and lows, with moments of speed and setbacks that were just as intense as a sprint on the open road. But every twist and turn along the way was worth it.

Lessons in Leadership and Life 

If there’s anything I’ve learned from the process, it’s this: people matter more than money. I could not have built Back In Motion alone. It was the team—our franchisees, the practitioners, the support staff—who made the vision a reality. Every decision I made, from expanding during the GFC to selling during COVID, was grounded in the belief that leadership is not about being the smartest person in the room; it’s about empowering others to grow alongside you.

I’ve also learned that success is often just about being the last one standing. We faced numerous competitors, but what made us different was our resilience. We didn’t fold when things got tough; we adapted and grew.

And, of course, risk is always a part of the equation. But risk-taking isn’t about being reckless; it’s about timing, conviction, and balance. It’s about knowing when to go all in, and when to hold back.

Reflecting on the Journey 

I remain incredibly humbled by the success of Back In Motion. While the sale is a milestone, it’s not the end of the story—it’s just a chapter. I’m now focusing my energy on mentoring the next generation of leaders, investing in new ventures through my micro-family office, and working on projects that make a lasting impact.

Looking back, it’s easy to see the high points. But every high was accompanied by low moments—nights of doubt, near-failures, and the weight of responsibility. I hope my story shows that entrepreneurship is never a straight path to success. It’s messy, unpredictable, and full of lessons. But for those who are willing to keep going, even when the going gets tough, the rewards—financial or otherwise—are truly unlikely.

Written by Jason T. Smith.
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