Sarasota-based physical therapy franchise names new CEO

A Sarasota-headquartered physical therapy franchise with more than 600 locations nationwide has appointed a new chief executive officer. In the role, Wayne Cavanaugh will lead Fyzical Therapy & Balance Centers into its next phase of growth, according to a statement.

Cavanaugh was most recently the CEO of Family Care Center, a Colorado-based behavioral health provider with more than 40 locations across four states. The company saw a tenfold increase in organic growth during his time there, from 2021 to 2025, according to the statement.

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In addition, Cavanaugh has served as a CEO, advisor, investor, board member and operating partner in a number of other health care and wellness companies, the statement says.

Fyzical Therapy & Balance Centers provides individualized care plans for those experiencing muscle, joint and neurological conditions, including balance and vestibular issues. The company was founded in 2012 and began franchising in 2013.

In the past couple of years, Fyzical Therapy & Balance Centers has been growing. In 2024, the COO in an email to the Business Observer attributed the company's expansion to the aging population, increasing brand awareness and specialization driving referrals. From January through July 2025, the company opened 26 new clinics and signed 30 franchise agreements in 14 states, according to the statement. As of Oct. 1, its locations span 47 states.

“I’m excited to build on Fyzical’s momentum, expand access to high-quality physical therapy and support our franchise partners in delivering exceptional outcomes for the communities they serve,” Cavanaugh says in a LinkedIn post about his new role.

The company is currently looking for franchisees to open single or multi-unit operations. It typically costs about $400,000 to open one location, according to Fyzical’s franchise website, which says the average company-owned center generated more than $980,000 in revenue in 2024.